Use of Non-GAAP (Generally Accepted Accounting Principles) Financial Measures
This press release contains certain non-GAAP financial measures, including 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 their 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 for historical periods to the most directly comparable GAAP financial measures is included in this press release. CoreLogic believes that its presentation of these non-GAAP measures provides useful supplemental information to investors and management regarding CoreLogic'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% for 2019 and 26% for 2020 and 2021. 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. Non-GAAP measures are not in accordance with, or a substitute for, U.S. GAAP. Because the non-GAAP measures for future periods included herein are forward-looking, CoreLogic is not able to provide a reconciliation, without unreasonable efforts, of such forward-looking guidance to the most directly comparable GAAP financial measure due to the unknown effect, timing, and potential significance of special charges or gains that are material to the comparable GAAP financial measure.
CoreLogic, Inc.
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For the Three Months Ended
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|
For the Nine Months Ended
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(in thousands, except per share amounts) |
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||||||
Operating revenues |
$ |
436,727 |
|
|
|
$ |
375,571 |
|
|
|
$ |
1,174,733 |
|
|
|
$ |
1,088,032 |
|
|
|
Cost of services (excluding depreciation and amortization shown below) |
154,192 |
|
|
|
164,715 |
|
|
|
439,032 |
|
|
|
486,973 |
|
|
|||||
Selling, general and administrative expenses |
165,742 |
|
|
|
106,600 |
|
|
|
393,247 |
|
|
|
348,788 |
|
|
|||||
Depreciation and amortization |
43,610 |
|
|
|
42,389 |
|
|
|
130,639 |
|
|
|
132,767 |
|
|
|||||
| Impairment loss |
— |
|
|
|
— |
|
|
|
1,228 |
|
|
|
47,834 |
|
|
|||||
| Total operating expenses |
363,544 |
|
|
|
313,704 |
|
|
|
964,146 |
|
|
|
1,016,362 |
|
|
|||||
| Operating income |
73,183 |
|
|
|
61,867 |
|
|
|
210,587 |
|
|
|
71,670 |
|
|
|||||
| Interest expense: |
|
|
|
|
|
|
|
|||||||||||||
| Interest income |
100 |
|
|
|
349 |
|
|
|
611 |
|
|
|
1,728 |
|
|
|||||
| Interest expense |
17,021 |
|
|
|
19,852 |
|
|
|
52,958 |
|
|
|
59,137 |
|
|
|||||
| Total interest expense, net |
(16,921 |
) |
|
|
(19,503 |
) |
|
|
(52,347 |
) |
|
|
(57,409 |
) |
|
|||||
| Gain/(loss) on investments and other, net |
35,674 |
|
|
|
227 |
|
|
|
37,154 |
|
|
|
(2,116 |
) |
|
|||||
| Tax indemnification release |
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,394 |
) |
|
|||||
| Income/(loss) from continuing operations before equity in earnings of affiliates and income taxes |
91,936 |
|
|
|
42,591 |
|
|
|
195,394 |
|
|
|
(1,249 |
) |
|
|||||
| (Benefit)/provision for income taxes |
(9,560 |
) |
|
|
11,530 |
|
|
|
19,433 |
|
|
|
(8,976 |
) |
|
|||||
| Income from continuing operations before equity in earnings of affiliates |
101,496 |
|
|
|
31,061 |
|
|
|
175,961 |
|
|
|
7,727 |
|
|
|||||
| Equity in earnings of affiliates, net of tax |
971 |
|
|
|
607 |
|
|
|
1,859 |
|
|
|
498 |
|
|
|||||
| Net income from continuing operations |
102,467 |
|
|
|
31,668 |
|
|
|
177,820 |
|
|
|
8,225 |
|
|
|||||
| Income/(loss) from discontinued operations, net of tax |
10,679 |
|
|
|
(8,485 |
) |
|
|
28,149 |
|
|
|
11,073 |
|
|
|||||
| Net income |
$ |
113,146 |
|
|
|
$ |
23,183 |
|
|
|
$ |
205,969 |
|
|
|
$ |
19,298 |
|
|
|
|
|
|
|
|
|
|
|
|
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| Basic income per share: |
|
|
|
|
|
|
|
|||||||||||||
| Net income from continuing operations |
$ |
1.29 |
|
|
|
$ |
0.40 |
|
|
|
$ |
2.24 |
|
|
|
$ |
0.10 |
|
|
|
| Income/(loss) from discontinued operations, net of tax |
0.13 |
|
|
|
(0.11 |
) |
|
|
0.35 |
|
|
|
0.14 |
|
|
|||||
| Net income |
$ |
1.42 |
|
|
|
$ |
0.29 |
|
|
|
$ |
2.59 |
|
|
|
$ |
0.24 |
|
|
|
| Diluted income per share: |
|
|
|
|
|
|
|
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| Net income from continuing operations |
$ |
1.26 |
|
|
|
$ |
0.39 |
|
|
|
$ |
2.19 |
|
|
|
$ |
0.10 |
|
|
|
| Income/(loss) from discontinued operations, net of tax |
0.13 |
|
|
|
(0.10 |
) |
|
|
0.35 |
|
|
|
0.14 |
|
|
|||||
| Net income |
$ |
1.39 |
|
|
|
$ |
0.29 |
|
|
|
$ |
2.54 |
|
|
|
$ |
0.24 |
|
|
|
| Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|||||||||||||
| Basic |
79,467 |
|
|
|
79,761 |
|
|
|
79,300 |
|
|
|
80,138 |
|
|
|||||
| Diluted |
81,402 |
|
|
|
80,914 |
|
|
|
81,136 |
|
|
|
81,205 |
|
|
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Please refer to the full Form 10-Q filing for the complete financial statements and related notes that are an integral part of the financial statements.
