CoreLogic Reports First Quarter 2018 Financial Results

Outstanding Operating Performance Highlighted by Revenue Growth, Significant Margin Expansion and Strong Cash Flow Generation

IRVINE, Calif. — (BUSINESS WIRE) — April 25, 2018 — CoreLogic (NYSE: CLGX), a leading global provider of property information, insight, analytics and data-enabled solutions, today reported financial results for the quarter ended March 31, 2018. Operating and financial highlights for the first quarter appear below.

  • Revenues of $445 million were up 1% led by growth across the Property Intelligence & Risk Management (PIRM) segment and market outperformance by the Underwriting & Workflow Solutions (UWS) segment which largely offset the impact of an estimated 10% decline in U.S. mortgage origination unit volumes.
  • Operating income from continuing operations rose 36% to $44 million attributable to productivity and cost management program benefits as well as the positive effects of revenue growth and favorable business mix.
  • Net income from continuing operations increased $16 million, or 123%, to $28 million.
  • Diluted EPS from continuing operations was up 127% to $0.34. Adjusted EPS totaled $0.52 per share, up 41%.
  • Adjusted EBITDA rose 15% to $103 million. Adjusted EBITDA margin was up 280 basis points to 23%.
  • The Company completed the acquisition of eTech Solutions and repurchased 400,000 of its common shares.

“CoreLogic is off to a very strong start in 2018 delivering top line growth, strong margin expansion and high levels of free cash flow. Operationally, both PIRM and UWS executed extremely well against our business plans as we continued to outperform the U.S. mortgage market volume trends and expand our footprint in areas such as property insights, international, insurance & spatial solutions and valuations,” said Frank Martell, President and Chief Executive Officer of CoreLogic. “We also drove up Adjusted EBITDA margins almost 300 basis points through productivity, cost management and favorable revenue mix. I believe our first quarter margin improvement is an important indicator of the progress we are making toward achieving our longer-term profitability targets.”

"We head into the balance of 2018 excited by the opportunities inherent in our strategic plan which is focused on delivering unique, must-have insights that power and connect the global housing ecosystem over the long term. We remain focused on capitalizing on our scale and market leadership and the opportunities presented by a strong purchase-driven mortgage cycle in the U.S. where we have built solutions that are poised to capitalize on the benefits of high operating leverage. In addition, our insurance & spatial solutions and international businesses provide us with opportunities for high margin non-cyclical growth,” Martell added.

First Quarter Financial Summary

First quarter revenues totaled $445 million compared with $440 million in the same 2017 period. PIRM revenues rose 5% to $174 million, driven by organic growth in property insights, including international operations, and benefits from insurance & spatial solutions related acquisitions completed in 2017. UWS segment revenues totaled $273 million, down 1%, as organic growth and the 2017 acquisition of Mercury Network largely offset the impact of lower U.S. mortgage loan unit volumes and planned vendor diversification by two appraisal management clients.

Operating income from continuing operations totaled $44 million for the first quarter compared with $33 million for the first quarter of 2017. The 36% year-over-year increase in operating income was principally attributable to revenue growth and favorable business mix as well as cost productivity related gains. First quarter operating income margin was up approximately 260 basis points to 10%.

First quarter net income from continuing operations totaled $28 million compared with $13 million in the same 2017 period. The increase was primarily attributable to operating upsides outlined previously, along with a net tax benefit in the current quarter, which more than offset higher interest expense and depreciation and amortization. First quarter diluted EPS from continuing operations totaled $0.34 compared with $0.15 in 2017. Adjusted diluted EPS totaled $0.52, up from $0.37 in the first quarter of 2017.

Adjusted EBITDA aggregated $103 million in the first quarter compared with $90 million in the same prior year period. The 15% increase in adjusted EBITDA was principally driven by revenue growth, improved business mix and cost productivity. PIRM segment adjusted EBITDA increased 19% to $50 million. UWS segment adjusted EBITDA increased 21% to $65 million. Adjusted EBITDA margin was up 280 basis points to 23%.

Productivity Programs

As previously announced, the Company intends to incur cash and non-cash charges of approximately $15 million over the course of 2018 relating to its expansion of certain efficiency programs and infrastructure enhancements. These charges will be reflected in the Company’s GAAP financial results and will be excluded from Adjusted EBITDA and Adjusted EPS metrics which are non-GAAP measures. This program is expected to increase overall operating efficiency and accelerate the transformation of certain technology and data platforms. In addition, the Company expects to further consolidate its real estate footprint, reduce SG&A costs and automate and/or outsource certain business activities.

1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »

Review Article Be the first to review this article

Featured Video
GIS Sales and Business Development for Duncan-Parnell Inc. at Ashland, Virginia
GPS and Mobile GIS Sales Development for Duncan-Parnell Inc. at Charlotte, North Carolina
GIS Analyst for County of Bernalillo at Albuquerque, NM, New Mexico
Regional Sales Manager (Eastern North America) for Teledyne Optech at Kiln, Mississippi
Engineer III - Hydraulics for State of Nebraska at Lincoln, California
Geospatial Mapping Training and Support Specialist for Duncan-Parnell Inc. at Morrisville, North Carolina
Upcoming Events
GI_Forum 2021 | re.connecting spatially at Salzburg Austria - Jul 5 - 9, 2021
InterDrone 2021 at Hyatt Regency Dallas TX - Aug 10 - 12, 2021
URISA GIS Leadership Academy at 701 Lee St #960 Des Plaines IL - Aug 16 - 20, 2021
8th International Scientific Conference on SOCIAL SCIENCES (ISCSS) 2021 at Congress Centre MARITIM PARADISE BLUE Albena Bulgaria - Aug 21 - 30, 2021
University of Denver GIS Masters Degree Online
UAV Expo2021 -Register   & save

© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise