IRVINE, Calif.--(BUSINESS WIRE)--CoreLogic (NYSE: CLGX), a leading global provider of property information, insight, analytics and data-enabled solutions, today reported financial results for the quarter ended June 30, 2018. Operating and financial highlights for the second quarter appear below.
- Revenues of $488 million were up 3% reflecting growth in the Property Intelligence & Risk Management (PIRM) segment and market outperformance in the Underwriting & Workflow Solutions (UWS) segment and favorable revenue recognition timing associated with the amendment of a long-term contract, which more than offset the impact of lower U.S. mortgage origination volumes.
- Operating income rose 14% to $90 million attributable to the benefits of cost management and productivity programs, revenue growth including favorable revenue recognition timing and business mix.
- Net income from continuing operations increased $17 million, or 42%, to $59 million.
- Diluted EPS from continuing operations rose 48% to $0.71. Adjusted diluted EPS totaled $1.00, up 39%.
- Adjusted EBITDA rose 18% to $159 million. Adjusted EBITDA margin was up 410 basis points to 33%.
- A total of 872,000 common shares were repurchased in the second quarter.
- The Company enhanced its full-year 2018 financial guidance for adjusted EBITDA and adjusted EPS.
“CoreLogic delivered a very strong set of operating and financial results in the second quarter and first half of 2018. We grew the top line, expanded operating income and adjusted EBITDA margins and generated strong free cash flow despite lower U.S. mortgage activity. I believe this is a clear and important demonstration of the durability and resiliency of our business model as well as the progress we are making toward achieving our longer-term profitability targets,” said Frank Martell, President and Chief Executive Officer of CoreLogic.
"We head into the balance of 2018 and beyond, 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. We remain focused on employing our market leadership to secure opportunities presented by the evolving purchase-driven mortgage cycle in the U.S. In addition, our insurance & spatial solutions and international businesses provide us with opportunities for high margin non-cyclical growth,” Martell added.
Second Quarter Financial Summary
Second quarter revenues totaled $488 million compared with $474 million in the same 2017 period, an increase of 3%. PIRM revenues rose 4% to $183 million driven primarily by organic growth in property insights, including real estate-related and international operations, as well as contributions from insurance & spatial solutions acquisitions completed in 2017. UWS segment revenues were up 3% to $308 million despite a more than 10% decline in U.S. mortgage loan unit volumes and the impact of the wind down of certain non-core product lines. The positive year-over-year growth trend resulted principally from organic growth and the benefit of accelerated revenue recognition (approximately $23 million) resulting from the amendment of a long-term contract. UWS revenue growth also benefited from the scaling of CoreLogic’s valuations solutions platform through the acquisitions of Mercury Network and a la mode technologies (ALM).
Operating income totaled $90 million for the second quarter compared with $78 million for the second quarter of 2017. The 14% year-over-year increase in operating income was principally attributable to revenue growth upsides discussed previously, favorable business mix and gains from cost management and productivity programs. Second quarter operating income margin was up approximately 180 basis points to 18%.
Second quarter net income from continuing operations totaled $59 million compared with $41 million in the same 2017 period. The increase was primarily attributable to operating upsides outlined previously. Second quarter diluted EPS from continuing operations totaled $0.71 compared with $0.48 in 2017. Adjusted diluted EPS totaled $1.00, up from $0.72 in the second quarter of 2017.
Adjusted EBITDA aggregated $159 million in the second quarter compared with $135 million in the prior year period. The 18% increase in adjusted EBITDA was principally attributable to revenue growth, improved business mix and cost productivity partially offset by the impact of lower U.S. mortgage market volumes. PIRM adjusted EBITDA increased 2% to $60 million. UWS adjusted EBITDA rose 26% to $104 million driven by organic growth, including the previously mentioned revenue recognition benefit of approximately $23 million resulting from the amendment of a long-term contract, as well as the scaling of CoreLogic’s valuations solutions platform, which more than offset lower U.S. mortgage loan unit volumes and the wind down of certain non-core product lines. Adjusted EBITDA margin was up approximately 410 basis points to 33%.
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 margins in line with long term strategic targets by improving operating efficiency and accelerating 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.
Liquidity and Capital Resources
As of June 30, 2018, the Company had cash and cash equivalents of $85 million compared with $119 million at December 31, 2017. Total debt as of June 30, 2018 was $1,830 million versus $1,777 million as of December 31, 2017. As of June 30, 2018, the Company had available capacity on its revolving credit facility of $580 million.
