CoreLogic Reports Third Quarter 2013 Financial Results

 

CORELOGIC, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

UNAUDITED



For the Nine Months Ended


September 30,

(in thousands)

2013


2012

Cash flows from operating activities:




Net income

$

120,800



$

97,399


Less: Loss from discontinued operations, net of tax

(3,205)



(18,142)


Less: (Loss)/gain from sale of discontinued operations, net of tax

(5,052)



9,277


Net income from continuing operations

129,057



106,264


Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:




Depreciation and amortization

99,333



93,434


Provision for bad debt and claim losses

9,582



16,447


Share-based compensation

20,810



16,211


Excess tax benefit related to stock options

(2,895)



(643)


Equity in earnings of affiliates, net of taxes

(23,848)



(29,381)


Loss on sale of property and equipment



933


Loss on early extinguishment of debt



326


Deferred income tax

3,875



5,538


(Gain)/loss on investments and other, net

(10,825)



3,865


Change in operating assets and liabilities, net of acquisitions:




Accounts receivable

(9,158)



(46,358)


Prepaid expenses and other current assets

(2,687)



(326)


Accounts payable and accrued expenses

(11,187)



31,725


Deferred revenue

43,610



(3,667)


Income taxes

13,853



24,683


Dividends received from investments in affiliates

30,062



46,265


Other assets and other liabilities

(24,466)



(6,527)


Net cash provided by operating activities - continuing operations

265,116



258,789


Net cash (used in)/provided by operating activities - discontinued operations

(2,408)



9,684


Total cash provided by operating activities

$

262,708



$

268,473


Cash flows from investing activities:




Purchases of capitalized data and other intangible assets

(28,795)



(24,054)


Purchases of property and equipment

(51,956)



(38,753)


Cash paid for acquisitions, net of cash acquired

(70,904)



111


Purchases of investments

(2,351)




Cash received from sale of subsidiary, net, including discontinued operations

800



10,000


Proceeds from sale of property and equipment



1,852


Proceeds from sale of investments



8,000


Change in restricted cash

5,728



122


Net cash used in investing activities - continuing operations

(147,478)



(42,722)


Net cash provided by/(used in) investing activities - discontinued operations

2,152



(1,512)


Total cash used in investing activities

$

(145,326)



$

(44,234)


Cash flows from financing activities:




Proceeds from long-term debt

1,075




Repayment of long-term debt

(4,516)



(114,365)


Proceeds from issuance of stock related to stock options and employee benefit plans

11,662



9,624


Minimum tax withholding paid on behalf of employees for restricted stock units

(6,893)



(3,015)


Shares repurchased and retired

(133,565)



(226,629)


Distribution to noncontrolling interests



(10)


Excess tax benefit related to stock options

2,895



643


Net cash used in financing activities - continuing operations

(129,342)



(333,752)


Net cash provided by financing activities - discontinued operations



3


Total cash used in financing activities

$

(129,342)



$

(333,749)


Effect of exchange rate on cash

(1,341)




Net increase in cash and cash equivalents

(13,301)



(109,510)


Cash and cash equivalents at beginning of period

148,858



259,266


Less: Change in cash and cash equivalents - discontinued operations

(256)



8,175


Plus: Cash swept (to)/from discontinued operations

(256)



12,971


Cash and cash equivalents at end of period

$

135,557



$

154,552










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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