IRVINE, Calif., April 22, 2015 /PRNewswire/ -- CoreLogic
(NYSE:CLGX), a leading global property information, analytics and
data-enabled services provider, today reported financial results
for the quarter ended March 31,
2015.
"CoreLogic is off to an outstanding start in 2015 with strong
growth in revenues, operating profits, free cash flow and diluted
earnings per share. Importantly, we successfully captured the
benefits of an uptick in mortgage market activity while we
continued to expand our product offerings, technology and
operational capabilities and market share," said Anand Nallathambi, President and Chief Executive
Officer of CoreLogic. "Over the balance of this year, we will
continue to focus on expanding our market leadership in
underwriting and risk management-related solutions which are
powered by our "must have" data, analytics and data-enabled
workflow tools and platforms."
"Our strong first quarter financial performance reflects the
continuing shift in our business mix toward scaled platforms that
provide unique data-driven insights with high levels of
subscription-based revenues," added Frank
Martell, Chief Operating and Financial Officer of
CoreLogic. "As we move forward, we plan to accelerate our
already considerable progress toward becoming a higher-growth,
higher-margin firm. To this end, we increased investment in
our NextGen technology platform, upsized our cost management and
productivity targets to approximately $60
million over the next three years and amended our credit
facility to provide additional flexibility to pursue opportunistic
growth opportunities and to continue to drive our capital
allocation priorities."
First-Quarter Financial Highlights
First quarter
revenues increased 12% from prior year levels to $364.8
million. Revenue growth was principally attributable to
higher demand for property data, analytics and underwriting
solutions as well as market share gains and the benefits of the
acquisition of Marshall & Swift /Boeckh (MSB) and DataQuick
(DQ). D&A revenues rose 19% compared with prior year
to $165.6 million driven principally by gains in
insurance, international and core property data, which more than
offset the impact of unfavorable foreign currency translation and
lower multifamily services revenues. TPS revenues increased
6% year-over-year to $201.6 million driven primarily by
higher demand for underwriting solutions which more than offset
lower specialty credit and project-related document processing and
retrieval revenues.
Operating income from continuing operations totaled $49.3
million for the first quarter compared with $14.8
million for the first quarter of 2014. The 232% increase
in operating income resulted primarily from higher revenues,
favorable operating leverage in our mortgage-related underwriting
solutions businesses and lower expenses related to the cost
efficiency programs, which were partially offset by increased
depreciation and amortization associated with the acquisition of
MSB and DQ. Prior year operating income also reflected
certain costs related to the Company's strategic transformation
program including transaction costs of $8.5
million related to the MSB and DQ acquisitions and costs
associated with the integration of the tax and flood services
operations of Bank of America (BAC tax and flood) totaling
$4.4 million, which had no 2015
counterpart. First quarter 2015 operating income margin was
14%, up from 5%.
First quarter net income from continuing operations
totaled $29.3 million compared with a net loss of $3.2 million in 2014. The $32.5 million year-over-year jump was primarily
driven by higher operating income and lower interest costs, which
more than offset the impact of increased provisions for income
taxes. Diluted EPS from continuing operations totaled
$0.32 for the first quarter of 2015
compared with a loss of $0.03 in the
first quarter of 2014. Adjusted diluted EPS totaled
$0.46, up 156% reflecting the
positive impacts of revenue growth, margin improvement and share
repurchases.
Adjusted EBITDA totaled $100.9
million in first quarter 2015 compared with $65.4 million in first quarter 2014. First
quarter 2015 adjusted EBITDA margin was 28%, up from 20% in
2014. The increase in adjusted EBITDA and margins was
principally the result of double-digit revenue growth and favorable
business mix as well as lower costs resulting from ongoing cost
management programs. In addition, 2014 adjusted EBITDA
included integration costs attributable to the BAC tax and flood
acquisition which had no 2015 counterpart. D&A adjusted
EBITDA totaled $53.5 million, a 41%
increase from 2014, as higher revenues from insurance and property
information and cost containment benefits more than offset
unfavorable currency translation. TPS adjusted EBITDA
increased 58% to $58.8 million as
operating leverage, cost management benefits and lower
acquisition-related integration costs drove improved results.