Net operating cash provided by continuing operations for the twelve months ended June 30, 2018 was $392 million. Free cash flow (FCF) for the twelve months ended June 30, 2018 totaled $314 million, which represented 61% of adjusted EBITDA. 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.
In April 2018, the Company acquired ALM for $120 million which was funded through available capacity on its revolving credit facility. ALM is headquartered in Oklahoma City and provides subscription based software solutions to more than 40,000 appraiser professionals across the United States.
In the second quarter of 2018, the Company repurchased 872,000 of its common shares for $45 million.
Updated Financial Guidance and Assumptions
Based on the actual first half financial results and currently available projections of market conditions including U.S. origination market volumes for the second half of 2018, the Company is providing the following updates to its 2018 full year guidance:
| ($ in millions except adjusted EPS) |
January 31, 2018 |
July 25, 2018 |
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| Revenue | $1,825 - $1,875 | $1,825 - $1,875 | ||||||||
| Adjusted EBITDA(1) | $455 - $485 | $480 - $500 | ||||||||
| Adjusted EPS(1) | $2.45 - $2.65 | $2.70 - $2.85 |
(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.
The revised 2018 guidance ranges provided above reflect the following updated estimates and assumptions:
- U.S. mortgage loan origination unit volumes expected to decline approximately 10% to 15% from 2017 levels.
- A full-year net benefit of approximately $20 million attributable to accelerated revenue recognition resulting from the amendment of a long-term contract discussed earlier. This benefit is expected to be partially offset by increased research and development costs of approximately $5 to $10 million related to the enhancement of the Company’s data visualization and solutions delivery capabilities.
Teleconference/Webcast
CoreLogic management will host a live webcast and conference call on Thursday, July 26, 2018, 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: 1-844-861-5502 for U.S./Canada callers or 412-858-4604 for international callers. Additional detail on the Company's results are included in the quarterly financial supplement, available on the Investor Relations page at http://investor.corelogic.com.
A replay of the webcast will be available on the CoreLogic investor website for 10 days and through the conference call number 1-877-344-7529 for U.S. participants, 855-669-9658 for Canada participants or 1-412-317-0088 for international participants using Conference ID 10121379.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The Company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed solutions. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. 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 the Company's productivity excellence, the Company's overall financial performance, including future revenue, adjusted EBITDA and adjusted EPS growth, and the Company's margin, tax rate and cash flow profile; and the Company's plans to continue to return capital to shareholders through the share repurchase program. 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 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 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 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. The Company is not able to provide a reconciliation of projected adjusted EBITDA or projected adjusted earnings per share to respective GAAP results due to the unknown effect, timing and potential significance of special charges or gains.
The Company believes that its presentation of non-GAAP measures, such as adjusted EBITDA, adjusted EPS and FCF, provides useful supplemental information to investors and management regarding the Company's financial condition and results. Adjusted EBITDA is defined as net income from continuing operations adjusted for interest, taxes, depreciation and amortization, stock compensation, non-operating gains/losses and other adjustments. Adjusted EPS is defined as income from continuing operations per diluted share, adjusted for stock compensation, amortization of acquisition-related intangibles, non-operating gains/losses, and other adjustments, then tax affected at an assumed effective tax rate of 26% and 35% for 2018 and 2017, 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 CoreLogic, which limits comparability between companies.
CLGX-F
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CORELOGIC, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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UNAUDITED |
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For the Three Months |
For the Six Months |
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| June 30, | June 30, | |||||||||||||||||||
| (in thousands, except per share amounts) | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
| Operating revenues | $ | 488,401 | $ | 473,978 | $ | 933,301 | $ | 913,829 | ||||||||||||
| Cost of services (excluding depreciation and amortization shown below) | 239,346 | 249,162 | 478,735 | 501,128 | ||||||||||||||||
| Selling, general and administrative expenses | 112,022 | 103,552 | 226,974 | 215,400 | ||||||||||||||||
| Depreciation and amortization | 47,396 | 42,871 | 93,536 | 86,343 | ||||||||||||||||
| Total operating expenses | 398,764 | 395,585 | 799,245 | 802,871 | ||||||||||||||||
| Operating income | 89,637 | 78,393 | 134,056 | 110,958 | ||||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Interest income | 224 | 592 | 754 | 930 | ||||||||||||||||
| Interest expense | 18,987 | 14,535 | 36,679 | 28,666 | ||||||||||||||||
| Total interest expense, net | (18,763 | ) | (13,943 | ) | (35,925 | ) | (27,736 | ) | ||||||||||||
| Gain/(loss) on investments and other, net | 2,128 | (4,353 | ) | 2,289 | (3,418 | ) | ||||||||||||||
| Income from continuing operations before equity in earnings/(losses) of affiliates and income taxes | 73,002 | 60,097 | 100,420 | 79,804 | ||||||||||||||||
| Provision for income taxes | 17,307 | 18,635 | 16,596 | 24,909 | ||||||||||||||||
| Income from continuing operations before equity in earnings/(losses) of affiliates | 55,695 | 41,462 | 83,824 | 54,895 | ||||||||||||||||
| Equity in earnings/(losses) of affiliates, net of tax | 2,837 | (280 | ) | 3,070 | (1,004 | ) | ||||||||||||||
| Net income from continuing operations | 58,532 | 41,182 | 86,894 | 53,891 | ||||||||||||||||
| (Loss)/income from discontinued operations, net of tax | (16 | ) | 78 | (91 | ) | 2,495 | ||||||||||||||
| Gain from sale of discontinued operations, net of tax | — | — | — | 312 | ||||||||||||||||
| Net income | $ | 58,516 | $ | 41,260 | $ | 86,803 | $ | 56,698 | ||||||||||||
| Basic income per share: | ||||||||||||||||||||
| Net income from continuing operations | $ | 0.72 | $ | 0.49 | $ | 1.07 | $ | 0.64 | ||||||||||||
| (Loss)/income from discontinued operations, net of tax | — | — | — | 0.03 | ||||||||||||||||
| Gain from sale of discontinued operations, net of tax | — | — | — | — | ||||||||||||||||
| Net income | $ | 0.72 | $ | 0.49 | $ | 1.07 | $ | 0.67 | ||||||||||||
| Diluted income per share: | ||||||||||||||||||||
| Net income from continuing operations | $ | 0.71 | $ | 0.48 | $ | 1.05 | $ | 0.63 | ||||||||||||
| (Loss)/income from discontinued operations, net of tax | — | — | — | 0.03 | ||||||||||||||||
| Gain from sale of discontinued operations, net of tax | — | — | — | — | ||||||||||||||||
| Net income | $ | 0.71 | $ | 0.48 | $ | 1.05 | $ | 0.66 | ||||||||||||
| Weighted-average common shares outstanding: | ||||||||||||||||||||
| Basic | 81,284 | 84,548 | 81,269 | 84,490 | ||||||||||||||||
| Diluted | 82,440 | 86,097 | 82,685 | 86,224 | ||||||||||||||||
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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CORELOGIC, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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UNAUDITED |
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| (in thousands, except par value) | June 30, | December 31, | ||||||||
| Assets | 2018 | 2017 | ||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 85,031 | $ | 118,804 | ||||||
| Accounts receivable (less allowance for doubtful accounts of $7,187 and $8,229 as of June 30, 2018 and December 31, 2017, respectively) | 256,225 | 256,595 | ||||||||
| Prepaid expenses and other current assets | 52,438 | 47,220 | ||||||||
| Income tax receivable | 16,332 | 7,649 | ||||||||
| Total current assets | 410,026 | 430,268 | ||||||||
| Property and equipment, net | 453,780 | 447,659 | ||||||||
| Goodwill, net | 2,317,410 | 2,250,599 | ||||||||
| Other intangible assets, net | 492,120 | 475,613 | ||||||||
| Capitalized data and database costs, net | 326,868 | 329,403 | ||||||||
| Investment in affiliates, net | 42,305 | 38,989 | ||||||||
| Deferred income tax assets | 127 | 366 | ||||||||
| Other assets | 114,197 | 104,516 | ||||||||
| Total assets | $ | 4,156,833 | $ | 4,077,413 | ||||||
| Liabilities and Equity | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable and other accrued expenses | $ | 159,975 | $ | 145,655 | ||||||
| Accrued salaries and benefits | 64,174 | 93,717 | ||||||||
| Contract liabilities, current | 322,700 | 303,948 | ||||||||
| Current portion of long-term debt | 49,658 | 70,046 | ||||||||
| Total current liabilities | 596,507 | 613,366 | ||||||||
| Long-term debt, net of current | 1,759,050 | 1,683,524 | ||||||||
| Contract liabilities, net of current | 511,837 | 504,900 | ||||||||
| Deferred income tax liabilities | 106,815 | 102,571 | ||||||||
| Other liabilities | 158,385 | 165,176 | ||||||||
| Total liabilities | 3,132,594 | 3,069,537 | ||||||||
| 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; 80,944 and 80,885 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | 1 | 1 | ||||||||
| Additional paid-in capital | 186,816 | 224,455 | ||||||||
| Retained earnings | 940,314 | 877,111 | ||||||||
| Accumulated other comprehensive loss | (102,892 | ) | (93,691 | ) | ||||||
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Total stockholders' equity |
1,024,239 | 1,007,876 | ||||||||
| Total liabilities and equity | $ | 4,156,833 | $ | 4,077,413 | ||||||
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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CORELOGIC, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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UNAUDITED |
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| For the Six Months Ended | ||||||||||
| June 30, | ||||||||||
| (in thousands) | 2018 | 2017 | ||||||||
| Cash flows from operating activities: | ||||||||||
| Net income | $ | 86,803 | $ | 56,698 | ||||||
| Less: (Loss)/income from discontinued operations, net of tax | (91 | ) | 2,495 | |||||||
| Less: Gain from sale of discontinued operations, net of tax | — | 312 | ||||||||
| Net income from continuing operations | 86,894 | 53,891 | ||||||||
| Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | ||||||||||
| Depreciation and amortization | 93,536 | 86,343 | ||||||||
| Amortization of debt issuance costs | 2,744 | 2,870 | ||||||||
| Provision for bad debt and claim losses | 7,480 | 7,939 | ||||||||
| Share-based compensation | 19,799 | 20,939 | ||||||||
| Equity in (earnings)/losses of affiliates, net of taxes | (3,070 | ) | 1,004 | |||||||
| Gain on sale of property and equipment | (19 | ) | (231 | ) | ||||||
| Deferred income tax | 8,743 | 6,193 | ||||||||
| (Gain)/loss on investment and other, net | (2,289 | ) | 3,418 | |||||||
| Change in operating assets and liabilities, net of acquisitions: | ||||||||||
| Accounts receivable | 259 | (2,070 | ) | |||||||
| Prepaid expenses and other current assets | (6,075 | ) | (4,161 | ) | ||||||
| Accounts payable and other accrued expenses | (27,234 | ) | (74,371 | ) | ||||||
| Contract liabilities | (13,692 | ) | 24,675 | |||||||
| Income taxes | (9,704 | ) | (13,445 | ) | ||||||
| Dividends received from investments in affiliates | 775 | 1,097 | ||||||||
| Other assets and other liabilities | (9,732 | ) | 22,357 | |||||||
| Net cash provided by operating activities - continuing operations | 148,415 | 136,448 | ||||||||
| Net cash (used in)/provided by operating activities - discontinued operations | (4 | ) | 3,663 | |||||||
| Total cash provided by operating activities | $ | 148,411 | $ | 140,111 | ||||||
| Cash flows from investing activities: | ||||||||||
| Purchases of property and equipment | $ | (21,378 | ) | $ | (20,237 | ) | ||||
| Purchases of capitalized data and other intangible assets | (18,589 | ) | (17,202 | ) | ||||||
| Cash paid for acquisitions, net of cash acquired | (141,056 | ) | — | |||||||
| Purchases of investments | — | (70,000 | ) | |||||||
| Proceeds from sale of property and equipment | 197 | 304 | ||||||||
| Proceeds from investments | 980 | — | ||||||||
| Net cash used in investing activities - continuing operations | (179,846 | ) | (107,135 | ) | ||||||
| Net cash provided by investing activities - discontinued operations | — | — | ||||||||
| Total cash used in investing activities | $ | (179,846 | ) | $ | (107,135 | ) | ||||
| Cash flows from financing activities: | ||||||||||
| Proceeds from long-term debt | $ | 120,095 | $ | 70,000 | ||||||
| Repayment of long-term debt | (68,898 | ) | (35,234 | ) | ||||||
| Proceeds from issuance of shares in connection with share-based compensation | 17,566 | 4,504 | ||||||||
| Payment of tax withholdings related to net share settlements | (11,682 | ) | (13,420 | ) | ||||||
| Shares repurchased and retired | (63,322 | ) | (40,950 | ) | ||||||
| Net cash used in financing activities - continuing operations | (6,241 | ) | (15,100 | ) | ||||||
