CoreLogic Reports First Quarter 2019 Financial Results
Business Wire 24-Apr-2019 4:20 PM
Outperformance of Mortgage Market Trends and Margin Expansion
Highlight Strong Operational Execution; Accelerated AMC Transformation
Program and Wind-down of Non-Core Mortgage and Default Technology Units
Progressing as Planned
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 March 31, 2019.
Operating and financial highlights appear below.
-
Revenues of $418 million, down 6% primarily reflecting the impacts of
an estimated 10% to 15% drop in U.S. mortgage volumes and lower
revenues attributable to appraisal management company (AMC) operations
and non-core mortgage and default technology related platforms.
-
Operating and net income from continuing operations were $21 million
and $2 million, 52% and 94% below prior year levels, driven by the
impacts of lower revenues and higher costs related to productivity
programs and efficiency actions.
-
Diluted EPS from continuing operations of $0.02, compared to $0.34.
Adjusted EPS totaled $0.45, down 14%.
-
Adjusted EBITDA of $98 million, down 5%. Adjusted EBITDA margins were
up approximately 20 basis points.
-
The Company made $23 million in voluntary principal payments against
its outstanding term loan obligations.
"CoreLogic is off to a strong start in 2019. We delivered solid
financial results highlighted by adjusted EBITDA above our expected
range, despite significant mortgage market headwinds. We also reduced
our run-rate costs significantly and drove productivity. In addition, we
pressed forward with our AMC transformation and the exit of non-core
mortgage and default technology units," said Frank Martell, President
and Chief Executive Officer of CoreLogic. "As market leaders, we are
continuing to reinvest in our business with a focus on building our core
capabilities in data and technology, which we expect will be a
foundation for future growth and margin expansion," Martell added.
First Quarter Financial Summary
First quarter reported revenues totaled $418 million, down 6% from 2018.
The decline in revenue resulted principally from lower U.S. mortgage
market activity, AMC volumes, and the wind-down of non-core mortgage and
default technology related platforms, partially offset by 2018
acquisitions. Property Intelligence & Risk Management Solutions (PIRM)
revenues rose 1% from 2018 levels to $176 million. Underwriting &
Workflow Solutions (UWS) revenues totaled $245 million, down 11% from
2018 levels.
Operating income from continuing operations totaled $21 million for the
first quarter compared with $44 million in 2018. The decline in
operating income was driven by the impact of lower revenues, partially
offset by cost management benefits. The Company also incurred higher
levels of investments related to productivity programs which totaled $8
million and discrete efficiency-related charges of $5 million.
First quarter net income from continuing operations totaled $2 million,
compared with $28 million, reflecting lower operating income levels
discussed previously and modestly higher interest expense and tax
provisions. Diluted EPS from continuing operations totaled $0.02 for the
first quarter of 2019 compared with $0.34 in 2018. Adjusted EPS totaled
$0.45 compared with $0.52 in the first quarter of 2018.
Adjusted EBITDA totaled $98 million in the first quarter compared with
$103 million in the same prior year period. The year-over-year reduction
in adjusted EBITDA resulted principally from lower revenues, partially
offset by cost management benefits. Adjusted EBITDA margin was 23%, up
approximately 20 basis points. PIRM segment adjusted EBITDA totaled $46
million compared to $50 million in 2018. UWS adjusted EBITDA was $63
million, compared to $65 million in 2018.
Liquidity and Capital Resources
At March 31, 2019, the Company had cash and cash equivalents of $87
million compared with $85 million at December 31, 2018. Total debt as of
March 31, 2019 was $1,774 million compared with $1,797 million as of
December 31, 2018. As of March 31, 2018, the Company had available
capacity on its revolving credit facility of $522 million. During the
first quarter of 2019, the Company made $23 million in voluntary
principal payments against its outstanding term loan obligations.
Net operating cash provided by continuing operations for the twelve
months ended March 31, 2019 was $319 million. Free cash flow (FCF) for
the twelve months ended March 31, 2019 totaled $209 million, which
represented 43% of adjusted EBITDA.
Business Exits, AMC Transformation and
Productivity Programs
In December 2018, the Company announced the acceleration of its AMC
transformation program and the wind-down of non-core mortgage and
default technology related platforms which is expected to significantly
reduce UWS revenues and adjusted EBITDA in 2019. We believe these
actions will expand our overall profit margins and provide for enhanced
long-term organic growth trends. We may incur additional cash and
non-cash charges (beyond those contemplated in the Company's 2019
guidance) as these programs are actioned.