Cost Management And Technology Excellence
In line with
the Company's demonstrated commitment to operational excellence and
progressive growth in profit margins, CoreLogic is implementing an
expanded three-year productivity and cost management program which
is expected to reduce expense, on an annual run-rate basis, by
approximately $60 million by
2018. Savings are expected to be realized through the
reduction of selling, general and administrative (SG&A) costs,
outsourcing certain business process functions, consolidation of
facilities and other operational improvements. This program
will incorporate expected savings from the completion of Phase I of
the Company's previously announced Technology Transformation
Initiative (TTI). TTI Phase I, which is scheduled for
completion in June 2015, incorporates
the transition of the Company's existing technology infrastructure
to a managed service arrangement with Dell Services. The second
phase of the TTI (TTI-NextGen) relates to the development of the
Company's next generation technology platform which is designed to
augment and eventually replace substantial portions of our legacy
systems. TTI-NextGen is expected to support accelerated
revenue growth trends beginning in 2015.
The Company expects to realize approximately $15 million in total savings from its cost
productivity and management program during 2015, including
$10 million in savings attributable
to the completion of TTI Phase I. Additional run-rate
savings of $30 million are targeted
in 2016 (including an incremental $20
million associated with TTI Phase I) with additional savings
of $15 million expected during
2017. Cash and non-cash charges associated with this program
are expected to aggregate approximately $20
million and will be incurred over the course of the
three-year program.
Liquidity and Capital Resources
At March 31, 2015, the Company had cash and cash
equivalents of $89.7 million compared
with $104.7 million at December 31, 2014. As of March 31, 2015, the Company had available
capacity on its revolving credit facility of $490.0 million. Total debt as of
March 31, 2015 was $1.3 billion. During the first quarter of
2015, the Company repaid $35.6
million in term loan, revolving and other debt
obligations.
On April 21, 2015, CoreLogic
completed an amendment to its senior secured credit agreement which
increased borrowing capacity and lowered interest rates. In
addition, the amendment provided for increased flexibility for
acquisitions and certain types of investments as well as an
extension of the term by approximately thirteen months.
Free cash flow (FCF) for the twelve months ended March 31, 2015 totaled $275.8 million, which represented 70% 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. Net operating cash provided by continuing operations
for the twelve months ended March 31,
2015 was $365.0 million.
Teleconference/Webcast
CoreLogic management will
host a live webcast and conference call on Thursday, April 23,
2015 at 8:00 a.m. Pacific time (11:00 a.m. Eastern Time) to discuss reported
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: 877-930-8098 for
U.S./Canada callers or
253-336-8228 for international callers. The Conference ID for the
call is 19801445.
Additional detail on the Company's first quarter results is
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 30 days and also through the conference call
number 855-859-2056 for U.S./Canada participants or 404-537-3406 for
international participants using Conference ID 19801445.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global property information,
analytics and data-enabled services provider. The Company's
combined data from public, contributory and proprietary sources
includes over 3.5 billion records spanning more than 40 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 services. 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 investment and strategic growth plans, cost reductions
and productivity and the TTI; the Company's overall financial
performance, including future revenue and profit growth and market
position, and the Company's margin and cash flow profile; the
Company's 2015 financial guidance and assumptions thereunder; and
the Company's plans to reduce outstanding debt and 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, as amended or updated
by our Quarterly Reports on Form 10-Q. These additional risks and
uncertainties include but are not limited to: 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; compromises in the security of our data, including
the transmission of confidential information or systems
interruptions; difficult conditions in the mortgage and consumer
lending industries and the economy generally; our ability to
protect proprietary rights; our cost reduction program, TTI 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. A reconciliation of non-GAAP
measures to the most directly comparable GAAP financial measures is
included in this press release. The Company is not able to provide
a reconciliation of projected adjusted EBITDA or projected adjusted
earnings per share, where provided, to expected 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 CoreLogic's financial condition and results. Adjusted
EBITDA is defined as earnings from continuing operations before
interest, taxes, depreciation, amortization, non-cash stock
compensation, non-operating gains/losses and other adjustments plus
pretax equity in earnings of affiliates. Adjusted net income is
defined as income from continuing operations before equity earnings
of affiliates, adjusted for non-cash stock compensation,
amortization of acquisition-related intangibles, non-operating
gains/losses, and other adjustments plus pretax equity in earnings
of affiliates, tax affected at an assumed effective tax rate of 35%
for 2015 and 38% for 2014. Adjusted EPS is derived by dividing
adjusted net income by diluted weighted average shares. 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.
(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)
|
2015
|
|
2014
|
Operating
revenues
|
$
|
364,772
|
|
|
$
|
326,104
|
|
Cost of
services (excluding depreciation and amortization shown
below)
|
185,543
|
|
|
187,660
|
|
Selling,
general and administrative expenses
|
93,986
|
|
|
93,963
|
|
Depreciation and amortization
|
35,920
|
|
|
29,506
|
|
Impairment loss
|
58
|
|
|
148
|
|
Total operating
expenses
|
315,507
|
|
|
311,277
|
|
Operating
income
|
49,265
|
|
|
14,827
|
|
Interest
expense:
|
|
|
|
Interest
income
|
1,458
|
|
|
1,171
|
|
Interest
expense
|
13,835
|
|
|
16,828
|
|
Total interest
expense, net
|
(12,377)
|
|
|
(15,657)
|
|
Gain/(loss) on
investments and other, net
|
309
|
|
|
(4,351)
|
|
Income/(loss) from
continuing operations before equity in earnings of affiliates and
income taxes
|
37,197
|
|
|
(5,181)
|
|
Provision for income
taxes
|
11,465
|
|
|
114
|
|
Income/(loss) from
continuing operations before equity in earnings of
affiliates
|
25,732
|
|
|
(5,295)
|
|
Equity in earnings of
affiliates, net of tax
|
3,766
|
|
|
2,382
|
|
Net income/(loss)
from continuing operations
|
29,498
|
|
|
(2,913)
|
|
(Loss)/income from
discontinued operations, net of tax
|
(111)
|
|
|
385
|
|
Net
income/(loss)
|
29,387
|
|
|
(2,528)
|
|
Less: Net income
attributable to noncontrolling interests
|
208
|
|
|
264
|
|
Net income/(loss)
attributable to CoreLogic
|
$
|
29,179
|
|
|
$
|
(2,792)
|
|
Amounts attributable
to CoreLogic stockholders:
|
|
|
|
Net income/(loss) from
continuing operations
|
$
|
29,290
|
|
|
$
|
(3,177)
|
|
(Loss)/income
from discontinued operations, net of tax
|
(111)
|
|
|
385
|
|
Net income/(loss)
attributable to CoreLogic
|
$
|
29,179
|
|
|
$
|
(2,792)
|
|
Basic income per
share:
|
|
|
|
Net income/(loss) from
continuing operations
|
$
|
0.33
|
|
|
$
|
(0.03)
|
|
(Loss)/income from
discontinued operations, net of tax
|
—
|
|
|
—
|
|
Net income/(loss)
attributable to CoreLogic
|
$
|
0.33
|
|
|
$
|
(0.03)
|
|
Diluted income per
share:
|
|
|
|
Net income/(loss) from
continuing operations
|
$
|
0.32
|
|
|
$
|
(0.03)
|
|
(Loss)/income from
discontinued operations, net of tax
|
—
|
|
|
—
|
|
Net income/(loss)
attributable to CoreLogic
|
$
|
0.32
|
|
|
$
|
(0.03)
|
|
Weighted-average
common shares outstanding:
|
|
|
|
Basic
|
89,751
|
|
|
91,433
|
|
Diluted
|
91,117
|
|
|
91,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
2015
|
|
2014
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
89,706
|
|
|
$
|
104,677
|
|
Marketable
securities
|
21,950
|
|
|
22,264
|
|
Accounts receivable
(less allowance for doubtful accounts of $10,153 and $10,826 as of
March 31, 2015 and December 31, 2014, respectively)
|
226,495
|
|
|
214,344
|
|
Prepaid expenses and
other current assets
|
55,037
|
|
|
51,375
|
|
Income tax
receivable
|
13,328
|
|
|
13,357
|
|
Deferred income tax
assets, current
|
90,341
|
|
|
90,341
|
|
Assets of
discontinued operations
|
4,723
|
|
|
4,267
|
|
Total current
assets
|
501,580
|
|
|
500,625
|
|
Property and
equipment, net
|
359,275
|
|
|
368,614
|
|
Goodwill,
net
|
1,769,199
|
|
|
1,780,758
|
|
Other intangible
assets, net
|
266,131
|
|
|
278,270
|
|
Capitalized data and
database costs, net
|
329,227
|
|
|
333,265
|
|
Investment in
affiliates, net
|
101,715
|
|
|
103,598
|
|
Restricted
cash
|
12,214
|
