CoreLogic Reports First Quarter 2018 Financial Results

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 26% and 35% for 2018 and 2017, respectively. 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.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

   
For the Three Months Ended
March 31,
(in thousands, except per share amounts) 2018   2017
Operating revenues $ 444,900 $ 439,851
Cost of services (excluding depreciation and amortization shown below) 239,389 251,966
Selling, general and administrative expenses 114,952 111,850
Depreciation and amortization 46,140   43,472  
Total operating expenses 400,481   407,288  
Operating income 44,419   32,563  
Interest expense:
Interest income 530 338
Interest expense 17,692   14,131  
Total interest expense, net (17,162 ) (13,793 )
Gain on investments and other, net 161   935  
Income from continuing operations before equity in earnings/(losses) of affiliates and income taxes 27,418 19,705
(Benefit)/provision for income taxes (711 ) 6,274  
Income from continuing operations before equity in earnings/(losses) of affiliates 28,129 13,431
Equity in earnings/(losses) of affiliates, net of tax 233   (723 )
Net income from continuing operations 28,362 12,708
(Loss)/income from discontinued operations, net of tax (75 ) 2,417
Gain from sale of discontinued operations, net of tax   313  
Net income $ 28,287   $ 15,438  
Basic income per share:
Net income from continuing operations $ 0.35 $ 0.15
(Loss)/income from discontinued operations, net of tax 0.03
Gain from sale of discontinued operations, net of tax    
Net income $ 0.35   $ 0.18  
Diluted income per share:
Net income from continuing operations $ 0.34 $ 0.15
(Loss)/income from discontinued operations, net of tax 0.03
Gain from sale of discontinued operations, net of tax    
Net income $ 0.34   $ 0.18  
Weighted-average common shares outstanding:
Basic 81,254 84,432
Diluted 82,820 86,341
 

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