| Net cash provided by financing activities - discontinued operations | — | — | ||||||||
| Total cash used in financing activities | $ | (6,241 | ) | $ | (15,100 | ) | ||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | 1,379 | (993 | ) | |||||||
| Net change in cash, cash equivalents and restricted cash | (36,297 | ) | 16,883 | |||||||
| Cash, cash equivalents and restricted cash at beginning of period | 132,154 | 89,974 | ||||||||
| Less: Change in cash, cash equivalents and restricted cash - discontinued operations | (4 | ) | 3,663 | |||||||
| Plus: Cash swept (to)/from discontinued operations | (4 | ) | 3,663 | |||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 95,857 | $ | 106,857 | ||||||
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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CORELOGIC, INC. |
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RECONCILIATION OF ADJUSTED EBITDA |
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UNAUDITED |
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| For the Three Months Ended June 30, 2018 | |||||||||||||||||||||||||
| (in thousands) | PIRM | UWS | Corporate | Elim | CoreLogic | ||||||||||||||||||||
| Net income/(loss) from continuing operations | $ | 32,295 | $ | 85,868 | $ | (59,631 | ) | $ | — | $ | 58,532 | ||||||||||||||
| Income taxes | — | — | 18,250 | — | 18,250 | ||||||||||||||||||||
| Depreciation and amortization | 25,512 | 16,483 | 5,401 | — | 47,396 | ||||||||||||||||||||
| Interest expense, net | 219 | 79 | 18,465 | — | 18,763 | ||||||||||||||||||||
| Share-based compensation | 1,751 | 2,052 | 7,319 | — | 11,122 | ||||||||||||||||||||
| Non-operating gains | (2,700 | ) | — | (72 | ) | — | (2,772 | ) | |||||||||||||||||
| Efficiency investments | 521 | — | 4,224 | — | 4,745 | ||||||||||||||||||||
| Transaction costs | 1,747 | — | 827 | — | 2,574 | ||||||||||||||||||||
| Amortization of acquired intangibles included in equity in earnings of affiliates | 233 | — | — | — | 233 | ||||||||||||||||||||
| Adjusted EBITDA | $ | 59,578 | $ | 104,482 | $ | (5,217 | ) | $ | — | $ | 158,843 | ||||||||||||||
| For the Three Months Ended June 30, 2017 | ||||||||||||||||||||||||
| (in thousands) | PIRM | UWS | Corporate | Elim | CoreLogic | |||||||||||||||||||
| Net income/(loss) from continuing operations | $ | 31,470 | $ | 60,470 | $ | (50,758 | ) | $ | — | $ | 41,182 | |||||||||||||
| Income taxes | — | — | 18,461 | — | 18,461 | |||||||||||||||||||
| Depreciation and amortization | 24,132 | 13,605 | 5,134 | — | 42,871 | |||||||||||||||||||
| Interest expense, net | 463 | 392 | 13,088 | — | 13,943 | |||||||||||||||||||
| Share-based compensation | 1,413 | 2,264 | 5,095 | — | 8,772 | |||||||||||||||||||
| Non-operating losses | 679 | 6,304 | 1,020 | — | 8,003 | |||||||||||||||||||
| Efficiency investments | — | 181 | — | 181 | ||||||||||||||||||||
| Transaction costs | — | — | 1,177 | — | 1,177 | |||||||||||||||||||
| Amortization of acquired intangibles included in equity in losses of affiliates | 157 | 87 | — | — | 244 | |||||||||||||||||||
| Adjusted EBITDA | $ | 58,314 | $ | 83,122 | $ | (6,602 | ) | $ | — | $ | 134,834 | |||||||||||||
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CORELOGIC, INC. |
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RECONCILIATION OF ADJUSTED EPS |
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UNAUDITED |
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| For the Three Months Ended June 30, | ||||||||||
| (diluted income per share) | 2018 | 2017 | ||||||||
| Net income from continuing operations | $ | 0.71 | $ | 0.48 | ||||||
| Share-based compensation | 0.13 | 0.10 | ||||||||
| Non-operating (gains)/losses | (0.03 | ) | 0.09 | |||||||
| Efficiency investments | 0.06 | — | ||||||||
| Transaction costs | 0.03 | 0.01 | ||||||||
| Depreciation and amortization of acquired software and intangibles | 0.23 | 0.19 | ||||||||
| Income tax effect on adjustments | (0.13 | ) | (0.15 | ) | ||||||
| Adjusted EPS | $ | 1.00 | $ | 0.72 | ||||||
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CORELOGIC, INC. |
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RECONCILIATION TO FREE CASH FLOW |
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UNAUDITED |
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| (in thousands) |
For the Twelve Months |
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| Net cash provided by operating activities - continuing operations | $ | 391,897 | |||
| Purchases of property and equipment | (41,649 | ) | |||
| Purchases of capitalized data and other intangible assets | (36,377 | ) | |||
| Free Cash Flow | $ | 313,871 | |||