|
|
12,360
|
|
Other
assets
|
134,634
|
|
|
138,872
|
|
Total
assets
|
$
|
3,473,975
|
|
|
$
|
3,516,362
|
|
Liabilities and
Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
178,921
|
|
|
$
|
170,418
|
|
Accrued salaries and
benefits
|
69,817
|
|
|
99,786
|
|
Deferred revenue,
current
|
254,322
|
|
|
255,330
|
|
Current portion of
long-term debt
|
16,194
|
|
|
11,352
|
|
Liabilities of
discontinued operations
|
12,805
|
|
|
13,704
|
|
Total current
liabilities
|
532,059
|
|
|
550,590
|
|
Long-term debt, net
of current
|
1,278,881
|
|
|
1,319,211
|
|
Deferred revenue, net
of current
|
394,580
|
|
|
389,308
|
|
Deferred income tax
liabilities, long term
|
64,426
|
|
|
63,979
|
|
Other
liabilities
|
159,059
|
|
|
161,084
|
|
Total
liabilities
|
2,429,005
|
|
|
2,484,172
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
16,783
|
|
|
18,023
|
|
|
|
|
|
Equity:
|
|
|
|
CoreLogic
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; 90,194 and 89,343
shares issued and outstanding as of March 31, 2015 and December 31,
2014, respectively
|
1
|
|
|
1
|
|
Additional paid-in
capital
|
613,152
|
|
|
605,511
|
|
Retained
earnings
|
523,068
|
|
|
492,441
|
|
Accumulated other
comprehensive loss
|
(108,034)
|
|
|
(83,786)
|
|
Total
equity
|
1,028,187
|
|
|
1,014,167
|
|
Total liabilities and
equity
|
$
|
3,473,975
|
|
|
$
|
3,516,362
|
|
|
|
|
|
|
|
|
|
|
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)
|
2015
|
|
2014
|
Cash flows from
operating activities:
|
|
|
|
Net
income/(loss)
|
$
|
29,387
|
|
|
$
|
(2,528)
|
|
Less:
(Loss)/income from discontinued operations, net of tax
|
(111)
|
|
|
385
|
|
Net
income/(loss) from continuing operations
|
29,498
|
|
|
(2,913)
|
|
Adjustments to
reconcile net income/(loss) from continuing operations to net cash
provided by operating activities:
|
|
|
|
Depreciation and amortization
|
35,920
|
|
|
29,506
|
|
Impairment loss
|
58
|
|
|
148
|
|
Provision for bad debt and claim losses
|
2,612
|
|
|
3,688
|
|
Share-based compensation
|
8,732
|
|
|
8,011
|
|
Excess
tax benefit related to stock options
|
(4,575)
|
|
|
(5,942)
|
|
Equity
in earnings of affiliates, net of taxes
|
(3,766)
|
|
|
(2,382)
|
|
Loss on
early extinguishment of debt
|
—
|
|
|
593
|
|
Deferred
income tax
|
1,978
|
|
|
44
|
|
(Gain)/loss on investments and other, net
|
(309)
|
|
|
4,351
|
|
Change in operating
assets and liabilities, net of acquisitions:
|
|
|
|
Accounts
receivable
|
(12,070)
|
|
|
11,768
|
|
Prepaid
expenses and other current assets
|
(3,662)
|
|
|
2,863
|
|
Accounts
payable and accrued expenses
|
(19,570)
|
|
|
(32,264)
|
|
Deferred
revenue
|
4,264
|
|
|
(8,554)
|
|
Income
taxes
|
(2,359)
|
|
|
(7,856)
|
|
Dividends received from investments in affiliates
|
8,420
|
|
|
4,258
|
|
Other
assets and other liabilities
|
(3,927)
|
|
|
6,525
|
|
Net cash provided by
operating activities - continuing operations
|
41,244
|
|
|
11,844
|
|
Net cash (used
in)/provided by operating activities - discontinued
operations
|
(1,010)
|
|
|
4,809
|
|
Total cash provided by
operating activities
|
$
|
40,234
|
|
|
$
|
16,653
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of property
and equipment
|
$
|
(11,397)
|
|
|
$
|
(13,427)
|
|
Purchases of
capitalized data and other intangible assets
|
(11,244)
|
|
|
(7,185)
|
|
Cash paid for
