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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