Significant Margin Expansion, Favorable Revenue Mix and Growth Highlight Strong Operating Performance; 2019 Full-Year Guidance Increased
IRVINE, Calif. — (BUSINESS WIRE) — October 23, 2019 — CoreLogic (NYSE: CLGX), a leading global provider of residential property information, insight, analytics and data-enabled solutions, today reported financial results for the quarter ended September 30, 2019. Operating and financial highlights appear below.
- Revenues of $459 million, up $7 million, reflecting strong performance in core mortgage, insurance and real estate solutions, which more than offset a decline of approximately $16 million attributable to the AMC transformation and wind-down of non-core mortgage and default technology units.
- Operating income of $74 million, up $14 million, attributable to cost efficiency and productivity programs and improved revenue mix and growth.
- Net income from continuing operations totaled $41 million, up $18 million, driven by higher operating income.
- Diluted EPS from continuing operations of $0.50, up from $0.27. Adjusted EPS of $0.82, up from $0.72.
- Adjusted EBITDA of $137 million, up $8 million, primarily due to revenue upsides and the benefits of cost efficiency and productivity programs; adjusted EBITDA margin was up 140 basis points to 30%.
- Reduced debt outstanding by $54 million and repurchased 700,000 common shares.
“CoreLogic delivered a strong third quarter in terms of revenue growth, mix and margins, driven by strength in our platform-related and other high-margin businesses. We also benefited from improved origination volumes in the U.S. market. Ongoing productivity gains also helped us to boost our overall adjusted EBITDA margins which rose by 140 basis points to 30% in the quarter," said Frank Martell, President and Chief Executive Officer of CoreLogic. “As we exit the year, we believe that in-flight strategic investments and cost efficiency and productivity programs provide us with solid line of sight to our adjusted EBITDA margin objective of 30% in 2020.”
Third Quarter Financial Summary
Third quarter revenues totaled $459 million, up $7 million or 2%, from 2018 levels. Revenue growth reflected strong performance in core mortgage, insurance and real estate solutions. Revenues include a decline of approximately $16 million attributable to the AMC transformation and wind-down of non-core mortgage and default technology units. Underwriting & Workflow Solutions ("UWS") revenues totaled $281 million, up $7 million reflecting the benefits of higher U.S. mortgage origination volumes and gains from pricing and new products, which more than offset the impacts of the AMC transformation and the planned wind-down of mortgage and default technology units discussed earlier as well as lower credit services. Property Intelligence & Risk Management Solutions ("PIRM") revenues rose modestly from 2018 levels to $182 million, as growth in insurance, and real estate solutions more than offset unfavorable currency translation and reduced housing market activity in Australia, which together aggregated approximately $6 million.
Operating income from continuing operations totaled $74 million compared with $60 million in 2018. The 23% improvement in operating income was due primarily to workflow efficiency and cost productivity programs as well as favorable revenue growth and mix. Operating margin totaled 16%, an increase of approximately 280 basis points. Higher operating income drove net income from continuing operations to $41 million, compared to $23 million in the prior period. Diluted EPS from continuing operations totaled $0.50 versus $0.27. Adjusted EPS totaled $0.82 up from $0.72.
Adjusted EBITDA totaled $137 million, up 6%, compared to the same prior-year period. Adjusted EBITDA margin was 30%, an increase of approximately 140 basis points. The $8 million increase in adjusted EBITDA was principally attributable to revenue growth, improved business mix and the benefits of ongoing cost efficiency and productivity programs. UWS adjusted EBITDA was $93 million, compared to $80 million for the prior year quarter, an increase of $13 million, reflecting improved U.S. mortgage loan origination volumes, benefits from pricing and new products, favorable revenue mix and continued productivity gains which more than offset the impact of the AMC transformation and wind-down of non-core mortgage and default technology units discussed earlier. PIRM segment adjusted EBITDA totaled $53 million, in line with 2018 as growth in insurance and real estate solutions and cost productivity helped to offset unfavorable currency translation and reduced housing market activity in Australia as well as higher levels of investments in platforms and technology.
Liquidity and Capital Resources
At September 30, 2019, the Company had cash and cash equivalents of $88 million compared to $85 million at December 31, 2018. During the three months ended September 30, 2019, we repaid debt of $54 million. Total debt as of September 30, 2019 was $1,727 million compared with $1,797 million as of December 31, 2018. At September 30, 2019, the Company had available capacity on its revolving credit facility of $750 million.
Net operating cash provided by continuing operations for the twelve months ended September 30, 2019 was $351 million. Free cash flow ("FCF") for the twelve months ended September 30, 2019 totaled $227 million, which represented 48% of adjusted EBITDA.
During the third quarter of 2019, the Company completed the repurchase of 700,000 common shares, or 1% of outstanding share count, for $33 million. Through the first nine months of 2019, the Company completed the repurchase of 1.4 million of its common shares, or 2% of outstanding share count, for $62 million.
Updated Financial Guidance and Assumptions
Based on the actual year-to-date financial results and our latest estimate of full-year U.S. mortgage loan origination market unit volumes, the Company is increasing its 2019 financial guidance as follows:
($ in millions except adjusted EPS) |
July 24, 2019 Guidance Update |
October 23, 2019
|
Revenue |
$1,700 - $1,740 |
$1,740 - $1,760 |
Adjusted EBITDA(1) |
$460 - $490 |
$485 - $495 |
Adjusted EPS(1) |
$2.45 - $2.70 |
$2.65 - $2.75 |
(1) Definition of adjusted EBITDA and adjusted EPS, as well as other non-GAAP financial measures used by management, is included in the 'Use of Non-GAAP Financial Measures' section found at the end of the release.
Teleconference/Recast
CoreLogic management will host a live webcast and conference call on Thursday, October 24, 2019, 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: 1-800-367-2403 for U.S./Canada callers or 1-334-777-6978 for international callers using confirmation code 5658823.
A replay of the webcast will be available on the CoreLogic investor website for 10 days and also through the conference call number 1-888-203-1112 for U.S./Canada participants or 1-719-457-0820 for international participants using Conference ID 5658823.
About CoreLogic
CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire, and protect their homes. 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 key estimates and assumptions related to updated 2019 financial guidance and assumptions thereunder, U.S. mortgage origination unit volumes, foreign currency translation impact, underlying business trends in our UWS and PIRM segments, savings expectations from reduction of run-rate costs and productivity programs, results of the acceleration of the AMC transformation program, and results of the wind-down of certain non-core mortgage and default technology 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. These additional risks and uncertainties include but are not limited to: our ability to protect our information systems against data corruption, cyber-based attacks or network security breaches; 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; systems interruptions that may impair the delivery of our products and services; 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 of 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, 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 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.