acquisitions, net of cash acquired
|
—
|
|
|
(665,758)
|
|
Purchases of
investments
|
(388)
|
|
|
—
|
|
Change in restricted
cash
|
146
|
|
|
(580)
|
|
Net cash used in
investing activities - continuing operations
|
(22,883)
|
|
|
(686,950)
|
|
Net cash used in
investing activities - discontinued operations
|
—
|
|
|
(6)
|
|
Total cash used in
investing activities
|
$
|
(22,883)
|
|
|
$
|
(686,956)
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from
long-term debt
|
$
|
135
|
|
|
$
|
689,641
|
|
Debt issuance
costs
|
—
|
|
|
(14,042)
|
|
Repayment of
long-term debt
|
(35,551)
|
|
|
(5,154)
|
|
Proceeds from
issuance of stock related to stock options and employee benefit
plans
|
10,701
|
|
|
2,730
|
|
Minimum tax
withholding paid on behalf of employees for restricted stock
units
|
(11,792)
|
|
|
(14,314)
|
|
Shares
repurchased and retired
|
—
|
|
|
(6,850)
|
|
Excess tax
benefit related to stock options
|
4,575
|
|
|
5,942
|
|
Net cash
(used in)/provided by financing activities - continuing
operations
|
(31,932)
|
|
|
657,953
|
|
Net cash
provided by financing activities - discontinued
operations
|
—
|
|
|
—
|
|
Total
cash (used in)/provided by financing activities
|
$
|
(31,932)
|
|
|
$
|
657,953
|
|
Effect of
exchange rate on cash
|
67
|
|
|
482
|
|
Net decrease in
cash and cash equivalents
|
(14,514)
|
|
|
(11,868)
|
|
Cash and cash
equivalents at beginning of period
|
104,677
|
|
|
134,419
|
|
Less: Change in
cash and cash equivalents - discontinued operations
|
(1,010)
|
|
|
4,803
|
|
Plus: Cash
swept (to)/from discontinued operations
|
(1,467)
|
|
|
4,477
|
|
Cash and cash
equivalents at end of period
|
$
|
89,706
|
|
|
$
|
122,225
|
|
|
|
|
|
|
|
|
|
|
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, 2015
|
(in
thousands)
|
D&A
|
TPS
|
Corporate
|
Elim
|
CoreLogic
|
Income/(loss) from
continuing operations before equity in earnings of affiliates and
income taxes
|
$
|
26,366
|
|
$
|
44,102
|
|
$
|
(33,271)
|
|
$
|
—
|
|
$
|
37,197
|
|
Pre-tax
equity in (loss)/earnings of affiliates
|
(522)
|
|
6,663
|
|
13
|
|
—
|
|
6,154
|
|
Depreciation & amortization
|
25,603
|
|
6,772
|
|
3,545
|
|
—
|
|
35,920
|
|
Total
interest expense
|
40
|
|
76
|
|
12,261
|
|
—
|
|
12,377
|
|
Stock-based compensation
|
2,020
|
|
1,121
|
|
5,590
|
|
—
|
|
8,731
|
|
Impairment loss
|
—
|
|
58
|
|
—
|
|
—
|
|
58
|
|
Efficiency investments
|
—
|
|
—
|
|
331
|
|
—
|
|
331
|
|
Transaction costs
|
—
|
|
—
|
|
150
|
|
—
|
|
150
|
|
Adjusted
EBITDA
|
$
|
53,507
|
|
$
|
58,792
|
|
$
|
(11,381)
|
|
$
|
—
|
|
$
|
100,918
|
|
|
|
|
|
|
|
|
For the Three
Months Ended March 31, 2014
|
(in
thousands)
|
D&A
|
TPS
|
Corporate
|
Elim
|
CoreLogic
|
Income/(loss) from
continuing operations before equity in earnings of affiliates and
income taxes
|
$
|
15,793
|
|
$
|
25,146
|
|
$
|
(46,120)
|
|
$
|
—
|
|
$
|
(5,181)
|
|
Pre-tax
equity in (loss)/earnings of affiliates
|
(13)
|
|
3,977
|
|
(105)
|
|
—
|
|
3,859
|
|
Depreciation & amortization
|
20,092
|
|
6,479
|
|
2,935
|
|
—
|
|
29,506
|
|
Total
interest expense
|
23
|
|
134
|
|
15,500
|
|
—
|
|
15,657
|
|
Stock-based compensation
|
1,798
|
|
1,429
|
|
4,784
|
|
—
|
|
8,011
|
|
Impairment loss
|
148
|
|
—
|
|
—
|
|
—
|
|
148
|
|
Non-operating investment loss
|
—
|
|
—
|
|
4,137
|
|
—
|
|
4,137
|
|
Efficiency investments
|
