CoreLogic Reports Fourth Quarter and Full-Year 2018 Financial Results

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, 2018
(in thousands) PIRM       UWS       Corporate       Elim       CoreLogic
Net income/(loss) from continuing operations $ 25,517       $ 43,181       $ (55,676 )       $       $ 13,022
Income taxes 7,786 7,786
Depreciation and amortization 25,920 17,614 6,514 50,048
Interest expense, net 85 78 18,803 18,966
Share-based compensation 996 1,597 5,029 7,622
Impairment loss 7,639 7,639
Non-operating gains (13,335 ) (3,188 ) (16,523 )
Efficiency investments 187 1,058 7,911 9,156
Transaction costs 1,675 2,928 4,603
Amortization of acquired intangibles included in equity in losses of affiliates 210                                 210  
Adjusted EBITDA $ 41,255         $ 71,167         $ (9,893 )       $         $ 102,529  
 
      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 Year Ended December 31, 2018
(in thousands) PIRM       UWS       Corporate       Elim       CoreLogic
Net income/(loss) from continuing operations $ 102,725       $ 238,424       $ (218,698 )       $       $ 122,451
Income taxes 46,187 46,187
Depreciation and amortization 103,343 65,381 23,272 191,996
Interest expense, net 735 305 72,934 73,974
Share-based compensation 5,421 7,885 23,890 37,196
Impairment loss 7,721 7,721
Non-operating gains (17,220 ) (2,483 ) (19,703 )
Efficiency investments 2,143 1,058 17,802 21,003
Transaction costs 6,559 4,792 11,351
Amortization of acquired intangibles included in equity in earnings of affiliates 909                                 909  
Adjusted EBITDA $ 204,615         $ 320,774         $ (32,304 )       $         $ 493,085  
 
      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, net 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 losses of affiliates 625         204                         829
Adjusted EBITDA $ 207,185         $ 300,068         $ (27,090 )       $         $ 480,163

CORELOGIC, INC.

RECONCILIATION OF ADJUSTED EPS

UNAUDITED

     

For the Three Months Ended December 31,

(diluted income per share) 2018       2017
Net income from continuing operations $ 0.16 $ 0.78
Share-based compensation 0.09 0.08
Non-operating gains (0.20 ) (0.02 )
Efficiency investments 0.11
Impairment loss 0.09
Transaction costs 0.06 0.02
Depreciation and amortization of acquired software and intangibles 0.24 0.22
Income tax effect on adjustments (0.07 ) (0.53 )
Adjusted EPS $ 0.48   $ 0.55  
 

 

For the Year Ended December 31,

(diluted income per share) 2018 2017
Net income from continuing operations $ 1.49 $ 1.75
Share-based compensation 0.45 0.42
Non-operating (gains)/losses (0.24 ) 0.33
Efficiency investments 0.26 0.04
Impairment loss 0.09
Transaction costs 0.14 0.05
Depreciation and amortization of acquired software and intangibles 0.93 0.82
Amortization of acquired intangibles included in equity in earnings/(losses) of affiliates 0.01 0.01
Income tax effect on adjustments (0.41 ) (1.05 )
Adjusted EPS $ 2.72   $ 2.37  
 
CORELOGIC, INC.
RECONCILIATION TO FREE CASH FLOW
UNAUDITED
                                   
(in thousands)

For the Year Ended
December 31, 2018

Net cash provided by operating activities - continuing operations $ 355,118
Purchases of property and equipment (62,304 )
Purchases of capitalized data and other intangible assets (35,075 )
Free cash flow $ 257,739  



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