This press release also contains certain forward-looking non-GAAP financial measures, such as adjusted EBITDA and adjusted EPS, which are provided only as supplemental information. The Company is not able to provide a reconciliation, without unreasonable efforts, of its forward-looking guidance of adjusted EBITDA and adjusted EPS 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.
CLGX-F
CoreLogic, Inc. Condensed Consolidated Statements of Operations (Unaudited) |
||||||||||||||||
|
For the Three Months Ended |
|
For the Nine Months Ended |
|||||||||||||
|
September 30, |
|
September 30, |
|||||||||||||
(in thousands, except per share amounts) |
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||||||
Operating revenues |
$ |
458,957 |
|
|
$ |
451,768 |
|
|
$ |
1,336,203 |
|
|
$ |
1,385,069 |
|
|
Cost of services (excluding depreciation and amortization shown below) |
228,186 |
|
|
230,419 |
|
|
674,457 |
|
|
709,154 |
|
|||||
Selling, general and administrative expenses |
111,276 |
|
|
113,075 |
|
|
362,298 |
|
|
340,049 |
|
|||||
Depreciation and amortization |
45,717 |
|
|
48,461 |
|
|
142,042 |
|
|
141,948 |
|
|||||
Impairment loss |
78 |
|
|
33 |
|
|
47,912 |
|
|
82 |
|
|||||
Total operating expenses |
385,257 |
|
|
391,988 |
|
|
1,226,709 |
|
|
1,191,233 |
|
|||||
Operating income |
73,700 |
|
|
59,780 |
|
|
109,494 |
|
|
193,836 |
|
|||||
Interest expense: |
|
|
|
|
|
|
|
|||||||||
Interest income |
349 |
|
|
299 |
|
|
1,728 |
|
|
1,053 |
|
|||||
Interest expense |
19,852 |
|
|
19,382 |
|
|
59,137 |
|
|
56,061 |
|
|||||
Total interest expense, net |
(19,503 |
) |
|
(19,083 |
) |
|
(57,409 |
) |
|
(55,008 |
) |
|||||
Gain/(loss) on investments and other, net |
224 |
|
|
2,835 |
|
|
(1,926 |
) |
|
5,124 |
|
|||||
Tax indemnification release |
— |
|
|
— |
|
|
(13,394 |
) |
|
— |
|
|||||
Income from continuing operations before equity in earnings/(losses) of affiliates and income taxes |
54,421 |
|
|
43,532 |
|
|
36,765 |
|
|
143,952 |
|
|||||
Provision for income taxes |
14,481 |
|
|
20,836 |
|
|
508 |
|
|
37,432 |
|
|||||
Income from continuing operations before equity in earnings/(losses) of affiliates |
39,940 |
|
|
22,696 |
|
|
36,257 |
|
|
106,520 |
|
|||||
Equity in earnings/(losses) of affiliates, net of tax |
605 |
|
|
(161 |
) |
|
497 |
|
|
2,909 |
|
|||||
Net income from continuing operations |
40,545 |
|
|
22,535 |
|
|
36,754 |
|
|
109,429 |
|
|||||
Loss from discontinued operations, net of tax |
(17,362 |
) |
|
(84 |
) |
|
(17,456 |
) |
|
(175 |
) |
|||||
Net income |
$ |
23,183 |
|
|
$ |
22,451 |
|
|
$ |
19,298 |
|
|
$ |
109,254 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Basic income per share: |
|
|
|
|
|
|
|
|||||||||
Net income from continuing operations |
$ |
0.51 |
|
|
$ |
0.28 |
|
|
$ |
0.46 |
|
|
$ |
1.35 |
|
|
Loss from discontinued operations, net of tax |
(0.22 |
) |
|
— |
|
|
(0.22 |
) |
|
— |
|
|||||
Net income |
$ |
0.29 |
|
|
$ |
0.28 |
|
|
$ |
0.24 |
|
|
$ |
1.35 |
|
|
Diluted income per share: |
|
|
|
|
|
|
|
|||||||||
Net income from continuing operations |
$ |
0.50 |
|
|
$ |
0.27 |
|
|
$ |
0.45 |
|
|
$ |
1.33 |
|
|
Loss from discontinued operations, net of tax |
(0.21 |
) |
|
— |
|
|
(0.21 |
) |
|
— |
|
|||||
Net income |
$ |
0.29 |
|
|
$ |
0.27 |
|
|
$ |
0.24 |
|
|
$ |
1.33 |
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|||||||||
Basic |
79,761 |
|
|
80,680 |
|
|
80,138 |
|
|
81,073 |
|
|||||
Diluted |
80,914 |
|
|
82,017 |
|
|
81,205 |
|
|
82,528 |
|
|||||
Please refer to the full Form 10-Q filing for the complete financial statements and related notes that are an integral part of the financial statements.
