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. The Company is not able to provide a reconciliation of projected adjusted EBITDA or projected adjusted earnings per share to respective GAAP 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 the Company's financial condition and results. 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, including cash and non-cash charges related to the Company’s efficiency programs and infrastructure enhancements. Adjusted EPS is defined as income from continuing operations, net of tax per diluted share, adjusted for share-based 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.
CLGX-F
| CORELOGIC, INC. | ||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
| UNAUDITED | ||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||
| September 30, | September 30, | |||||||||||||||||
| (in thousands, except per share amounts) | 2018 | 2017 | 2018 | 2017 | ||||||||||||||
| Operating revenues | $ | 451,768 | $ | 483,131 | $ | 1,385,069 | $ | 1,396,960 | ||||||||||
| Cost of services (excluding depreciation and amortization shown below) | 230,419 | 244,186 | 709,154 | 745,314 | ||||||||||||||
| Selling, general and administrative expenses | 113,075 | 131,323 | 340,049 | 346,723 | ||||||||||||||
| Depreciation and amortization | 48,494 | 45,326 | 142,030 | 131,668 | ||||||||||||||
| Total operating expenses | 391,988 | 420,835 | 1,191,233 | 1,223,705 | ||||||||||||||
| Operating income | 59,780 | 62,296 | 193,836 | 173,255 | ||||||||||||||
| Interest expense: | ||||||||||||||||||
| Interest income | 299 | 393 | 1,053 | 1,323 | ||||||||||||||
| Interest expense | 19,382 | 16,686 | 56,061 | 45,352 | ||||||||||||||
| Total interest expense, net | (19,083 | ) | (16,293 | ) | (55,008 | ) | (44,029 | ) | ||||||||||
| Gain/(loss) on investments and other, net | 2,835 | (3,095 | ) | 5,124 | (6,513 | ) | ||||||||||||
| Income from continuing operations before equity in (losses)/earnings of affiliates and income taxes | 43,532 | 42,908 | 143,952 | 122,713 | ||||||||||||||
| Provision for income taxes | 20,836 | 11,851 | 37,432 | 36,759 | ||||||||||||||
| Income from continuing operations before equity in (losses)/earnings of affiliates | 22,696 | 31,057 | 106,520 | 85,954 | ||||||||||||||
| Equity in (losses)/earnings of affiliates, net of tax | (161 | ) | (229 | ) | 2,909 | (1,232 | ) | |||||||||||
| Net income from continuing operations | 22,535 | 30,828 | 109,429 | 84,722 | ||||||||||||||
| (Loss)/income from discontinued operations, net of tax | (84 | ) | (74 | ) | (175 | ) | 2,421 | |||||||||||
| Gain from sale of discontinued operations, net of tax | — | — | — | 310 | ||||||||||||||
| Net income | $ | 22,451 | $ | 30,754 | $ | 109,254 | $ | 87,453 | ||||||||||
| Basic income per share: | ||||||||||||||||||
| Net income from continuing operations | $ | 0.28 | $ | 0.37 | $ | 1.35 | $ | 1.01 | ||||||||||
| (Loss)/income from discontinued operations, net of tax | — | — | — | 0.03 | ||||||||||||||
| Gain from sale of discontinued operations, net of tax | — | — | — | — | ||||||||||||||
| Net income | $ | 0.28 | $ | 0.37 | $ | 1.35 | $ | 1.04 | ||||||||||
| Diluted income per share: | ||||||||||||||||||
| Net income from continuing operations | $ | 0.27 | $ | 0.36 | $ | 1.33 | $ | 0.99 | ||||||||||
| (Loss)/income from discontinued operations, net of tax | — | — | — | 0.03 | ||||||||||||||
| Gain from sale of discontinued operations, net of tax | — | — | — | — | ||||||||||||||
| Net income | $ | 0.27 | $ | 0.36 | $ | 1.33 | $ | 1.02 | ||||||||||
| Weighted-average common shares outstanding: | ||||||||||||||||||
| Basic | 80,680 | 83,362 | 81,073 | 84,114 | ||||||||||||||
| Diluted | 82,017 | 85,090 | 82,528 | 85,840 | ||||||||||||||
