CLGX
$67.43
Corelogic
($.31)
(.46%)
Earnings Details
2nd Quarter June 2020
Thursday, July 23, 2020 7:30:00 AM
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Summary

CoreLogic Raises Guidance

Corelogic (CLGX) reported 2nd Quarter June 2020 earnings of $0.89 per share on revenue of $477.5 million. The consensus earnings estimate was $0.84 per share on revenue of $440.3 million. Revenue grew 3.9% on a year-over-year basis.

The company said it expects third quarter revenue of $485.0 million to $515.0 million. The current consensus revenue estimate is $462.1 million for the quarter ending September 30, 2020. The company also said it now expects 2020 earnings of $3.60 to $3.75 per share on revenue of $1.86 billion to $1.895 billion. The company just recently raised its guidance to earnings of $3.40 to $3.60 per share on revenue of $1.84 billion to $1.88 billion and the current consensus earnings estimate is $3.26 per share on revenue of $1.79 billion for the year ending December 31, 2020.

CoreLogic, Inc. is a provider of property, financial and consumer information, analytics and services to mortgage originators and servicers, financial institutions and other businesses and government-sponsored enterprises.

Results
Reported Earnings
$0.89
Earnings Whisper
-
Consensus Estimate
$0.84
Reported Revenue
$477.5 Mil
Revenue Estimate
$440.3 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

CoreLogic Delivers Strong Second Quarter Revenue and Profit Growth and Record Free Cash Flow; Raises Full-year 2020 Financial Guidance

Commits to $1 Billion Share Repurchase by End of 2022, Including at Least $500 Million in 2020;

Increases Quarterly Dividend by 50%;

Will Exit Lower-Margin Reseller Businesses

IRVINE, Calif.--(BUSINESS WIRE)--CoreLogic (NYSE: CLGX), a leading global provider of property information, insight, analytics and data-enabled solutions, today reported strong operating and financial results for the three months ended June 30, 2020, increased 2020 financial guidance, and announced plans to divest two lower-margin reseller businesses. The Company also announced a 50% increase in its quarterly dividend and plans to repurchase $1 billion of its shares by the end of 2022, including at least $500 million by the end of 2020.

“CoreLogic delivered exceptional operating and financial results during the second quarter and first half of 2020. Despite the challenges attributable to the COVID-19 pandemic, our record performance stands as a clear confirmation of the value creation upside inherent in our strategic plan,” said Frank Martell, President and Chief Executive Officer. “Based on accelerating growth trends, competitive wins and share gains, as well as expanded profitability, we are looking ahead to an even stronger second half of the year. Our financial results in the first half of 2020, our views of current market conditions and our internal business plans give us high confidence in achieving our longer-term targets in 2021 and beyond.”

A discussion of second quarter financial results, guidance updates and details regarding the Company’s planned divestiture of its reseller operations and capital allocation program follow.

Second Quarter Results – Strong Growth and Margin Trends Drive Record Free Cash Flow

Growth Focus – Share Gains, Mega Wins and Pricing Drive Organic Growth Rates

  • Reported revenues of $477 million were up 4%. Revenues were up 15% normalizing for $28 million of second quarter 2019 revenues attributable to non-core default technology units sold and the AMC transformation, which have no 2020 counterpart and a $15 million impact attributable to COVID-19
  • Organic revenue growth of approximately 5%, up from more than 2% for the previous quarter, fueled by broad-based market share gains, value pricing and solutions bundles
  • Secured two mega wins in insurance and spatial solutions including a significant strategic win of a top 5 U.S. insurance carrier for CoreLogic’s next-generation integrated insurance solution
  • Core Mortgage market outperformance in tax and flood zone solutions and double-digit growth in credit solutions and valuations platforms

Profitability – High Operating Leverage and Productivity Fuel Expanded Margins

  • Operating income from continuing operations of $91 million, up by $76 million
  • Operating leverage and productivity demonstrated by 3% reduction in operating costs on higher revenues
  • Net income from continuing operations of $59 million compared with prior year loss of $6 million
  • Diluted EPS from continuing operations of $0.73 cents; Adjusted EPS of $1.02, up 29%
  • Adjusted EBITDA of $158 million, up 18%
  • Adjusted EBITDA margin of 33%, up 400 basis points

Liquidity and Capital Return – Durable Cash Generation Powers Capital Return and Debt Reduction

  • Net operating cash provided by continuing operations for the 12 months ended June 30, 2020 was $512 million. Free cash flow ("FCF") for the 12 months ended June 30, 2020 period totaled $393 million or 71% of adjusted EBITDA
  • Retired $101 million of debt outstanding; covenant debt leverage at 2.8 times
  • Total debt outstanding at June 30, 2020 of $1.59 billion compared with $1.69 billion at December 31, 2019; $750 million available on revolving credit facility
  • Repurchased 150,000 common shares and paid $18 million in dividends to shareholders

2020 Third Quarter Guidance – Continuing Acceleration of Revenue and Profit Growth

  • Guidance ranges reflect internal run rates of revenues and costs, benefits from market share gains, cost productivity as well as expected US mortgage market unit volumes. Guidance ranges for third quarter results follow:
    • Revenues of $485 to $515 million
    • Adjusted EBITDA of $160 to $175 million
    • Financial impacts attributable to COVID-19 of approximately $10 to $15 million in both revenue and adjusted EBITDA

2020 Full-Year Guidance Raise – Realizing the Benefits of Higher Mortgage Market Volumes (Purchase and Refinancing), Market Share Gains and Operating Leverage

  • Increased guidance reflects financial and operating outperformance from the first half of 2020 as well as higher than expected cost productivity and continued market share gains
  • Strategic mega wins in Insurance and Spatial solutions and core mortgage expected to benefit the second half of 2020 and more significantly 2021
  • Mortgage market unit volume estimates for 2020 remain unchanged from previous guidance (approximately +25% year-over-year)
  • Expected financial impacts attributable to COVID-19 (approximately $40 to $45 million in both revenue and adjusted EBITDA)

($ in Millions except per-share amounts)

 

Previous Guidance

 

Updated Guidance

Revenue

 

$1,840 - $1,880

 

$1,860 - $1,895

Adjusted EBITDA(1)

 

$565 - $585

 

$580 - $600

Adjusted EPS(1), (2)

 

$3.40 - $3.60

 

$3.60 - $3.75

(1) Definition of adjusted results, 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.
(2) Adjusted EPS does not reflect the impact of the expected share repurchase of $500 million in 2020.

2021-2022 Guidance Details – Approximately 60% of Organic Growth Target Achieved via Contract Wins; Lower Mortgage Rates and Strengthening Purchase Market Volumes Further Bolster Outlook

  • Approximately 60% of our 2021 assumed organic revenue growth target of 5%, or $95 million, is secured by contract wins (including four mega wins)
  • Flow-through benefits of 2020 financial outperformance benefits 2021 revenues and profitability
  • Gains from next-generation integrated insurance solution adoption and 2020 launch and national expansion of CoreLogic OneHome™ and HomeVisit™ solutions expected to benefit results from 2021 onward
  • Approximately 95% of our revenues are recurring in nature
  • 2020 financial impacts attributable to COVID-19 are expected to largely recover in 2021
  • Overall U.S. mortgage market unit volumes expected to be down approximately 10% to 15% in 2021 and down 5% in 2022 with growth in purchase volume transactions offset by lower refinancing

CoreLogic to Divest Reseller Businesses – Strategic Realignment Expected to Lift Margins to 35%, Boost Organic Growth Profile and Lower Cyclical Mortgage Revenues

  • Reseller business units include Tenant Screening and Credit and Borrower Verification Solutions with highly volume sensitive revenues aggregating approximately $340 million (trailing 12 months as of June 30, 2020)
  • Proforma 2020 adjusted EBITDA margins (based on mid-point of updated revenue and adjusted EBITDA guidance) increased by approximately 350 basis points to 35%
  • Raises share of non-mortgage revenue to approximately 45%, which reduces historical cyclicality and improves growth rates
  • Planned divestitures are pursuant to previously authorized Board delegation in January 2020
  • Advisors retained to conduct sale process commencing in third quarter