CoreLogic, Inc. Condensed Consolidated Balance Sheets (Unaudited) |
|||||||
(in thousands, except par value) |
September 30, |
|
December 31, |
||||
Assets |
2019 |
|
2018 |
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
88,238 |
|
|
$ |
85,271 |
|
Accounts receivable (less allowance for doubtful accounts of $7,394 and $5,742 as of September 30, 2019 and December 31, 2018, respectively) |
273,021 |
|
|
242,814 |
|
||
Prepaid expenses and other current assets |
60,328 |
|
|
50,136 |
|
||
Income tax receivable |
2,673 |
|
|
25,299 |
|
||
Total current assets |
424,260 |
|
|
403,520 |
|
||
Property and equipment, net |
446,057 |
|
|
456,497 |
|
||
Operating lease assets |
65,302 |
|
|
— |
|
||
Goodwill, net |
2,392,972 |
|
|
2,391,954 |
|
||
Other intangible assets, net |
391,994 |
|
|
468,405 |
|
||
Capitalized data and database costs, net |
323,777 |
|
|
324,049 |
|
||
Investment in affiliates, net |
18,575 |
|
|
22,429 |
|
||
Other assets |
75,518 |
|
|
102,136 |
|
||
Total assets |
$ |
4,138,455 |
|
|
$ |
4,168,990 |
|
Liabilities and Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and other accrued expenses |
$ |
179,740 |
|
|
$ |
166,258 |
|
Accrued salaries and benefits |
80,570 |
|
|
84,940 |
|
||
Contract liabilities, current |
314,847 |
|
|
308,959 |
|
||
Current portion of long-term debt |
68,247 |
|
|
26,935 |
|
||
Operating lease liabilities, current |
16,839 |
|
|
— |
|
||
Total current liabilities |
660,243 |
|
|
587,092 |
|
||
Long-term debt, net of current |
1,636,272 |
|
|
1,752,241 |
|
||
Contract liabilities, net of current |
539,037 |
|
|
524,069 |
|
||
Deferred income tax liabilities |
100,229 |
|
|
124,968 |
|
||
Operating lease liabilities, net of current |
85,844 |
|
|
— |
|
||
Other liabilities |
183,969 |
|
|
180,122 |
|
||
Total liabilities |
3,205,594 |
|
|
3,168,492 |
|
||
|
|
|
|
||||
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; 79,519 and 80,092 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively |
1 |
|
|
1 |
|
||
Additional paid-in capital |
124,872 |
|
|
160,870 |
|
||
Retained earnings |
994,673 |
|
|
975,375 |
|
||
Accumulated other comprehensive loss |
(186,685 |
) |
|
(135,748 |
) |
||
Total stockholders' equity |
932,861 |
|
|
1,000,498 |
|
||
Total liabilities and equity |
$ |
4,138,455 |
|
|
$ |
4,168,990 |
|
Please refer to the full Form 10-Q filing for the complete financial statements and related notes that are an integral part of the financial statements.
CoreLogic, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) |
||||||||
|
For the Nine Months Ended |
|||||||
|
September 30, |
|||||||
(in thousands) |
2019 |
|
2018 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net income |
$ |
19,298 |
|
|
$ |
109,254 |
|
|
Less: Loss from discontinued operations, net of tax |
(17,456 |
) |
|
(175 |
) |
|||
Net income from continuing operations |
36,754 |
|
|
109,429 |
|
|||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: |
|
|
|
|||||
Depreciation and amortization |
142,042 |
|
|
141,948 |
|
|||
Amortization of debt issuance costs |
3,836 |
|
|
4,103 |
|
|||
Amortization of operating lease assets |
11,675 |
|
|
— |
|
|||
Impairment loss |
47,912 |
|
|
82 |
|
|||
Provision for bad debt and claim losses |
11,546 |
|
|
11,113 |
|
|||
Share-based compensation |
26,863 |
|
|
29,574 |
|
|||
Equity in earnings of affiliates, net of taxes |
(497 |
) |
|
(2,909 |
) |
|||
Gain on sale of property and equipment |
(3 |
) |
|
(19 |
) |
|||
Loss on early extinguishment of debt |
1,453 |
|
|
— |
|
|||
Deferred income tax |
(10,642 |
) |
|
10,279 |
|
|||
