CoreLogic Reports First Quarter 2019 Financial Results

In connection with the Company's previously announced 2020 adjusted EBITDA margin target of 30%, we intend to incur discrete charges of approximately $15 million over the course of 2019. These investments will increase the operating efficiency and accelerate the transformation of certain technology and data platforms. These charges will be reflected in the company’s GAAP financial results and will be excluded from adjusted EBITDA and adjusted EPS metrics which are non-GAAP measures.

Teleconference/Webcast

CoreLogic management will host a live webcast and conference call on Thursday, April 25, 2019, at 8:00 a.m. Pacific time (11:00 a.m. Eastern Time) to discuss these 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: 1-888-394-8218 for U.S./Canada callers or 1-786-789-4776 for international callers using confirmation code 1733044.

A replay of the webcast will be available on the CoreLogic investor website for 10 days and also through the conference call number 1-888-203-1112 for U.S./Canada participants or 1-719-457-0820 for international participants using Conference ID 1733044.

About CoreLogic

CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables realtors, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. 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 key estimates and assumptions related to savings expectations from cost management and productivity programs, results of a planned acceleration of the AMC transformation program, and results of a planned wind-down in a certain non-core software unit. 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. These additional risks and uncertainties include but are not limited to: a cyber-based attack, data corruption or network security breach, or inability to secure the electronic transmission of sensitive data could have a material adverse effect on our business and reputation; we rely on the ability to access data from external sources at reasonable terms and prices; systems interruptions may impair the delivery of our products and services; we are subject to significant governmental regulations; our revenue affected by the strength of the economy, interest rate environment and the housing market generally; we rely on our top ten clients for a significant portion of our revenue; and we operate in a competitive business environment that is impacted by technology advancements or new product development; our reliance on outsourcing arrangements subjects us to risk and may disrupt or adversely affect our operations; our acquisition and integration of businesses may involve increased expenses and may not produce the desired financial or operating results. 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, such as adjusted EBITDA, adjusted EPS and FCF, 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 believes that its presentation of these non-GAAP measures provides useful supplemental information to investors and management regarding the Company's financial condition and results of operations. 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. Adjusted EPS is defined as diluted income from continuing operations, net of tax per share, adjusted for share-based compensation, amortization of acquisition-related intangibles, non-operating gains/losses, and other adjustments; and assumes an effective tax rate of 25% and 26% for 2019 and 2018, 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 the Company, which limits comparability between companies.

CLGX-F

(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) 2019     2018
Operating revenues $ 417,708 $ 444,900
Cost of services (excluding depreciation and amortization shown below) 219,061 239,389
Selling, general and administrative expenses 128,224 114,952
Depreciation and amortization 49,219   46,140  
Total operating expenses 396,504   400,481  
Operating income 21,204   44,419  
Interest expense:
Interest income 978 530
Interest expense 19,703   17,692  
Total interest expense, net (18,725 ) (17,162 )
Gain on investments and other, net 734   161  
Income from continuing operations before equity in (losses)/earnings of affiliates and income taxes 3,213 27,418
Provision/(benefit) for income taxes 1,058   (711 )
Income from continuing operations before equity in (losses)/earnings of affiliates 2,155 28,129
Equity in (losses)/earnings of affiliates, net of tax (422 ) 233  
Net income from continuing operations 1,733 28,362
Loss from discontinued operations, net of tax (46 ) (75 )
Net income $ 1,687   $ 28,287  
Basic income per share:
Net income from continuing operations $ 0.02 $ 0.35
Loss from discontinued operations, net of tax    
Net income $ 0.02   $ 0.35  
Diluted income per share:
Net income from continuing operations $ 0.02 $ 0.34
Loss from discontinued operations, net of tax    
Net income $ 0.02   $ 0.34  
Weighted-average common shares outstanding:
Basic 80,179 81,254
Diluted 81,277 82,820
 

« Previous Page 1 | 2 | 3 | 4 | 5 | 6  Next Page »
Featured Video
Jobs
Principal Engineer for Autodesk at San Francisco, California
Machine Learning Engineer 3D Geometry/ Multi-Modal for Autodesk at San Francisco, California
Senior Principal Software Engineer for Autodesk at San Francisco, California
Mechanical Test Engineer, Platforms Infrastructure for Google at Mountain View, California
GIS Specialist for Washington State Department of Natural Resources at Olympia, Washington
Equipment Engineer, Raxium for Google at Fremont, California
Upcoming Events
Greenbuild 2024 at Pennsylvania Convention Center Philadelphia PA - Nov 12 - 15, 2024
Digital Construction North (DCN) 2024 at Manchester Central. Manchester United Kingdom - Nov 13, 2024
Digital Twins 2024 at the Gaylord National Resort & Convention Center in, MD. National Harbor MD - Dec 9 - 11, 2024
Commercial UAV Expo 2025 at RAI Amsterdam Amsterdam Netherlands - Apr 8 - 11, 2025



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise