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CoreLogic Reports Fourth Quarter and Full-Year 2017 Financial Results

Strong Operating Performance Highlighted by Revenue Outperformance of Market Trends, Achievement of High End of Profit Guidance and Outstanding Cash Flow and Capital Return

IRVINE, Calif. — (BUSINESS WIRE) — February 26, 2018 — CoreLogic (NYSE: CLGX), a leading global provider of property information, insight, analytics and data-enabled solutions, today reported financial results for the quarter and full-year ended December 31, 2017. Operating and financial highlights appear below:

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180226006530/en/

CoreLogic President & CEO Frank Martell (Photo: Business Wire)

CoreLogic President & CEO Frank Martell (Photo: Business Wire)

Fourth Quarter

Full-Year 2017

“CoreLogic delivered outstanding results both operationally and financially, in 2017. We achieved the top end of our guidance ranges for adjusted EBITDA and Adjusted EPS as we significantly outperformed U.S. mortgage market volume trends for the sixth straight year. Importantly, we continued to aggressively invest in building market-leading solutions that provide our clients with unique insights and connect the totality of the real estate ecosystem. These investments position us to be a long-term strategic partner for our clients and the broader real estate industry as we drive to transform underwriting and property valuation, risk management and ongoing monitoring solutions. In addition, the natural benefits of operating leverage driven by our scale and relentless focus on cost productivity has resulted in higher margins and the creation of a durable and highly cash generative business model. This model allowed us to return $207 million to our shareholders through the repurchase of approximately 5% of our outstanding share count in 2017,” said Frank Martell, President and Chief Executive Officer of CoreLogic.

"We head into 2018 excited by the prospects offered by a stable and growing purchase-driven mortgage market in the U.S. where we have built strong market leading positions that are poised to capitalize on the benefits of high operating leverage and efficiency. In addition, our expanding footprint in insurance & spatial solutions and international markets provide us with sizable opportunities for high margin non-cyclical growth,” Martell added.

Fourth Quarter Financial Summary

Fourth quarter reported revenues totaled $454 million compared with $475 million in the same 2016 period. During the quarter, pricing-related gains and contributions from new products in both the Property Intelligence and Risk Management (PIRM) and Underwriting & Workflow Solutions (UWS) segments and gains from acquisitions partially offset the impact of lower U.S. mortgage loan origination unit volumes. PIRM revenues rose 5% to $180 million, driven principally by market-share gains in insurance & spatial solutions and the benefits of recent acquisitions focused on property insights. UWS segment revenues totaled $276 million, down 10% from 2016 levels, as benefits from pricing, market-share gains and valuation solutions platform upsides partially offset lower mortgage market volumes and the planned diversification by a significant appraisal management client.

Operating income from continuing operations totaled $65 million for the fourth quarter compared with $58 million for the fourth quarter of 2016. The 13% increase in operating income was principally attributable to cost productivity related gains and growth and margin improvement in insurance & spatial solutions, credit solutions and international operations. Fourth quarter operating income margin was 14% compared with 12% for the fourth quarter of 2016.

Fourth quarter net income from continuing operations totaled $65 million compared with $6 million in the same 2016 period. This increase was primarily attributable to a one-time net tax benefit of $38 million attributable to the Tax Reform Act and a fourth quarter 2016 non-cash impairment charge associated with the wind down of two investments in affiliates which had no 2017 counterpart. Diluted EPS from continuing operations totaled $0.78 for the fourth quarter of 2017 compared with $0.07 in 2016. Adjusted diluted EPS totaled $0.55, essentially in line with the fourth quarter of 2016.

Adjusted EBITDA aggregated $117 million in the fourth quarter compared with $116 million in 2016. The increase was principally driven by organic revenue growth and cost productivity which offset the impact of lower U.S. mortgage market volumes. PIRM segment adjusted EBITDA totaled $50 million compared to $51 million in 2016. UWS segment adjusted EBITDA was $72 million, down from $76 million in 2016, as declines in U.S. mortgage loan activity and lower appraisal volumes attributable to the planned diversification by a significant appraisal management client offset benefits from organic growth and cost management programs.