In connection with the Company's previously announced 2020 adjusted
EBITDA margin target of 30%, we intend to incur discrete charges of
approximately $15 million over the course of 2019. These investments
will increase the operating efficiency and accelerate the transformation
of certain technology and data platforms. 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.
Teleconference/Webcast
CoreLogic management will host a live webcast and conference call on
Thursday, April 25, 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:
1-888-394-8218 for U.S./Canada callers or 1-786-789-4776 for
international callers using confirmation code 1733044.
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 1733044.
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 realtors, 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 savings expectations from cost management and
productivity programs, results of a planned acceleration of the AMC
transformation program, and results of a planned wind-down in a certain
non-core software unit. 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: a cyber-based attack, data
corruption or network security breach, or inability to secure the
electronic transmission of sensitive data could have a material adverse
effect on our business and reputation; we rely on the ability to access
data from external sources at reasonable terms and prices; systems
interruptions may impair the delivery of our products and services; we
are subject to significant governmental regulations; our revenue
affected by the strength of the economy, interest rate environment and
the housing market generally; we rely on our top ten clients for a
significant portion of our revenue; and we operate in a competitive
business environment that is impacted by technology advancements or new
product development; our reliance on outsourcing arrangements subjects
us to risk and may disrupt or adversely affect our operations; our
acquisition and integration of businesses may involve increased expenses
and may not produce the desired financial or operating results. 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.
CLGX-F
(Additional Financial Data Follow)
|
CORELOGIC, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
March 31,
|
|
(in thousands, except per share amounts)
|
|
|
2019
|
|
|
2018
|
|
Operating revenues
|
|
|
$
|
417,708
|
|
|
|
$
|
444,900
|
|
|
Cost of services (excluding depreciation and amortization shown
below)
|
|
|
219,061
|
|
|
|
239,389
|
|
|
Selling, general and administrative expenses
|
|
|
128,224
|
|
|
|
114,952
|
|
|
Depreciation and amortization
|
|
|
49,219
|
|
|
|
46,140
|
|
|
Total operating expenses
|
|
|
396,504
|
|
|
|
400,481
|
|
|
Operating income
|
|
|
21,204
|
|
|
|
44,419
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
Interest income
|
|
|
978
|
|
|
|
530
|
|
|
Interest expense
|
|
|
19,703
|
|
|
|
17,692
|
|
|
Total interest expense, net
|
|
|
(18,725
|
)
|
|
|
(17,162
|
)
|
|
Gain on investments and other, net
|
|
|
734
|
|
|
|
161
|
|
|
Income from continuing operations before equity in (losses)/earnings
of affiliates and income taxes
|
|
|
3,213
|
|
|
|
27,418
|
|
|
Provision/(benefit) for income taxes
|
|
|
1,058
|
|
|
|
(711
|
)
|
|
Income from continuing operations before equity in (losses)/earnings
of affiliates
|
|
|
2,155
|
|
|
|
28,129
|
|
|
Equity in (losses)/earnings of affiliates, net of tax
|
|
|
(422
|
)
|
|
|
233
|
|
|
Net income from continuing operations
|
|
|
1,733
|
|
|
|
28,362
|
|
|
Loss from discontinued operations, net of tax
|
|
|
(46
|
)
|
|
|
(75
|
)
|
|
Net income
|
|
|
$
|
1,687
|
|
|
|
$
|
28,287
|
|
|
Basic income per share:
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
|
$
|
0.02
|
|
|
|
$
|
0.35
|
|
|
Loss from discontinued operations, net of tax
|
|
|
—
|
|
|
|
—
|
|
|
Net income
|
|
|
$
|
0.02
|
|
|
|
$
|
0.35
|
|
|
Diluted income per share:
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
|
$
|
0.02
|
|
|
|
$
|
0.34
|
|
|
Loss from discontinued operations, net of tax
|
|
|
—
|
|
|
|
—
|
|
|
Net income
|
|
|
$
|
0.02
|
|
|
|
$
|
0.34
|
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
80,179
|
|
|
|
81,254
|
|
|
Diluted
|
|
|
81,277
|
|
|
|
82,820
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
March 31,
|
|
|
December 31,
|
|
Assets
|
|
|
2019
|
|
|
2018
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
86,828
|
|
|
|
$
|
85,271
|
|
|
Accounts receivable (less allowance for doubtful accounts of $6,302
and $5,742 as of March 31, 2019 and December 31, 2018, respectively)
|
|
|
246,329
|
|
|
|
242,814
|
|
|
Prepaid expenses and other current assets
|
|
|
49,211
|
|
|
|
50,136
|
|
|
Income tax receivable
|
|
|
13,971
|
|
|
|
25,299
|
|
|
Total current assets
|
|
|
396,339
|
|
|
|
403,520
|
|
|
Property and equipment, net
|
|
|
459,478
|
|
|
|
456,497
|
|
|
Operating lease assets
|
|
|
64,606
|
|
|
|
—
|
|
|
Goodwill, net
|
|
|
2,395,765
|
|
|
|
2,391,954
|
|
|
Other intangible assets, net
|
|
|
452,124
|
|
|
|
468,405
|
|
|
Capitalized data and database costs, net
|
|
|
324,116
|
|
|
|
324,049
|
|
|
Investment in affiliates, net
|
|
|
21,867
|
|
|
|
22,429
|
|
|
Other assets
|
|
|
99,701
|
|
|
|
102,136
|
|
|
Total assets
|
|
|
$
|
4,213,996
|
|
|
|
$
|
4,168,990
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable and other accrued expenses
|
|
|
$
|
162,045
|
|
|
|
$
|
166,258
|
|
|
Accrued salaries and benefits
|
|
|
75,861
|
|
|
|
84,940
|
|
|
Contract liabilities, current
|
|
|
312,322
|
|
|
|
308,959
|
|
|
Current portion of long-term debt
|
|
|
47,465
|
|
|
|
26,935
|
|
|
Operating lease liabilities, current
|
|
|
16,709
|
|
|
|
—
|
|
|
Total current liabilities
|
|
|
614,402
|
|
|
|
587,092
|
|
|
Long-term debt, net of current
|
|
|
1,709,501
|
|
|
|
1,752,241
|
|
|
Contract liabilities, net of current
|
|
|
520,845
|
|
|
|
524,069
|
|
|
Deferred income tax liabilities
|
|
|
125,064
|
|
|
|
124,968
|
|
|
Operating lease liabilities, net of current
|
|
|
82,851
|
|
|
|
—
|
|
|
Other liabilities
|
|
|
162,062
|
|
|
|
180,122
|
|
|
Total liabilities
|
|
|
$
|
3,214,725
|
|
|
|
$
|
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; 80,633
and 80,092 shares issued and outstanding as of March 31, 2019 and
December 31, 2018, respectively
|
|
|
1
|
|
|
|
1
|
|
|
Additional paid-in capital
|
|
|
164,969
|
|
|
|
160,870
|
|
|
Retained earnings
|
|
|
977,062
|
|
|
|
975,375
|
|
|
Accumulated other comprehensive loss
|
|
|
(142,761
|
)
|
|
|
(135,748
|
)
|
|
Total stockholders' equity
|
|
|
999,271
|
|
|
|
1,000,498
|
|
|
Total liabilities and equity
|
|
|
$
|
4,213,996
|
|
|
|
$
|
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 Three Months Ended
|
|
|
|
|
March 31,
|
|
(in thousands)
|
|
|
2019
|
|
|
2018
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
1,687
|
|
|
|
$
|
28,287
|
|
|
Less: Loss from discontinued operations, net of tax
|
|
|
(46
|
)
|
|
|
(75
|
)
|
|
Net income from continuing operations
|
|
|
1,733
|
|
|
|
28,362
|
|
|
Adjustments to reconcile net income from continuing operations to
net cash provided by operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
49,219
|
|
|
|
46,140
|
|
|
Amortization of debt issuance costs
|
|
|
1,302
|
|
|
|
1,376
|
|
|
Amortization of operating lease assets
|
|
|
4,036
|
|
|
|
—
|
|
|
Provision for bad debt and claim losses
|
|
|
3,788
|
|
|
|
2,847
|
|
|
Share-based compensation
|
|
|
9,892
|
|
|
|
8,677
|
|
|
Equity in losses/(earnings) of affiliates, net of taxes
|
|
|
422
|
|
|
|
(233
|
)
|
|
Deferred income tax
|
|
|
4,346
|
|
|
|
6,250
|
|
|
Gain on investment and other, net
|
|
|
(734
|
)
|
|
|
(161
|
)
|
|
Change in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(5,489
|
)
|
|
|
12,745
|
|
|
Prepaid expenses and other current assets
|
|
|
(2,778
|
)
|
|
|
(764
|
)
|
|
Accounts payable and other accrued expenses
|
|
|
(7,665
|
)
|
|
|
4,987
|
|
|
Contract liabilities
|
|
|
173
|
|
|
|
(2,756
|
)
|
|
Income taxes
|
|
|
10,966
|
|
|
|
(482
|
)
|
|
Dividends received from investments in affiliates
|
|
|
—
|
|
|
|
776
|
|
|
Other assets and other liabilities
|
|
|
(4,630
|
)
|
|
|
(7,556
|
)
|
|
Net cash provided by operating activities - continuing operations
|
|
|
64,581
|
|
|
|
100,208
|
|
|
Net cash provided by operating activities - discontinued operations
|
|
|
—
|
|
|
|
2
|
|
|
Total cash provided by operating activities
|
|
|
$
|
64,581
|
|
|
|
$
|
100,210
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
$
|
(24,020
|
)
|
|
|
$
|
(9,940
|
)
|
|
Purchases of capitalized data and other intangible assets
|
|
|
(8,947
|
)
|
|
|
(9,544
|
)
|
|
Cash paid for acquisitions, net of cash acquired
|
|
|
—
|
|
|
|
(20,533
|
)
|
|
Cash received from sale of business-line
|
|
|
1,082
|
|
|
|
—
|
|
|
Proceeds from sale of property and equipment
|
|
|
—
|
|
|
|
100
|
|
|
Proceeds from investments
|
|
|
1,157
|
|
|
|
980
|
|
|
Net cash used in investing activities - continuing operations
|
|
|
(30,728
|
)
|
|
|
(38,937
|
)
|
|
Net cash provided by investing activities - discontinued operations
|
|
|
—
|
|
|
|
—
|
|
|
Total cash used in investing activities
|
|
|
$
|
(30,728
|
)
|
|
|
$
|
(38,937
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Proceeds from long-term debt
|
|
|
$
|
—
|
|
|
|
$
|
95
|
|
|
Repayment of long-term debt
|
|
|
(25,563
|
)
|
|
|
(45,722
|
)
|
|
Proceeds from issuance of shares in connection with share-based
compensation
|
|
|
2,758
|
|
|
|
15,473
|
|
|
Payment of tax withholdings related to net share settlements
|
|
|
(8,551
|
)
|
|
|
(10,532
|
)
|
|
Shares repurchased and retired
|
|
|
—
|
|
|
|
(18,479
|
)
|
|
Contingent consideration payments subsequent to acquisitions
|
|
|
(600
|
)
|
|
|
—
|
|
|
Net cash used in financing activities - continuing operations
|
|
|
(31,956
|
)
|
|
|
(59,165
|
)
|
|
Net cash provided by financing activities - discontinued operations
|
|
|
—
|
|
|
|
—
|
|
|
Total cash used in financing activities
|
|
|
$
|
(31,956
|
)
|
|
|
$
|
(59,165
|
)
|
|
Effect of exchange rate on cash, cash equivalents and restricted cash
|
|
|
(200
|
)
|
|
|
311
|
|
|
Net change in cash, cash equivalents and restricted cash
|
|
|
$
|
1,697
|
|
|
|
$
|
2,419
|
|
|
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
|
|
|
—
|
|
|
|
2
|
|
|
Plus: Cash swept from discontinued operations
|
|
|
—
|
|
|
|
2
|
|
|
Cash, cash equivalents and restricted cash at end of period
|
|
|
$
|
99,947
|
|
|
|
$
|
134,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31, 2019
|
|
(in thousands)
|
|
|
PIRM
|
|
|
UWS
|
|
|
Corporate
|
|
|
Elim
|
|
|
CoreLogic
|
|
Net income/(loss) from continuing operations
|
|
|
$
|
11,387
|
|
|
|
$
|
45,435
|
|
|
|
$
|
(55,089
|
)
|
|
|
$
|
—
|
|
|
|
$
|
1,733
|
|
Income taxes
|
|
|
—
|
|
|
|
—
|
|
|
|
919
|
|
|
|
—
|
|
|
|
919
|
|
Depreciation and amortization
|
|
|
26,799
|
|
|
|
15,775
|
|
|
|
6,645
|
|
|
|
—
|
|
|
|
49,219
|
|
Interest expense, net
|
|
|
247
|
|
|
|
81
|
|
|
|
18,397
|
|
|
|
—
|
|
|
|
18,725
|
|
Share-based compensation
|
|
|
1,750
|
|
|
|
1,623
|
|
|
|
6,519
|
|
|
|
—
|
|
|
|
9,892
|
|
Non-operating losses
|
|
|
2,275
|
|
|
|
—
|
|
|
|
269
|
|
|
|
—
|
|
|
|
2,544
|
|
Efficiency investments
|
|
|
1,590
|
|
|
|
463
|
|
|
|
10,989
|
|
|
|
—
|
|
|
|
13,042
|
|
Transaction costs
|
|
|
1,698
|
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
—
|
|
|
|
1,686
|
|
Amortization of acquired intangibles included in equity in losses of
affiliates
|
|
|
77
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
77
|
|
Adjusted EBITDA
|
|
|
$
|
45,823
|
|
|
|
$
|
63,377
|
|
|
|
$
|
(11,363
|
)
|
|
|
$
|
—
|
|
|
|
$
|
97,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2018
|
|
(in thousands)
|
|
|
PIRM
|
|
|
UWS
|
|
|
Corporate
|
|
|
Elim
|
|
|
CoreLogic
|
|
Net income/(loss) from continuing operations
|
|
|
$
|
20,671
|
|
|
|
$
|
47,754
|
|
|
|
$
|
(40,063
|
)
|
|
|
$
|
—
|
|
|
|
$
|
28,362
|
|
|
Income taxes
|
|
|
—
|
|
|
|
—
|
|
|
|
(633
|
)
|
|
|
—
|
|
|
|
(633
|
)
|
|
Depreciation and amortization
|
|
|
25,735
|
|
|
|
14,964
|
|
|
|
5,441
|
|
|
|
—
|
|
|
|
46,140
|
|
|
Interest expense, net
|
|
|
279
|
|
|
|
75
|
|
|
|
16,808
|
|
|
|
—
|
|
|
|
17,162
|
|
|
Share-based compensation
|
|
|
1,086
|
|
|
|
2,340
|
|
|
|
5,251
|
|
|
|
—
|
|
|
|
8,677
|
|
|
Non-operating losses
|
|
|
500
|
|
|
|
—
|
|
|
|
446
|
|
|
|
—
|
|
|
|
946
|
|
|
Efficiency investments
|
|
|
—
|
|
|
|
—
|
|
|
|
499
|
|
|
|
—
|
|
|
|
499
|
|
|
Transaction costs
|
|
|
1,215
|
|
|
|
—
|
|
|
|
826
|
|
|
|
—
|
|
|
|
2,041
|
|
|
Amortization of acquired intangibles included in equity in earnings
of affiliates
|
|
|
233
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
233
|
|
|
Adjusted EBITDA
|
|
|
$
|
49,719
|
|
|
|
$
|
65,133
|
|
|
|
$
|
(11,425
|
)
|
|
|
$
|
—
|
|
|
|
$
|
103,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORELOGIC, INC.
|
|
RECONCILIATION OF ADJUSTED EPS
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31,
|
|
(Diluted income per share)
|
|
|
2019
|
|
|
2018
|
|
Net income from continuing operations
|
|
|
$
|
0.02
|
|
|
|
$
|
0.34
|
|
|
Share-based compensation
|
|
|
0.12
|
|
|
|
0.10
|
|
|
Non-operating losses
|
|
|
0.03
|
|
|
|
0.01
|
|
|
Efficiency investments
|
|
|
0.16
|
|
|
|
0.01
|
|
|
Transaction costs
|
|
|
0.02
|
|
|
|
0.02
|
|
|
Depreciation and amortization of acquired software and intangibles
|
|
|
0.24
|
|
|
|
0.22
|
|
|
Income tax effect on adjustments
|
|
|
(0.14
|
)
|
|
|
(0.18
|
)
|
|
Adjusted EPS
|
|
|
$
|
0.45
|
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORELOGIC, INC.
|
|
RECONCILIATION TO FREE CASH FLOW
|
|
UNAUDITED
|
|
|
|
|
|
|
(in thousands)
|
|
|
For the Twelve MonthsEnded March 31, 2019
|
|
Net cash provided by operating activities - continuing operations
|
|
|
$
|
319,491
|
|
|
Purchases of property and equipment
|
|
|
(76,384
|
)
|
|
Purchases of capitalized data and other intangible assets
|
|
|
(34,478
|
)
|
|
Free cash flow
|
|
|
$
|
208,629
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190424006077/en/
