CoreLogic Reports Third Quarter 2019 Financial Results

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

 


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