Liquidity and Capital Resources

At December 31, 2017, the Company had cash and cash equivalents of $119 million compared with $72 million at December 31, 2016. Total debt as of December 31, 2017 was $1,777 million compared with $1,619 million as of December 31, 2016. As of December 31, 2017, the Company had available capacity on its revolving credit facility of $700 million.

Net operating cash provided by continuing operations for the twelve months ended December 31, 2017 was $380 million. Free cash flow (FCF) for the twelve months ended December 31, 2017 totaled $304 million, which represented 63% of adjusted EBITDA. FCF is defined as net cash provided by continuing operating activities less capital expenditures for purchases of property and equipment, capitalized data and other intangible assets.

During 2017, the Company repurchased 4.6 million of its common shares for $207 million. This resulted in a reduction of CoreLogic's fully diluted share count of approximately 5%.

Tax Reform Act Impacts

In December 2017, the Tax Reform Act was passed reducing the U.S. federal corporate income tax rate from 35.0% to 21.0% effective as of January 1, 2018, assessing a one-time transition tax on foreign earnings that were previously tax deferred and creating new taxes on certain foreign-sourced earnings. For the year ended December 31, 2017, the Company recorded a $38 million provisional tax benefit related to the remeasurement of its deferred tax balances. CoreLogic is currently analyzing foreign unremitted earnings to reasonably estimate the effects of the one-time transition tax and expect to record the transition tax during 2018. Based on currently available interpretations and information regarding the likely impacts of the Tax Reform Act, the Company projects its normalized effective tax planning rate for 2018 will be approximately 26%, down from 35% in 2017.

Segment and Financial Reporting

During the fourth quarter of 2017, the Company refined its operating segmentation to reflect progress made in its ongoing strategic transformation into a scaled provider of unique property insight, risk management and underwriting solutions. The Company's updated segmentation reflects CoreLogic’s strategic focus on accelerating growth by combining our products and services into unique business solutions, building seamless connections across the real estate ecosystem, driving innovation and enhancing our business processes. Effective as of December 31, 2017, the Company adopted the following operating and reporting segmentation:

The Company believes this updated reporting convention more effectively aligns with our market and operating strategies. Three years of reclassified quarterly segment results (on an unaudited basis) can be accessed at http://investor.corelogic.com. Additional details on the Company’s updated financial reporting will be provided in conjunction with the release of the Company’s 2017 Annual Report on Form 10K.

Teleconference/Webcast

CoreLogic management will host a live webcast and conference call on Tuesday, February 27, 2018, at 8:00 a.m. Pacific time (11:00 a.m. Eastern Time) to discuss these results. All interested parties are invited to listen to the event via webcast on the CoreLogic website at http://investor.corelogic.com. Alternatively, participants may use the following dial-in numbers: 1-844-861-5502 for U.S./Canada callers or 412-858-4604 for international callers. Additional detail on the Company's fourth quarter results is included in the quarterly financial supplement, available on the Investor Relations page at http://investor.corelogic.com.

A replay of the webcast will be available on the CoreLogic investor website for 10 days and through the conference call number 1-877-344-7529 for U.S. participants, 855-669-9658 for Canada participants or 1-412-317-0088 for international participants using Conference ID 10116326.

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The Company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed solutions. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

Safe Harbor / Forward Looking Statements

Certain statements made in this press release are forward-looking statements within the meaning of the federal securities laws, including but not limited to those statements related to the Company's productivity excellence, the Company's overall financial performance, including future revenue and profit growth, and the Company's margin, tax rate and cash flow profile; and the Company's plans to continue to return capital to shareholders through the share repurchase program. Risks and uncertainties exist that may cause the results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include the risks and uncertainties set forth in Part I, Item 1A of our most recent Annual Report on Form 10-K, as amended or updated by our Quarterly Reports on Form 10-Q. These additional risks and uncertainties include but are not limited to: limitations on access to or increase in prices for data from external sources, including government and public record sources; changes in applicable government legislation, regulations and the level of regulatory scrutiny affecting our customers or us, including with respect to consumer financial services and the use of public records and consumer data; compromises in the security of our data, including the transmission of confidential information or systems interruptions; difficult conditions in the mortgage and consumer lending industries and the economy generally; our ability to protect proprietary rights; our cost reduction program, technology and growth strategies and our ability to effectively and efficiently implement them; risks related to the outsourcing of services and international operations; our indebtedness and the restrictions in our various debt agreements; our ability to realize the anticipated benefits of certain acquisitions and/or divestitures and the timing thereof; the inability to control the operations or dividend policies of our partially-owned affiliates; and impairments in our goodwill or other intangible assets. The forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP (Generally Accepted Accounting Principles) Financial Measures

This press release contains certain non-GAAP financial measures which are provided only as supplemental information. Investors should consider these non-GAAP financial measures only in conjunction with the most directly comparable GAAP financial measures. These non-GAAP measures are not in accordance with or a substitute for U.S. GAAP. The Company is not able to provide a reconciliation of projected adjusted EBITDA or projected adjusted earnings per share to respective GAAP results due to the unknown effect, timing and potential significance of special charges or gains.

The Company believes that its presentation of non-GAAP measures, such as adjusted EBITDA, adjusted EPS and FCF, provides useful supplemental information to investors and management regarding the Company's financial condition and results. Adjusted EBITDA is defined as net income from continuing operations adjusted for interest, taxes, depreciation and amortization, stock compensation, non-operating gains/losses and other adjustments. Adjusted EPS is defined as income from continuing operations, net of tax per diluted share, adjusted for stock compensation, amortization of acquisition-related intangibles, non-operating gains/losses, and other adjustments; tax affected at an assumed effective tax rate of 35% and 36% for 2017 and 2016, respectively. The Company's projected 2018 effective tax rate of 26%, to be included in adjusted EPS, reflects expected benefits from the Tax Reform Act. FCF is defined as net cash provided by continuing operating activities less capital expenditures for purchases of property and equipment, capitalized data and other intangible assets. Other firms may calculate non-GAAP measures differently than CoreLogic, which limits comparability between companies.

CORELOGIC, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

      For the Three Months Ended   For the Twelve Months Ended
December 31, December 31,
(in thousands, except per share amounts) 2017   2016 2017   2016
Operating revenues $ 454,157 $ 474,914 $ 1,851,117 $ 1,952,557
Cost of services (exclusive of depreciation and amortization) 229,537 258,360 974,851 1,043,937
Selling, general and administrative expenses 113,117 113,813 459,842 458,102
Depreciation and amortization 46,137   45,145   177,806   172,578  

Total operating expenses

388,791   417,318   1,612,499   1,674,617  
Operating income 65,366   57,596   238,618   277,940  
Interest expense:
Interest income 209 1,132 1,532 3,052
Interest expense 18,004   14,354   63,356   63,392  
Total interest expense, net (17,795 ) (13,222 ) (61,824 ) (60,340 )
Loss on early extinguishment of debt — (2,188 ) (1,775 ) (26,624 )
Tax indemnification release — (23,350 ) — (23,350 )
Impairment loss on investment in affiliates (3,412 ) (23,431 ) (3,811 ) (23,431 )
Gain/(loss) on investments and other, net 2,023   13,216   (2,316 ) 19,779  
Income from continuing operations before equity in earnings/(losses) of affiliates and income taxes 46,182 8,621 168,892 163,974
(Benefit)/provision for income taxes (18,588 ) 2,540   18,172   54,524  
Income from continuing operations before equity in earnings/(losses) of affiliates 64,770 6,081 150,720 109,450
Equity in earnings/(losses) of affiliates, net of tax 46   (99 ) (1,186 ) 496  
Net income from continuing operations 64,816 5,982 149,534 109,946
(Loss)/income from discontinued operations, net of tax (106 ) (468 ) 2,315 (1,466 )
(Loss)/gain from sale of discontinued operations, net of tax —   (1,930 ) 313   (1,930 )
Net income $ 64,710   $ 3,584   $ 152,162   $ 106,550  
Basic income per share:
Net income from continuing operations $ 0.79 $ 0.07 $ 1.79 $ 1.26
(Loss)/income from discontinued operations, net of tax — (0.01 ) 0.03 (0.02 )
(Loss)/gain from sale of discontinued operations, net of tax —   (0.02 ) —   (0.02 )
Net income $ 0.79   $ 0.04   $ 1.82   $ 1.22  
Diluted income per share:
Net income from continuing operations $ 0.78 $ 0.07 $ 1.75 $ 1.23
(Loss)/income from discontinued operations, net of tax — (0.01 ) 0.03 (0.02 )
(Loss)/gain from sale of discontinued operations, net of tax —   (0.02 ) —   (0.02 )
Net income $ 0.78   $ 0.04   $ 1.78   $ 1.19  
Weighted-average common shares outstanding:
Basic 81,656 85,534 83,499 87,502
Diluted 83,539 87,289 85,234 89,122
 

