CoreLogic Reports Third Quarter 2018 Financial Results

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, share-based compensation, non-operating gains/losses and other adjustments, including cash and non-cash charges related to the Company’s efficiency programs and infrastructure enhancements. Adjusted EPS is defined as income from continuing operations, net of tax per diluted share, adjusted for share-based compensation, amortization of acquisition-related intangibles, non-operating gains/losses, and other adjustments; 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

       
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)   2018       2017     2018       2017  
Operating revenues $ 451,768 $ 483,131 $ 1,385,069 $ 1,396,960
Cost of services (excluding depreciation and amortization shown below) 230,419 244,186 709,154 745,314
Selling, general and administrative expenses 113,075 131,323 340,049 346,723
Depreciation and amortization   48,494     45,326     142,030     131,668  
Total operating expenses   391,988     420,835     1,191,233     1,223,705  
Operating income   59,780     62,296     193,836     173,255  
Interest expense:
Interest income 299 393 1,053 1,323
Interest expense   19,382     16,686     56,061     45,352  
Total interest expense, net (19,083 ) (16,293 ) (55,008 ) (44,029 )
Gain/(loss) on investments and other, net   2,835     (3,095 )   5,124     (6,513 )
Income from continuing operations before equity in (losses)/earnings of affiliates and income taxes 43,532 42,908 143,952 122,713
Provision for income taxes   20,836     11,851     37,432     36,759  
Income from continuing operations before equity in (losses)/earnings of affiliates 22,696 31,057 106,520 85,954
Equity in (losses)/earnings of affiliates, net of tax   (161 )   (229 )   2,909     (1,232 )
Net income from continuing operations 22,535 30,828 109,429 84,722
(Loss)/income from discontinued operations, net of tax (84 ) (74 ) (175 ) 2,421
Gain from sale of discontinued operations, net of tax               310  
Net income $ 22,451   $ 30,754   $ 109,254   $ 87,453  
Basic income per share:
Net income from continuing operations $ 0.28 $ 0.37 $ 1.35 $ 1.01
(Loss)/income from discontinued operations, net of tax 0.03
Gain from sale of discontinued operations, net of tax                
Net income $ 0.28   $ 0.37   $ 1.35   $ 1.04  
Diluted income per share:
Net income from continuing operations $ 0.27 $ 0.36 $ 1.33 $ 0.99
(Loss)/income from discontinued operations, net of tax 0.03
Gain from sale of discontinued operations, net of tax                
Net income $ 0.27   $ 0.36   $ 1.33   $ 1.02  
Weighted-average common shares outstanding:
Basic 80,680 83,362 81,073 84,114
Diluted 82,017 85,090 82,528 85,840
 

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