CoreLogic Delivers Record Quarterly Revenue and Strong Double Digit Growth in Operating Income, Margins and Cash Flow

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 their 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 for historical periods to the most directly comparable GAAP financial measures is included in this press release. CoreLogic believes that its presentation of these non-GAAP measures provides useful supplemental information to investors and management regarding CoreLogic'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% for 2019 and 26% for 2020 and 2021. 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. Non-GAAP measures are not in accordance with, or a substitute for, U.S. GAAP. Because the non-GAAP measures for future periods included herein are forward-looking, CoreLogic is not able to provide a reconciliation, without unreasonable efforts, of such forward-looking guidance 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
September 30,

 

For the Nine Months Ended
September 30,

(in thousands, except per share amounts)

2020

 

2019

 

2020

 

2019

Operating revenues

$

436,727

 

 

 

$

375,571

 

 

 

$

1,174,733

 

 

 

$

1,088,032

 

 

Cost of services (excluding depreciation and amortization shown below)

154,192

 

 

 

164,715

 

 

 

439,032

 

 

 

486,973

 

 

Selling, general and administrative expenses

165,742

 

 

 

106,600

 

 

 

393,247

 

 

 

348,788

 

 

Depreciation and amortization

43,610

 

 

 

42,389

 

 

 

130,639

 

 

 

132,767

 

 

Impairment loss

 

 

 

 

 

 

1,228

 

 

 

47,834

 

 

Total operating expenses

363,544

 

 

 

313,704

 

 

 

964,146

 

 

 

1,016,362

 

 

Operating income

73,183

 

 

 

61,867

 

 

 

210,587

 

 

 

71,670

 

 

Interest expense:

 

 

 

 

 

 

 

Interest income

100

 

 

 

349

 

 

 

611

 

 

 

1,728

 

 

Interest expense

17,021

 

 

 

19,852

 

 

 

52,958

 

 

 

59,137

 

 

Total interest expense, net

(16,921

)

 

 

(19,503

)

 

 

(52,347

)

 

 

(57,409

)

 

Gain/(loss) on investments and other, net

35,674

 

 

 

227

 

 

 

37,154

 

 

 

(2,116

)

 

Tax indemnification release

 

 

 

 

 

 

 

 

 

(13,394

)

 

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

91,936

 

 

 

42,591

 

 

 

195,394

 

 

 

(1,249

)

 

(Benefit)/provision for income taxes

(9,560

)

 

 

11,530

 

 

 

19,433

 

 

 

(8,976

)

 

Income from continuing operations before equity in earnings of affiliates

101,496

 

 

 

31,061

 

 

 

175,961

 

 

 

7,727

 

 

Equity in earnings of affiliates, net of tax

971

 

 

 

607

 

 

 

1,859

 

 

 

498

 

 

Net income from continuing operations

102,467

 

 

 

31,668

 

 

 

177,820

 

 

 

8,225

 

 

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

10,679

 

 

 

(8,485

)

 

 

28,149

 

 

 

11,073

 

 

Net income

$

113,146

 

 

 

$

23,183

 

 

 

$

205,969

 

 

 

$

19,298

 

 

 

 

 

 

 

 

 

 

Basic income per share:

 

 

 

 

 

 

 

Net income from continuing operations

$

1.29

 

 

 

$

0.40

 

 

 

$

2.24

 

 

 

$

0.10

 

 

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

0.13

 

 

 

(0.11

)

 

 

0.35

 

 

 

0.14

 

 

Net income

$

1.42

 

 

 

$

0.29

 

 

 

$

2.59

 

 

 

$

0.24

 

 

Diluted income per share:

 

 

 

 

 

 

 

Net income from continuing operations

$

1.26

 

 

 

$

0.39

 

 

 

$

2.19

 

 

 

$

0.10

 

 

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

0.13

 

 

 

(0.10

)

 

 

0.35

 

 

 

0.14

 

 

Net income

$

1.39

 

 

 

$

0.29

 

 

 

$

2.54

 

 

 

$

0.24

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

79,467

 

 

 

79,761

 

 

 

79,300

 

 

 

80,138

 

 

Diluted

81,402

 

 

 

80,914

 

 

 

81,136

 

 

 

81,205

 

 

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.

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