Please refer to the full Form 10-K filing for the complete financial statements and related notes that are an integral part of the financial statements.

 

CORELOGIC, INC.

CONSOLIDATED BALANCE SHEETS

UNAUDITED

(in thousands, except par value)        
Assets 2017 2016
Current assets:
Cash and cash equivalents $ 118,804 $ 72,031
Accounts receivable (less allowances of $8,229 and $8,857 in 2017 and 2016, respectively) 256,595 269,229
Prepaid expenses and other current assets 46,837 43,060
Income tax receivable 7,649 6,905
Assets of discontinued operations 383   662  
Total current assets 430,268 391,887
Property and equipment, net 447,659 449,199
Goodwill, net 2,250,599 2,107,255
Other intangible assets, net 475,613 478,913
Capitalized data and database costs, net 329,403 327,921
Investment in affiliates, net 38,989 40,809
Deferred income tax assets, long-term 366 1,516
Restricted cash 7,565 17,943
Other assets 96,951   92,091  
Total assets $ 4,077,413   $ 3,907,534  

Liabilities and Equity

Current liabilities:
Accounts payable and accrued expenses $ 143,849 $ 168,284
Accrued salaries and benefits 93,717 107,234
Deferred revenue, current 303,948 284,622
Current portion of long-term debt 70,046 105,158
Liabilities of discontinued operations 1,806   3,123  
Total current liabilities 613,366 668,421
Long-term debt, net of current 1,683,524 1,496,889
Deferred revenue, net of current 504,900 487,134
Deferred income tax liabilities, long-term 102,571 120,063
Other liabilities 165,176   132,043  
Total liabilities 3,069,537 2,904,550
 
Equity:
CoreLogic, Inc.'s ("CoreLogic") stockholders' equity:
Preferred stock, $0.00001 par value; 500 shares authorized, no shares issued or outstanding — —
Common stock, $0.00001 par value; 180,000 shares authorized; 80,885 and 84,368 shares issued and outstanding as of December 31, 2017 and 2016, respectively 1 1
Additional paid-in capital 224,455 400,452
Retained earnings 877,111 724,949
Accumulated other comprehensive loss (93,691 ) (122,418 )
Total CoreLogic stockholders' equity 1,007,876   1,002,984  
Total liabilities and equity $ 4,077,413   $ 3,907,534  
 

Please refer to the full Form 10-K filing for the complete financial statements and related notes that are an integral part of the financial statements.

 

CORELOGIC, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED

      For the Twelve Months Ended
December 31,

(in thousands)

2017   2016
Cash flows from operating activities:
Net income $ 152,162 $ 106,550
Less: Income/(loss) from discontinued operations, net of tax 2,315 (1,466 )
Less: Gain/(loss) from sale of discontinued operations, net of tax 313   (1,930 )

