CoreLogic Reports Fourth Quarter and Full-Year 2018 Financial Results

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 key estimates and assumptions related to 2019 guidance, savings expectations from cost management and productivity programs, results of investments in R&D, as well as data and technology platforms, results of a planned acceleration of the AMC transformation program, and results of a planned wind down of certain non-core software units. 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: a cyber-based attack, data corruption or network security breach, or inability to secure the electronic transmission of sensitive data could have a material adverse effect on our business and reputation; we rely on the ability to access data from external sources at reasonable terms and prices; systems interruptions may impair the delivery of our products and services; we are subject to significant governmental regulations; our revenue is affected by the strength of the economy, interest rate environment and the housing market generally; we rely on our top ten clients for a significant portion of our revenue; and we operate in a competitive business environment that is impacted by technology advancements or new product development; our reliance on outsourcing arrangements subjects us to risk and may disrupt or adversely affect our operations; our acquisition and integration of businesses may involve increased expenses and may not produce the desired financial or operating results. 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, such as adjusted EBITDA, adjusted EPS and FCF, 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. A reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures is included in this press release. The Company is not able to provide a reconciliation without unreasonable efforts of its forward-looking guidance related to adjusted EBITDA, adjusted EPS or FCF to the most directly comparable GAAP financial measure due to the unknown effect, timing and potential significance of special charges or gains that are material to the comparable GAAP financial measure.

The Company believes that its presentation of these non-GAAP measures provides useful supplemental information to investors and management regarding the Company's financial condition and results of operations. Adjusted EBITDA is defined as net income from continuing operations adjusted for interest, taxes, depreciation and amortization, share-based compensation, non-operating gains/losses, and other adjustments. Adjusted EPS is defined as diluted income from continuing operations, net of tax per share, adjusted for share-based compensation, amortization of acquisition-related intangibles, non-operating gains/losses, and other adjustments; and assumes an effective tax rate of 25% and 26% for 2019 and 2018, 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 the Company, which limits comparability between companies.

(Additional Financial Data Follow)

CLGX-F

CORELOGIC, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
           
For the Three Months Ended For the Year Ended
December 31, December 31,
(in thousands, except per share amounts) 2018       2017 2018       2017
Operating revenue $ 403,309 $ 454,157 $ 1,788,378 $ 1,851,117
Cost of services (exclusive of depreciation and amortization) 212,275 229,537 921,429 974,851
Selling, general and administrative expenses 104,565 113,117 444,614 459,842
Depreciation and amortization 57,687   46,137   199,717   177,806  
Total operating expenses 374,527   388,791   1,565,760   1,612,499  
Operating income 28,782   65,366   222,618   238,618  
Interest expense:
Interest income 524 209 1,577 1,532
Interest expense 19,490   18,004   75,551   63,356  
Total interest expense, net (18,966 ) (17,795 ) (73,974 ) (61,824 )
Loss on early extinguishment of debt (1,775 )
Impairment loss on investment in affiliates (3,412 ) (3,811 )
Gain/(loss) on investments and other, net 12,881   2,023   18,005   (2,316 )
Income from continuing operations before equity in (losses)/earnings of affiliates and income taxes 22,697 46,182 166,649 168,892
Provision/(benefit) for income taxes 8,259   (18,588 ) 45,691   18,172  
Income from continuing operations before equity in (losses)/earnings of affiliates 14,438 64,770 120,958 150,720
Equity in (losses)/earnings of affiliates, net of tax (1,416 ) 46   1,493   (1,186 )
Net income from continuing operations 13,022 64,816 122,451 149,534
(Loss)/income from discontinued operations, net of tax (412 ) (106 ) (587 ) 2,315
Gain from sale of discontinued operations, net of tax       313  
Net income $ 12,610   $ 64,710   $ 121,864   $ 152,162  
Basic income/(loss) per share:
Net income from continuing operations $ 0.16 $ 0.79 $ 1.51 $ 1.79
(Loss)/income from discontinued operations, net of tax (0.01 ) (0.01 ) 0.03
Gain from sale of discontinued operations, net of tax        
Net income $ 0.15   $ 0.79   $ 1.50   $ 1.82  
Diluted income/(loss) per share:
Net income from continuing operations $ 0.16 $ 0.78 $ 1.49 $ 1.75
(Loss)/income from discontinued operations, net of tax (0.01 ) (0.01 ) 0.03
Gain from sale of discontinued operations, net of tax        
Net income $ 0.15   $ 0.78   $ 1.48   $ 1.78  
Weighted-average common shares outstanding:
Basic 80,198 81,656 80,854 83,499
Diluted 81,330 83,539 82,275 85,234
 

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