Loss/(gain) on investments and other, net |
473 |
|
|
(5,124 |
) |
|||
Tax indemnification release |
13,394 |
|
|
— |
|
|||
Change in operating assets and liabilities, net of acquisitions: |
|
|
|
|||||
Accounts receivable |
(33,071 |
) |
|
2,619 |
|
|||
Prepaid expenses and other current assets |
(7,132 |
) |
|
(7,617 |
) |
|||
Accounts payable and other accrued expenses |
(18,023 |
) |
|
(22,037 |
) |
|||
Contract liabilities |
19,629 |
|
|
(18,406 |
) |
|||
Income taxes |
31,239 |
|
|
7,847 |
|
|||
Dividends received from investments in affiliates |
— |
|
|
775 |
|
|||
Other assets and other liabilities |
(29,208 |
) |
|
(9,353 |
) |
|||
Net cash provided by operating activities - continuing operations |
248,240 |
|
|
252,304 |
|
|||
Net cash used in operating activities - discontinued operations |
(1,148 |
) |
|
(4 |
) |
|||
Total cash provided by operating activities |
$ |
247,092 |
|
|
$ |
252,300 |
|
|
Cash flows from investing activities: |
|
|
|
|||||
Purchases of property and equipment |
$ |
(63,196 |
) |
|
$ |
(41,020 |
) |
|
Purchases of capitalized data and other intangible assets |
(29,443 |
) |
|
(25,013 |
) |
|||
Cash paid for acquisitions, net of cash acquired |
(13,280 |
) |
|
(140,977 |
) |
|||
Purchases of investments |
(658 |
) |
|
— |
|
|||
Cash received from sale of business-lines |
4,109 |
|
|
3,245 |
|
|||
Proceeds from sale of property and equipment |
3 |
|
|
198 |
|
|||
Proceeds from investments |
5,591 |
|
|
980 |
|
|||
Net cash used in investing activities - continuing operations |
(96,874 |
) |
|
(202,587 |
) |
|||
Net cash provided by investing activities - discontinued operations |
— |
|
|
— |
|
|||
Total cash used in investing activities |
$ |
(96,874 |
) |
|
$ |
(202,587 |
) |
|
Cash flows from financing activities: |
|
|
|
|||||
Proceeds from long-term debt |
$ |
1,770,000 |
|
|
$ |
120,095 |
|
|
Debt issuance costs |
(9,621 |
) |
|
— |
|
|||
Repayment of long-term debt |
(1,844,155 |
) |
|
(114,626 |
) |
|||
Proceeds from issuance of shares in connection with share-based compensation |
8,391 |
|
|
19,585 |
|
|||
Payment of tax withholdings related to net share settlements |
(9,645 |
) |
|
(12,623 |
) |
|||
Shares repurchased and retired |
(61,607 |
) |
|
(87,028 |
) |
|||
Contingent consideration payments subsequent to acquisitions |
(612 |
) |
|
— |
|
|||
Net cash used in financing activities - continuing operations |
(147,249 |
) |
|
(74,597 |
) |
|||
Net cash provided by financing activities - discontinued operations |
— |
|
|
— |
|
|||
Total cash used in financing activities |
$ |
(147,249 |
) |
|
$ |
(74,597 |
) |
|
Effect of exchange rate on cash, cash equivalents and restricted cash |
637 |
|
|
2,039 |
|
|||
Net change in cash, cash equivalents and restricted cash |
3,606 |
|
|
(22,845 |
) |
|||
Cash, cash equivalents and restricted cash at beginning of period |
98,250 |
|
|
132,154 |
|
|||
Less: Change in cash, cash equivalents and restricted cash - discontinued operations |
(1,148 |
) |
|
(4 |
) |
|||
Plus: Cash swept from discontinued operations |
(1,148 |
) |
|
(4 |
) |
|||
Cash, cash equivalents and restricted cash at end of period |
$ |
101,856 |
|
|
$ |
109,309 |
|
|
|
|
|
|
|||||
Supplemental disclosures of cash flow information: |
|
|
|
|||||
Cash paid for interest |
$ |
53,202 |
|
|
$ |
50,108 |
|
|
Cash paid for income taxes |
$ |
11,558 |
|
|
$ |
25,406 |
|
|
Cash refunds from income taxes |
$ |
16,812 |
|
|
$ |
3,271 |
|
|
Non-cash investing activities: |
|
|
|
|||||
Capital expenditures included in accounts payable and other accrued expenses |
$ |
11,286 |
|
|
$ |
16,911 |