Net income from continuing operations

149,534 109,946
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation and amortization 177,806 172,578
Amortization of debt issuance costs 5,650 5,785
Provision for bad debt and claim losses 16,725 18,869
Share-based compensation 35,867 39,849
Tax benefit related to stock options — (2,315 )
Equity in losses/(earnings) of affiliates, net of taxes 1,186 (496 )
Gain on sale of property and equipment (246 ) (31 )
Loss on early extinguishment of debt 1,775 26,624
Deferred income tax (40,769 ) 18,213
Impairment loss on investment in affiliates 3,811 23,431
Tax indemnification release — 23,350
Loss/(gain) on investments and other, net 2,316 (19,779 )
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable 15,522 (24,391 )
Prepaid expenses and other current assets 4,942 2,823
Accounts payable and accrued expenses (44,629 ) (29,267 )
Deferred revenue 36,577 53,682
Income taxes (43 ) 28,740
Dividends received from investments in affiliates 1,198 9,044
Other assets and other liabilities 12,708   (42,652 )
Net cash provided by operating activities - continuing operations 379,930   414,003  
Net cash provided by/(used in) operating activities - discontinued operations 3,655   (444 )
Total cash provided by operating activities $ 383,585   $ 413,559  
Cash flows from investing activities:
Purchases of subsidiary shares from and other decreases in noncontrolling interests $ — $ (18,023 )
Purchases of property and equipment (40,508 ) (45,211 )
Purchases of capitalized data and other intangible assets (34,990 ) (35,507 )
Cash paid for acquisitions, net of cash acquired (189,923 ) (396,941 )
Purchases of investments (5,900 ) (3,366 )
Proceeds from sale of marketable securities — 21,819
Proceeds from sale of property and equipment 335 31
Proceeds from sale of investments 1,000 2,451
Change in restricted cash 7,947   (7,017 )
Net cash used in investing activities - continuing operations (262,039 ) (481,764 )
Net cash provided by investing activities - discontinued operations —   —  
Total cash used in investing activities $ (262,039 ) $ (481,764 )
Cash flows from financing activities:
Proceeds from long-term debt $ 1,995,000 $ 962,000
Debt issuance costs (14,294 ) (6,314 )
Debt extinguishment premium — (16,271 )
Repayment of long-term debt (1,842,290 ) (709,983 )
Shares repurchased and retired (207,416 ) (195,003 )
Proceeds from issuance of shares in connection with share-based compensation 9,595 14,907
Minimum tax withholdings related to net share settlements (14,043 ) (10,507 )
Tax benefit related to stock options —   2,315  
Net cash (used in)/provided by financing activities - continuing operations (73,448 ) 41,144  
Net cash used in financing activities - discontinued operations —   —  
Total cash (used in)/provided by financing activities $ (73,448 ) $ 41,144  
Effect of exchange rate on cash (1,325 ) 2  
Net change in cash and cash equivalents $ 46,773 $ (27,059 )
Cash and cash equivalents at beginning of year 72,031 99,090
Less: Change in cash and cash equivalents of discontinued operations 3,655 (444 )
Plus: Cash swept from/(to) discontinued operations 3,655   (444 )
Cash and cash equivalents at end of year $ 118,804   $ 72,031  
 

Please refer to the full Form 10-K filing for the complete financial statements and related notes that are an integral part of the financial statements.

 

CORELOGIC, INC.

RECONCILIATION OF ADJUSTED EBITDA

UNAUDITED

      For the Three Months Ended December 31, 2017
(in thousands) PIRM   UWS   Corporate   Elim   CoreLogic
Net income/(loss) from continuing operations $ 28,025   $ 54,752   $ (17,961 )   $ —   $ 64,816
Income taxes — — (18,558 ) — (18,558 )
Depreciation and amortization 25,077 15,374 5,686 — 46,137
Interest expense, net 323 104 17,368 — 17,795
Share-based compensation 1,428 543 4,338 — 6,309
Non-operating (gains)/losses (4,839 ) 548 2,272 — (2,019 )
Efficiency investments — — 10 — 10
Transaction costs — 779 1,287 — 2,066
Amortization of acquired intangibles included in equity in losses of affiliates 156     —     —     —     156  
Adjusted EBITDA $ 50,170     $ 72,100     $ (5,558 )   $ —     $ 116,712  
 
