CORELOGIC, INC. CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED | |||||||
| |||||||
|
For the Twelve Months Ended | ||||||
|
December 31, | ||||||
(in thousands) |
2013 |
|
2012 | ||||
Cash flows from operating activities: |
|
|
| ||||
Net income |
$ |
107,675 |
|
|
$ |
111,648 |
|
Less: (Loss)/income from discontinued operations, net of tax |
(15,464) |
|
|
17,623 |
| ||
Less: (Loss)/gain from sale of discontinued operations, net of tax |
(7,008) |
|
|
3,841 |
| ||
Income from continuing operations, net of tax |
130,147 |
|
|
90,184 |
| ||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: |
|
|
| ||||
Depreciation and amortization |
127,020 |
|
|
121,784 |
| ||
Provision for bad debts and claim losses |
13,739 |
|
|
19,540 |
| ||
Share-based compensation |
26,613 |
|
|
20,684 |
| ||
Tax benefit related to stock options |
(5,146) |
|
|
(935) |
| ||
Equity in earnings of investee, net of taxes |
(27,361) |
|
|
(35,983) |
| ||
Loss on sale of property |
|
|
|
951 |
| ||
Loss on early extinguishment of debt |
|
|
|
326 |
| ||
Deferred income tax |
12,090 |
|
|
34,678 |
| ||
(Gain)/loss on investments and other, net |
(12,032) |
|
|
2,516 |
| ||
Change in operating assets and liabilities, net of acquisitions: |
|
|
| ||||
Accounts receivable |
21,196 |
|
|
(40,610) |
| ||
Prepaid expenses and other assets |
(935) |
|
|
4,055 |
| ||
Accounts payable and accrued expenses |
(9,652) |
|
|
61,408 |
| ||
Deferred revenue |
47,123 |
|
|
10,824 |
| ||
Income taxes |
(27,543) |
|
|
(15,707) |
| ||
Dividends received from investments in affiliates |
36,680 |
|
|
70,666 |
| ||
Other assets and other liabilities |
(29,526) |
|
|
(24,436) |
| ||
Net cash provided by operating activities - continuing operations |
302,413 |
|
|
319,945 |
| ||
Net cash provided by operating activities - discontinued operations |
51,408 |
|
|
43,200 |
| ||
Total cash provided by operating activities |
$ |
353,821 |
|
|
$ |
363,145 |
|
Cash flows from investing activities: |
|
|
| ||||
Purchases of property and equipment |
$ |
(68,740) |
|
|
$ |
(48,266) |
|
Purchases of capitalized data and other intangible assets |
(37,841) |
|
|
(32,189) |
| ||
Cash paid for acquisitions, net of cash acquired |
(92,049) |
|
|
(78,354) |
| ||
Cash received from sale of subsidiary, net |
2,263 |
|
|
10,000 |
| ||
Purchases of investments |
(2,351) |
|
|
|
| ||
Proceeds from sale of property and equipment |
|
|
|
1,863 |
| ||
Proceeds from sale of investments |
|
|
|
8,000 |
| ||
Change in restricted cash |
10,068 |
|
|
86 |
| ||
Net cash used in investing activities - continuing operations |
(188,650) |
|
|
(138,860) |
| ||
Net cash provided by/(used in) investing activities - discontinued operations |
1,857 |
|
|
(8,482) |
| ||
Total cash used in investing activities |
$ |
(186,793) |
|
|
$ |
(147,342) |
|
Cash flows from financing activities: |
|
|
| ||||
Proceeds from long-term debt |
$ |
51,647 |
|
|
$ |
50,000 |
|
Debt issuance costs |
(10,436) |
|
|
|
| ||
Repayments of long-term debt |
(4,666) |
|
|
(166,715) |
| ||
Shares repurchased and retired |
(241,161) |
|
|
(226,629) |
| ||
Proceeds from issuance of stock related to stock options and employee benefit plans |
28,232 |
|
|
13,497 |
| ||
Minimum tax withholding paid on behalf of employees for restricted stock units |
(8,665) |
|
|
(3,466) |
| ||
Distribution to noncontrolling interests |
|
|
|
(10) |
| ||
Tax benefit related to stock options |
5,146 |
|
|
935 |
| ||
Net cash used in financing activities - continuing operations |
(179,903) |
|
|
(332,388) |
| ||
Net cash used in financing activities - discontinued operations |
|
|
|
(79) |
| ||
Total cash used in financing activities |
$ |
(179,903) |
|
|
$ |
(332,467) |
|
Effect of Exchange Rate on cash |
(2,116) |
|
|
(153) |
| ||
Net decrease in cash and cash equivalents |
(14,991) |
|
|
(116,817) |
| ||
Cash and cash equivalents at beginning of year |
151,986 |
|
|
260,029 |
| ||
Less: Change in cash and cash equivalents of discontinued operations |
53,265 |
|
|
34,639 |
| ||
Plus: Cash swept from discontinued operations |
51,011 |
|
|
43,413 |
| ||
Cash and cash equivalents at end of year |
$ |
134,741 |
|
|
$ |
151,986 |
|
|
|
|
| ||||
Supplemental disclosures of cash flow information: |
|
|
| ||||
Cash paid for interest |
$ |
46,432 |
|
|
$ |
51,828 |
|
Cash paid for income taxes |
$ |
71,055 |
|
|
$ |
71,283 |
|
Cash refunds from income taxes |
$ |
14,096 |
|
|
$ |
18,330 |
|