Quarterly Dividend Increased 50% ($0.22 to $0.33); $1 Billion Share Repurchase Timing Announced

  • Dividend boost and share repurchase commitment reflects durable cash generative model and long-held commitment to consistent and significant capital return
  • 50% increase in quarterly dividend from $0.22 to $0.33; additional dividend increases expected commensurate with expanding profitability
  • The Company expects to repurchase at least $500 million of shares in 2020, $300 million of shares in 2021 and the remaining $200 million of shares in 2022 to complete its current $1 billion authorization. The $1 billion repurchase program is expected to reduce current share count by more than 15% by 2022
  • Our share repurchase program is expected to be more than 10% accretive to projected 2021 Adjusted EPS

“As we celebrate our tenth anniversary as a public company, CoreLogic has emerged as an integrated, data-driven strategic partner for virtually every lender and the thousands of other participants that collectively comprise the housing finance and insurance landscape,” said Frank Martell. “Our accelerating revenue growth and financial performance demonstrate our ability to capitalize on our market-leading positions, unmatched data, and client platforms, which collectively connect the global housing economy and help millions of people find, buy and protect the homes they love.”

Teleconference/Webcast
CoreLogic management will host a live webcast and conference call on Thursday, July 23, 2020, at 5:30 a.m. Pacific Time (8:30 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 1-412-858-4604 for international callers.

A replay of the webcast will be available on the CoreLogic investor website for 10 days and also through the conference call number 1-877-344-7529 for U.S. and Canada participants or 1-412-317-0088 for international participants using Conference ID 10146664.

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, buy, 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 expected financial results, including in the second half of the year and 2021 and 2022 , overall mortgage market volumes, market opportunities, shareholder value creation, repurchases of our shares, our strategic plans or growth strategy, and the near and long term consequences of the unsolicited proposal we received from Cannae Holdings, Inc. (“Cannae”) and Senator Investment Group, LP (“Senator”) on June 26, 2020 (the “Unsolicited Proposal”). 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 risks and uncertainties include but are not limited to: any potential developments related to the Unsolicited Proposal; our adoption of a shareholder rights plan; any potential impact resulting from COVID-19; our ability to protect our information systems against data corruption, cyber-based attacks or network security breaches; limitations on our ability to repurchase our shares; changes in prices at which we are able to repurchase our shares; 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; risks related to the outsourcing of services and international operations; our ability to realize the anticipated benefits of certain acquisitions and/or divestitures and the timing thereof; 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, including 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 measure. These non GAAP measures are not in accordance with, or a substitute for, U.S. GAAP. A reconciliation of non-GAAP measures for historical periods to the most directly comparable GAAP financial measures is included in this press release. The Company believes that its presentation of 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 26% for 2020. 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. Because the non-GAAP measures for future periods included herein are forward-looking, 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.

CoreLogic, Inc.
Condensed Consolidated Statements of Operations
(Unaudited
)

 

 

 

 

 

For the Three Months
Ended June 30,

 

For the Six Months
Ended June 30,

(in thousands, except per share amounts)

2020

 

2019

 

2020

 

2019

Operating revenues

$

477,464

 

 

$

459,538

 

 

$

921,349

 

 

$

877,246

 

Cost of services (excluding depreciation and amortization shown below)

214,491

 

 

227,210

 

 

430,056

 

 

446,271

 

Selling, general and administrative expenses

124,061

 

 

122,798

 

 

238,467

 

 

251,022

 

Depreciation and amortization

46,701

 

 

47,106

 

 

93,544

 

 

96,325

 

Impairment loss

1,228

 

 

47,834

 

 

1,228

 

 

47,834

 

Total operating expenses

386,481

 

 

444,948

 

 

763,295

 

 

841,452

 

Operating income

90,983

 

 

14,590

 

 

158,054

 

 

35,794

 

Interest expense:

 

 

 

 

 

 

 

Interest income

98

 

 

401

 

