CoreLogic Reports Second Quarter 2017 Financial Results

(Additional Financial Data Follow)

 

CORELOGIC, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

 
   

For the Three Months Ended

  For the Six Months Ended
June 30,   June 30,
(in thousands, except per share amounts) 2017   2016   2017   2016
Operating revenues $ 473,978 $ 500,204 $ 913,829 $ 953,747
Cost of services (excluding depreciation and amortization shown below) 249,162 264,731 501,128 510,110
Selling, general and administrative expenses 103,552 115,784 215,400 226,081
Depreciation and amortization 42,871   43,291     86,343   82,935  
Total operating expenses 395,585   423,806     802,871   819,126  
Operating income 78,393   76,398     110,958   134,621  
Interest expense:
Interest income 592 557 930 1,186
Interest expense 14,535   19,030     28,666   33,954  
Total interest expense, net (13,943 ) (18,473 ) (27,736 ) (32,768 )
(Loss)/gain on investments and other, net (4,353 ) 2,704     (3,418 ) 2,184  
Income from continuing operations before equity in (losses)/earnings of affiliates and income taxes 60,097 60,629 79,804 104,037
Provision for income taxes 18,635   20,283     24,909   36,062  
Income from continuing operations before equity in (losses)/earnings of affiliates 41,462 40,346 54,895 67,975
Equity in (losses)/earnings of affiliates, net of tax (280 ) 78     (1,004 ) (11 )
Net income from continuing operations 41,182 40,424 53,891 67,964
Gain/(loss) from discontinued operations, net of tax 78 (4 ) 2,495 (62 )
Gain from sale of discontinued operations, net of tax       312    
Net income $ 41,260   $ 40,420     $ 56,698   $ 67,902  
Basic income per share:
Net income from continuing operations $ 0.49 $ 0.46 $ 0.64 $ 0.77
Gain/(loss) from discontinued operations, net of tax 0.03
Gain from sale of discontinued operations, net of tax          
Net income $ 0.49   $ 0.46     $ 0.67   $ 0.77  
Diluted income per share:
Net income from continuing operations $ 0.48 $ 0.45 $ 0.63 $ 0.76
Gain/(loss) from discontinued operations, net of tax 0.03
Gain from sale of discontinued operations, net of tax          
Net income $ 0.48   $ 0.45     $ 0.66   $ 0.76  
Weighted-average common shares outstanding:
Basic 84,548 88,572 84,490 88,441
Diluted 86,097 89,968 86,224 89,947
 

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