—
|
|
—
|
|
780
|
|
—
|
|
780
|
|
Transaction costs
|
—
|
|
—
|
|
8,532
|
|
—
|
|
8,532
|
|
Adjusted
EBITDA
|
$
|
37,841
|
|
$
|
37,165
|
|
$
|
(9,557)
|
|
$
|
—
|
|
$
|
65,449
|
|
CORELOGIC,
INC. RECONCILIATION OF ADJUSTED DILUTED
EPS UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended March 31, 2015
|
(in thousands,
except per share amounts)
|
D&A
|
TPS
|
Corporate
|
Elim
|
CoreLogic
|
Income/(loss) from
continuing operations before equity in earnings of affiliates and
income taxes
|
$
|
26,366
|
|
$
|
44,102
|
|
$
|
(33,271)
|
|
$
|
—
|
|
$
|
37,197
|
|
Pre-tax
equity in (loss)/earnings of affiliates
|
(522)
|
|
6,663
|
|
13
|
|
—
|
|
6,154
|
|
Stock-based compensation
|
2,020
|
|
1,121
|
|
5,590
|
|
—
|
|
8,731
|
|
Efficiency investments
|
—
|
|
—
|
|
331
|
|
—
|
|
331
|
|
Transaction costs
|
—
|
|
—
|
|
150
|
|
—
|
|
150
|
|
Impairment loss
|
—
|
|
58
|
|
—
|
|
—
|
|
58
|
|
Amortization of acquired intangibles
|
6,925
|
|
2,867
|
|
—
|
|
—
|
|
9,792
|
|
Depreciation of certain acquired proprietary technology included in
property and equipment
|
2,880
|
|
—
|
|
—
|
|
—
|
|
2,880
|
|
Adjusted pretax
income from continuing operations
|
$
|
37,669
|
|
$
|
54,811
|
|
$
|
(27,187)
|
|
$
|
—
|
|
$
|
65,293
|
|
Tax provision (35%
rate)
|
|
|
|
|
22,853
|
|
Less: Net income
attributable to noncontrolling interests
|
|
|
|
|
208
|
|
Adjusted net income
attributable to CoreLogic
|
|
|
|
|
$
|
42,232
|
|
Weighted average
diluted common shares outstanding
|
|
|
|
|
91,117
|
|
Adjusted diluted
EPS
|
|
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
For the Three
Months Ended March 31, 2014
|
(in thousands,
except per share amounts)
|
D&A
|
TPS
|
Corporate
|
Elim
|
CoreLogic
|
Income/(loss) from
continuing operations before equity in earnings of affiliates and
income taxes
|
$
|
15,793
|
|
$
|
25,146
|
|
$
|
(46,120)
|
|
$
|
—
|
|
$
|
(5,181)
|
|
Pre-tax
equity in (loss)/earnings of affiliates
|
(13)
|
|
3,977
|
|
(105)
|
|
—
|
|
3,859
|
|
Stock-based compensation
|
1,798
|
|
1,429
|
|
4,784
|
|
—
|
|
8,011
|
|
Non-operating investment loss
|
—
|
|
—
|
|
4,137
|
|
—
|
|
4,137
|
|
Efficiency investments
|
—
|
|
—
|
|
780
|
|
—
|
|
780
|
|
Impairment loss
|
148
|
|
—
|
|
—
|
|
—
|
|
148
|
|
Transaction costs
|
—
|
|
—
|
|
8,532
|
|
—
|
|
8,532
|
|
Interest
expense adjustments
|
—
|
|
—
|
|
130
|
|
—
|
|
130
|
|
Amortization of acquired intangibles
|
5,007
|
|
2,601
|
|
—
|
|
—
|
|
7,608
|
|
Adjusted pretax
income from continuing operations
|
$
|
22,733
|
|
$
|
33,153
|
|
$
|
(27,862)
|
|
$
|
—
|
|
$
|
28,024
|
|
Tax
provision (38% rate)
|
|
|
|
|
10,649
|
|
Less: Net loss attributable to noncontrolling
interests
|
|
|
|
|
264
|
|
Adjusted
net income attributable to CoreLogic
|
|
|
|
|
$
|
17,111
|
|
Weighted
average diluted common shares outstanding
|
|
|
|
|
93,409
|
|
Adjusted diluted
EPS
|
|
|
|
|
$
|
0.18
|
|
|
|
CORELOGIC,
INC. RECONCILIATION TO FREE CASH
FLOW UNAUDITED
|
|
|
|
For the Twelve
Months Ended
March 31, 2015
|
Net cash provided by
operating activities - continuing operations
|
|
$
|
364,993
|
|
Purchases of property
and equipment
|
|
(49,995)
|
|
Purchases of
capitalized data and other intangible assets
|
|
(39,188)
|
|
Free cash
flow
|
|
$
|
275,810
|
|
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SOURCE CoreLogic