 

512

 

 

1,379

 

Interest expense

17,743

 

 

19,582

 

 

35,936

 

 

39,285

 

Total interest expense, net

(17,645)

 

 

(19,181)

 

 

(35,424)

 

 

(37,906)

 

Gain/(loss) on investments and other, net

7,136

 

 

(2,884)

 

 

4,089

 

 

(2,150)

 

Tax indemnification release

 

 

(13,394)

 

 

 

 

(13,394)

 

Income/(loss) from continuing operations before equity in earnings/(losses) of affiliates and income taxes

80,474

 

 

(20,869)

 

 

126,719

 

 

(17,656)

 

Provision/(benefit) for income taxes

21,845

 

 

(15,031)

 

 

34,796

 

 

(13,973)

 

Income/(loss) from continuing operations before equity in earnings/(losses) of affiliates

58,629

 

 

(5,838)

 

 

91,923

 

 

(3,683)

 

Equity in earnings/(losses) of affiliates, net of tax

376

 

 

314

 

 

888

 

 

(108)

 

Net income/(loss) from continuing operations

59,005

 

 

(5,524)

 

 

92,811

 

 

(3,791)

 

(Loss)/income from discontinued operations, net of tax

 

 

(48)

 

 

13

 

 

(94)

 

Net income/(loss)

$

59,005

 

 

$

(5,572)

 

 

$

92,824

 

 

$

(3,885)

 

 

 

 

 

 

 

 

 

Basic income per share:

 

 

 

 

 

 

 

Net income/(loss) from continuing operations

$

0.74

 

 

$

(0.07)

 

 

$

1.17

 

 

$

(0.05)

 

(Loss)/income from discontinued operations, net of tax

 

 

 

 

 

 

 

Net income/(loss)

$

0.74

 

 

$

(0.07)

 

 

$

1.17

 

 

$

(0.05)

 

Diluted income per share:

 

 

 

 

 

 

 

Net income/(loss) from continuing operations

$

0.73

 

 

$

(0.07)

 

 

$

1.15

 

 

$

(0.05)

 

(Loss)/income from discontinued operations, net of tax

 

 

 

 

 

 

 

Net income/(loss)

$

0.73

 

 

$

(0.07)

 

 

$

1.15

 

 

$

(0.05)

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

79,403

 

 

80,473

 

 

79,216

 

 

80,326

 

Diluted

80,646

 

 

80,473

 

 

80,767

 

 

80,326

 

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)

June 30,

 

December 31,

Assets

2020

 

2019

Current assets:

 

 

 

Cash and cash equivalents

$

137,286

 

 

$

105,185

 

Accounts receivable (less allowance for credit losses of $8,007 and $7,161 as of June 30, 2020 and December 31, 2019, respectively)

290,199

 

 

281,392

 

Prepaid expenses and other current assets

68,991

 

 

59,972

 

Total current assets

496,476

 

 

446,549

 

Property and equipment, net

440,015

 

 

451,021

 

Operating lease assets

59,571

 

 

65,825

 

Goodwill, net

2,400,412

 

 

2,396,096

 

Other intangible assets, net

351,055

 

 

378,818

 

Capitalized data and database costs, net

327,936

 

 

327,078

 

Investment in affiliates, net

11,839

 

 

16,666

 

Other assets

76,087

 

 

76,604

 

Total assets

$

4,163,391

 

 

$

4,158,657

 

Liabilities and Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable and other accrued expenses

$

185,355

 

 

$

173,989

 

Accrued salaries and benefits

67,039

 

 

86,598

 

Contract liabilities, current

362,702

 

 

321,647

 

Current portion of long-term debt

2,504

 

 

56,022

 

Operating lease liabilities, current

17,855

 

 

18,058

 

Total current liabilities

635,455

 

 

656,314

 

Long-term debt, net of current

1,566,292

 

 

1,610,538

 

Contract liabilities, net of current

589,744

 

 

563,246

 

Deferred income tax liabilities

85,280

 

 

110,396

 

Operating lease liabilities, net of current

76,411

 

 