      For the Three Months Ended December 31, 2016
(in thousands) PIRM   UWS   Corporate   Elim   CoreLogic
Net income/(loss) from continuing operations $ 29,986   $ 39,020   $ (63,024 )   $ —   $ 5,982
Income taxes — — 2,627 — 2,627
Depreciation and amortization 25,101 15,706 4,338 — 45,145
Interest expense, net 569 400 12,253 — 13,222
Share-based compensation 2,186 2,468 5,337 — 9,991
Non-operating (gains)/losses (7,474 ) 17,870 28,075 — 38,471
Efficiency investments — — (15 ) — (15 )
Transaction costs 9 — 25 — 34
Amortization of acquired intangibles included in equity in losses of affiliates 156     567     —     —     723  
Adjusted EBITDA $ 50,533     $ 76,031     $ (10,384 )   $ —     $ 116,180  
 
      For the Year Ended December 31, 2017
(in thousands) PIRM   UWS   Corporate   Elim   CoreLogic
Net income/(loss) from continuing operations $ 86,988   $ 222,928   $ (160,382 )   $ —   $ 149,534
Income taxes — — 17,438 — 17,438
Depreciation and amortization 99,558 57,397 20,851 — 177,806
Interest expense 1,721 944 59,159 — 61,824
Share-based compensation 5,952 5,990 23,925 — 35,867
Non-operating losses 12,341 9,606 6,568 — 28,515
Efficiency investments — 2,220 1,604 — 3,824
Transaction costs — 779 3,747 — 4,526
Amortization of acquired intangibles included in equity in earnings of affiliates 625     204     —     —     829
Adjusted EBITDA $ 207,185     $ 300,068     $ (27,090 )   $ —     $ 480,163
 
      For the Year Ended December 31, 2016
(in thousands) PIRM   UWS   Corporate   Elim   CoreLogic
Net income/(loss) from continuing operations $ 105,349   $ 237,767   $ (233,170 )   —   $ 109,946
Income taxes — — 55,537 — 55,537
Depreciation and amortization 101,196 53,823 17,559 — 172,578
Interest expense 2,393 1,709 56,238 — 60,340
Share-based compensation 9,782 8,557 21,510 — 39,849
Non-operating (gains)/losses (7,475 ) 17,874 42,783 — 53,182
Efficiency investments — — 1,446 — 1,446
Transaction costs 39 2,709 4,111 — 6,859
Amortization of acquired intangibles included in equity in earnings of affiliates 625     2,265     —     —     2,890
Adjusted EBITDA $ 211,909     $ 324,704     $ (33,986 )   $ —     $ 502,627
 

CORELOGIC, INC.

RECONCILIATION OF ADJUSTED EPS

UNAUDITED

      For the Three Months Ended December 31,
(diluted income per share) 2017   2016
Net income from continuing operations $ 0.78 $ 0.07
Share-based compensation 0.08 0.11
Non-operating (gains)/losses (0.02 ) 0.44
Transaction costs 0.02 —
Depreciation and amortization of acquired software and intangibles 0.22 0.19
Amortization of acquired intangibles included in equity in losses of affiliates — 0.01
Income tax effect on adjustments (0.53 ) (0.26 )
Adjusted EPS $ 0.55   $ 0.56  
 
      For the Year Ended December 31,
2017   2016

Net income from continuing operations

$ 1.75 $ 1.23
Share-based compensation 0.42 0.45
Non-operating losses 0.33 0.60
Efficiency investments 0.04 0.02
Transaction costs 0.05 0.08
Depreciation and amortization of acquired software and intangibles 0.82 0.72
Amortization of acquired intangibles included in equity in earnings of affiliates 0.01 0.03
Income tax effect on adjustments (1.05 ) (0.71 )
Adjusted EPS $ 2.37   $ 2.42  
 

CORELOGIC, INC.

RECONCILIATION TO FREE CASH FLOW

UNAUDITED

(in thousands)       For the Year Ended December 31, 2017
Net cash provided by operating activities - continuing operations $ 379,930
Purchases of property and equipment (40,508 )
Purchases of capitalized data and other intangible assets (34,990 )
Free Cash Flow $ 304,432  

CLGX-F


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