CoreLogic Reports Second Quarter 2018 Financial Results

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

CORELOGIC, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

 
   

For the Three Months
Ended

   

For the Six Months
Ended

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
 

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