|
|
Please refer to the full Form 10-Q 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 September 30, 2019 |
||||||||||||||||||
(in thousands) |
PIRM |
UWS |
CORP |
ELIM |
CoreLogic |
||||||||||||||
Net income/(loss) from continuing operations |
$ |
27,197 |
|
$ |
74,803 |
|
$ |
(61,455 |
) |
$ |
— |
$ |
40,545 |
|
|||||
Income taxes |
— |
|
— |
|
14,683 |
|
— |
14,683 |
|
||||||||||
Depreciation and amortization |
25,015 |
|
13,012 |
|
7,690 |
|
— |
45,717 |
|
||||||||||
Interest (income)/expense, net |
(61 |
) |
61 |
|
19,503 |
|
— |
19,503 |
|
||||||||||
Share-based compensation |
1,647 |
|
1,769 |
|
5,692 |
|
— |
9,108 |
|
||||||||||
Non-operating (gains)/losses |
(2,954 |
) |
3,044 |
|
(1,327 |
) |
— |
(1,237 |
) |
||||||||||
Efficiency investments and other |
231 |
|
304 |
|
5,827 |
|
— |
6,362 |
|
||||||||||
Transaction costs |
1,606 |
|
— |
|
138 |
|
— |
1,744 |
|
||||||||||
Impairment Loss |
— |
|
78 |
|
— |
|
— |
78 |
|
||||||||||
Amortization of acquired intangibles included in equity in earnings of affiliates |
77 |
|
— |
|
— |
|
— |
77 |
|
||||||||||
Adjusted EBITDA |
$ |
52,758 |
|
$ |
93,071 |
|
$ |
(9,249 |
) |
$ |
— |
$ |
136,580 |
|
|||||
|
For the Three Months Ended September 30, 2018 |
||||||||||||||||||
(in thousands) |
PIRM |
UWS |
CORP |
ELIM |
CoreLogic |
||||||||||||||
Net income/(loss) from continuing operations |
$ |
24,242 |
|
$ |
61,621 |
|
$ |
(63,328 |
) |
$ |
— |
$ |
22,535 |
|
|||||
Income taxes |
— |
|
— |
|
20,784 |
|
— |
20,784 |
|
||||||||||
Depreciation and amortization |
26,143 |
|
16,402 |
|
5,916 |
|
— |
48,461 |
|
||||||||||
Interest expense, net |
152 |
|
73 |
|
18,858 |
|
— |
19,083 |
|
||||||||||
Share-based compensation |
1,588 |
|
1,896 |
|
6,291 |
|
— |
9,775 |
|
||||||||||
Impairment loss |
33 |
|
— |
|
— |
|
— |
33 |
|
||||||||||
Non-operating (gains)/losses |
(1,685 |
) |
— |
|
331 |
|
— |
(1,354 |
) |
||||||||||
Efficiency investments and other |
1,435 |
|
— |
|
5,168 |
|
— |
6,603 |
|
||||||||||
Transaction costs |
1,922 |
|
— |
|
211 |
|
— |
2,133 |
|
||||||||||
Amortization of acquired intangibles included in equity in losses of affiliates |
233 |
|
— |
|
— |
|
— |
233 |
|
||||||||||
Adjusted EBITDA |
$ |
54,063 |
|
$ |
79,992 |
|
$ |
(5,769 |
) |
$ |
— |
$ |
128,286 |
|
|||||
CoreLogic, Inc. Reconciliation of Adjusted EPS (Unaudited) |
|||||||
|
For the Three Months Ended September 30, |
||||||
(Diluted income per share) |
2019 |
|
2018 |
||||
Net income from continuing operations |
$ |
0.50 |
|
|
$ |
0.27 |
|
Share-based compensation |
0.11 |
|
|
0.12 |
|
||
Non-operating gains |
(0.02 |
) |
|
(0.02 |
) |
||
Efficiency investments and other |
0.08 |
|
|
0.08 |
|
||
Transaction costs |
0.02 |
|
|
0.03 |
|
||
Depreciation and amortization of acquired software and intangibles |
0.21 |
|
|
0.24 |
|
||
Income tax effect on adjustments |
(0.08 |
) |
|
— |
|
||
Adjusted EPS |
$ |
0.82 |
|
|
$ |
0.72 |
|
CoreLogic, Inc. Reconciliation to Free Cash Flow (Unaudited) |
||||
(in thousands) |
|
For the Twelve Months Ended September 30, 2019 |
||
Net cash provided by operating activities - continuing operations |
|
$ |
351,054 |
|
Purchases of property and equipment |
|
(84,480 |
) |
|
Purchases of capitalized data and other intangible assets |
|
(39,505 |
) |
|
Free cash flow |
|
$ |
227,069 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20191023005831/en/
Contact:
Investor Contact: Dan Smith, office phone: 703-610-5410, e-mail:
danlsmith@corelogic.com
Media Contact: Allyse Sanchez, INK Communications for CoreLogic, office phone: 925-548-2535, e-mail:
Email Contact