85,139

 

Other liabilities

208,086

 

 

181,814

 

Total liabilities

3,161,268

 

 

3,207,447

 

 

 

 

 

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; 79,459 and 78,972 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively

1

 

 

1

 

Additional paid-in capital

120,029

 

 

111,000

 

Retained earnings

1,099,154

 

 

1,006,992

 

Accumulated other comprehensive loss

(217,061)

 

 

(166,783)

 

Total stockholders' equity

1,002,123

 

 

951,210

 

Total liabilities and equity

$

4,163,391

 

 

$

4,158,657

 

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 Six Months
Ended June 30,

(in thousands)

2020

 

2019

Cash flows from operating activities:

 

 

 

Net income/(loss)

$

92,824

 

 

$

(3,885)

 

Less: Income/(loss) from discontinued operations, net of tax

13

 

 

(94)

 

Net income/(loss) from continuing operations

92,811

 

 

(3,791)

 

Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:

 

 

 

Depreciation and amortization

93,544

 

 

96,325

 

Amortization of debt issuance costs

2,493

 

 

2,583

 

Amortization of operating lease assets

7,284

 

 

7,923

 

Impairment loss

1,228

 

 

47,834

 

Provision for bad debt and claim losses

7,893

 

 

7,577

 

Share-based compensation

21,838

 

 

17,755

 

Equity in (earnings)/losses of affiliates, net of taxes

(888)

 

 

108

 

Loss on early extinguishment of debt

 

 

1,453

 

Deferred income tax

3,087

 

 

(8,291)

 

(Gain)/loss on investments and other, net

(4,089)

 

 

2,150

 

Tax indemnification release

 

 

13,394

 

Change in operating assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable

(9,545)

 

 

(38,845)

 

Prepaid expenses and other current assets

(4,767)

 

 

(6,189)

 

Accounts payable and other accrued expenses

4,889

 

 

(24,962)

 

Contract liabilities

66,786

 

 

12,329

 

Income taxes

(7,893)

 

 

15,890

 

Dividends received from investments in affiliates

109

 

 

 

Other assets and other liabilities

(31,660)

 

 

(22,649)

 

Net cash provided by operating activities - continuing operations

243,120

 

 

120,594

 

Net cash provided by operating activities - discontinued operations

18

 

 

 

Total cash provided by operating activities

$

243,138

 

 

$

120,594

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

$

(31,855)

 

 

$

(44,714)

 

Purchases of capitalized data and other intangible assets

(18,535)

 

 

(18,307)

 

Cash paid for acquisitions, net of cash acquired

(12,046)

 

 

(41)

 

Purchases of investments

(631)

 

 

(658)

 

Cash received from sale of business-lines

 

 

1,082

 

Proceeds from investments and other

2,281

 

 

1,157

 

Net cash used in investing activities - continuing operations

(60,786)

 

 

(61,481)

 

Net cash provided by investing activities - discontinued operations

 

 

 

Total cash used in investing activities

$

(60,786)

 

 

$

(61,481)

 

Cash flows from financing activities:

 

 

 

Proceeds from long-term debt

$

 

 

$

1,770,000

 

Debt issuance costs

 

 

(9,621)

 

Repayment of long-term debt

(101,680)

 

 

(1,789,702)

 

Proceeds from issuance of shares in connection with share-based compensation

5,785

 

 

6,559

 

Payment of tax withholdings related to net share settlements

(9,346)

 

 

(9,267)

 

Shares repurchased and retired

(9,273)

 

 

(29,030)

 

Dividends paid

(34,839)

 

 

 

Contingent consideration payments subsequent to acquisitions

 

 

(600)

 

Net cash used in financing activities - continuing operations

(149,353)

 

 

(61,661)

 

Net cash provided by financing activities - discontinued operations

 

 

 

Total cash used in financing activities

$

(149,353)

 

 

$

(61,661)

 

Effect of exchange rate on cash, cash equivalents, and restricted cash

(1,553)

 

 

26

 

Net change in cash, cash equivalents, and restricted cash

31,446

 

 

(2,522)

 

Cash, cash equivalents, and restricted cash at beginning of period

115,702

 

 

98,250

 

Less: Change in cash, cash equivalents, and restricted cash - discontinued operations

18

 

 

 

Plus: Cash swept from discontinued operations

18

 

 

 

Cash, cash equivalents, and restricted cash at end of period

$

147,148

 

 

$

95,728

 

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 June 30, 2020

(in thousands)

PIRM

UWS

CORP

ELIM

CoreLogic

Net income/(loss) from continuing operations

$

30,792

 

$

98,170

 

$

(69,957)

 

$

 

$

59,005

 

Income taxes

 

 

21,970

 

 

21,970

 

Depreciation and amortization

25,050

 

13,283

 

8,368

 

 

46,701

 

Interest expense/(income), net

411

 

(5)

 

17,239

 

 

17,645

 

Share-based compensation

2,254

 

2,802

 

8,697

 

 

13,753

 

Non-operating losses/(gains)

1,193

 

(1,800)

 

(5,629)

 

 

(6,236)

 

Efficiency investments and other

(490)

 

425

 

6,779

 

 

6,714

 

Transaction costs

(3,005)

 

223

 

242

 

 

(2,540)

 

Impairment Loss

 

1,228

 

 

 

1,228

 

Adjusted EBITDA

$

56,205

 

$

114,326

 

$

(12,291)

 

$

 

$

158,240

 

 

For the Three Months Ended June 30, 2019

(in thousands)

PIRM

UWS

CORP

ELIM

CoreLogic

Net income/(loss) from continuing operations

$

19,272

 

$

20,377

 

$

(45,173)

 

$

 

$

(5,524)

 

Income taxes

 

 

(14,928)

 

 

(14,928)

 

Depreciation and amortization

26,113

 

13,757

 

7,236

 

 

47,106

 

Interest (income)/expense, net

(61)

 

60

 

19,182

 

 

19,181

 

Share-based compensation

1,538

 

1,634

 

4,691

 

 

7,863

 

Non-operating losses/(gains)

4,215

 

(194)

 

13,833

 

 

17,854

 

Efficiency investments and other

621

 

5,424

 

6,518

 

 

12,563

 

Transaction costs

1,675

 

 

194

 

 

1,869

 

Impairment loss

 

47,834

 

 

 

47,834

 

Amortization of acquired intangibles included in equity in losses of affiliates

77

 

 

 

 

77

 

Adjusted EBITDA

$

53,450

 

$

88,892

 

$

(8,447)

 

$

 

$

133,895

 

 

 

 

 

 

 

CoreLogic, Inc.
Reconciliation of Adjusted EPS
(Unaudited)

 

 

For the Three Months Ended June 30,

(Diluted income per share)

2020

 

2019

Net income/(loss) from continuing operations

$

0.73

 

 

$

(0.07)

 

Share-based compensation

0.17

 

 

0.1

 

Non-operating (gains)/losses

(0.08)

 

 

0.22

 

Efficiency investments and other

0.08

 

 

0.15

 

Impairment loss

0.02

 

 

0.59

 

Transaction costs

(0.03)

 

 

0.02

 

Depreciation and amortization of acquired software and intangibles

0.21

 

 

0.23

 

Income tax effect on adjustments

(0.08)

 

 

(0.45)

 

Adjusted EPS

$

1.02

 

 

$

0.79

 

CoreLogic, Inc.
Reconciliation to Free Cash Flow
(Unaudited)

 

(in thousands)

 

For the Twelve Months
Ended June 30, 2020

Net cash provided by operating activities - continuing operations

 

$

511,549

 

Purchases of property and equipment

 

(78,713)

 

Purchases of capitalized data and other intangible assets

 

(40,247)

 

Free cash flow

 

$

392,589

 

 

Investor Contact:
Dan Smith

office phone: 703-610-5410
e-mail: danlsmith@corelogic.com

Media Contact:
George Sard

Sard Verbinnen & Co
office phone: 917-848-8165
e-mail: GSard@SARDVERB.com

Source: CoreLogic