CoreLogic Reports Second Quarter 2015 Financial Results

 


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.


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