CoreLogic Reports First 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, net of tax per diluted share, adjusted for stock 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.


CORELOGIC, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED

	For the Three Months Ended
	March 31,
(in thousands, except per share amounts)	2018			2017
Operating revenues	$	444,900		$	439,851
Cost of services (excluding depreciation and amortization shown below)	239,389			251,966
Selling, general and administrative expenses	114,952			111,850
Depreciation and amortization	46,140			43,472
Total operating expenses	400,481			407,288
Operating income	44,419			32,563
Interest expense:
Interest income	530			338
Interest expense	17,692			14,131
Total interest expense, net	(17,162		)	(13,793		)
Gain on investments and other, net	161			935
Income from continuing operations before equity in earnings/(losses) of affiliates and income taxes	27,418			19,705
(Benefit)/provision for income taxes	(711		)	6,274
Income from continuing operations before equity in earnings/(losses) of affiliates	28,129			13,431
Equity in earnings/(losses) of affiliates, net of tax	233			(723		)
Net income from continuing operations	28,362			12,708
(Loss)/income from discontinued operations, net of tax	(75		)	2,417
Gain from sale of discontinued operations, net of tax	—			313
Net income	$	28,287		$	15,438
Basic income per share:
Net income from continuing operations	$	0.35		$	0.15
(Loss)/income from discontinued operations, net of tax	—			0.03
Gain from sale of discontinued operations, net of tax	—			—
Net income	$	0.35		$	0.18
Diluted income per share:
Net income from continuing operations	$	0.34		$	0.15
(Loss)/income from discontinued operations, net of tax	—			0.03
Gain from sale of discontinued operations, net of tax	—			—
Net income	$	0.34		$	0.18
Weighted-average common shares outstanding:
Basic	81,254			84,432
Diluted	82,820			86,341

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