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| 8-K - 8-K - CORELOGIC, INC. | form8kearningsreleaseq32015.htm |
NEWS | FOR IMMEDIATE RELEASE | |
Exhibit 99.1
CORELOGIC REPORTS THIRD QUARTER 2015 FINANCIAL RESULTS
Strong Operating Performance Highlighted by Revenue Growth, Cost Efficiency
Focus, Record Free Cash Flow and Successful Execution of Strategic Reinvestment Program
• | Revenues up 5% to $386.4 million - growth in property, insurance, international and underwriting solutions more than offset foreign currency translation impacts and lower project-related volumes. |
• | Operating income from continuing operations of $65.9 million - down 15% as revenue growth and cost management program benefits were offset by the effect of a $13.9 million gain related to a prior period asset sale and increased investment in technology, compliance and process enhancements. |
• | Net income from continuing operations of $28.3 million - down 43% reflecting lower operating income and higher provisions for taxes. Diluted EPS totaled $0.31. Adjusted EPS rose 10% to $0.54. |
• | Adjusted EBITDA up 3% to $116.4 million; adjusted EBITDA margin of 30%, in line with prior-year and prior-quarter levels. |
• | Company launches expanded data-driven property valuation solutions group and completes purchase of LandSafe Appraisal Services, Inc. on September 30, 2015. |
• | Repurchased 1.0 million common shares (2.5 million year-to-date). |
Irvine, Calif., October 21, 2015 - CoreLogic (NYSE:CLGX), a leading global property information, analytics and data-enabled services provider, today reported financial results for the quarter ended September 30, 2015.
“CoreLogic delivered another strong operating performance in the third quarter despite currency headwinds and challenging market dynamics. Revenues were up 7% in constant currency terms as we delivered gains in many of our core underwriting and risk management operations. We continued to build share in the mid and mass market while expanding and deepening relationships with our existing blue-chip client base," said Anand Nallathambi, President and Chief Executive Officer of CoreLogic. “We are excited about the launch of our data-driven property valuation solutions group which we expect to provide additional future growth opportunities. We believe we possess unique data, analytics and data-enabled services that, collectively, will enable our clients to more accurately
estimate the value of properties and evaluate important factors that may influence that value - now and in the future.”
“Our strong third-quarter financial performance reflects the continuing shift in our business mix toward scaled platforms that provide unique data-driven insights with higher levels of subscription-based revenues. The durability of our business model allows us to continue to invest in our products and services, technology leadership and operational improvements and, at the same time, return significant amounts of capital to our shareholders and manage our debt,” added Frank Martell, Chief Operating and Financial Officer of CoreLogic. “Importantly, we delivered adjusted EBITDA margins above 30% in the third quarter despite significant reinvestment in the business. As we move forward, we expect these investments to contribute to higher top-line growth and margin expansion.”
Third-Quarter Financial Highlights
Third quarter revenues totaled $386.4 million compared with $367.5 million in the same 2014 period and $386.0 million in the second quarter of 2015. The year-over-year increase of 5% (7% on a constant-currency basis) was driven primarily by growth in property, insurance, international and underwriting solutions which was partially offset by adverse foreign currency translation impacts and lower project-related volumes. TPS revenues increased 11% year-over-year to $218.3 million driven primarily by increased market share in the Company’s underwriting solutions units. D&A revenues aggregated $170.5 million in 2015, down 2% (plus 3% on a constant-currency basis) from the prior year as higher insurance, spatial solutions and international revenues were more than offset by the impact of unfavorable currency translation ($7.8 million) and lower core property and capital markets revenues attributable to the termination of several data supply and reseller agreements and the exit of a number of capital markets clients from the residential mortgage backed security (RMBS) market.
Operating income from continuing operations totaled $65.9 million for the third quarter compared with $77.8 million for the third quarter of 2014 and $60.7 million for the second quarter of 2015. Third quarter 2014 operating income included $13.9 million attributable to a non-recurring gain on sale of real estate assets. Operating income increased approximately 3% excluding the impact of the 2014 gain. Improved operating income performance resulted primarily from revenue growth and the benefits of cost management programs which were partially offset by increased investment levels in technology, compliance and process enhancements and currency translation impacts. Third quarter 2015 operating income margin was 17%, up from 16% in the second quarter of 2015 and down from 21% (380 basis points attributable to the gain discussed previously) in 2014.
Third quarter net income from continuing operations totaled $28.3 million compared with $49.7 million in 2014. The $21.4 million year-over-year decrease was driven primarily by increased tax provisions, non-recurring gains recognized in the third quarter of 2014 which had no 2015 counterpart and currency translation impacts. Diluted EPS from continuing operations totaled $0.31 for the third quarter of 2015 compared with $0.54 in the third quarter of 2014. Adjusted diluted EPS totaled $0.54, up 10% reflecting the positive impacts of revenue growth, cost containment and share repurchases.
Adjusted EBITDA totaled $116.4 million in third quarter 2015 compared with $113.4 million in the same prior year period and $117.8 million for the second quarter of 2015. Third quarter 2015 adjusted EBITDA margin was 30%, in-
line with 2014 levels. The 3% increase (5% on a constant-currency basis) in adjusted EBITDA was principally the result of revenue growth, operating leverage in our underwriting solutions businesses and the benefit of cost containment programs. TPS adjusted EBITDA increased 23% to $72.3 million as operating leverage and cost management benefits drove improved results. D&A adjusted EBITDA declined 13% to $53.5 million as improved results from insurance and spatial solutions businesses were more than offset by unfavorable currency translation ($2.6 million) and previously-announced investments in product and service development, technology platforms, compliance infrastructure, and data monetization initiatives.
Cost Management and Technology Excellence
In line with the Company's demonstrated commitment to operational excellence and progressive growth in profit margins, during the first quarter of 2015, CoreLogic announced an expanded three-year productivity and cost management program which is expected to reduce expense, on an annual run-rate basis, by approximately $60 million by 2018. Savings are expected to be realized through the reduction of selling, general and administrative (SG&A) costs, outsourcing certain business process functions, consolidation of facilities and other operational improvements. This program will incorporate expected savings from the completion of Phase I of the Company’s previously announced TTI. TTI Phase I, completed during the second quarter of 2015, focused principally on the transition of the Company's existing technology infrastructure to a managed service arrangement with Dell Services. The second phase of the TTI (TTI - Gen2) relates to the development of the Company's next generation technology platform which is designed to augment and eventually replace substantial portions of our legacy systems as well as support future revenue growth trends.
The Company expects to realize approximately $15 million in total savings from its cost productivity and management program during 2015, including $10 million in savings attributable to the completion of TTI Phase I. Additional run-rate savings of $30 million are targeted in 2016 with additional savings of $15 million expected during 2017. Cash and non-cash charges associated with this program are expected to aggregate approximately $20 million and will be incurred over the course of the three-year program.
Liquidity and Capital Resources
At September 30, 2015, the Company had cash and cash equivalents of $160.3 million compared with $104.7 million at December 31, 2014. As of September 30, 2015, the Company had available capacity on its revolving credit facility of $450.0 million. Total debt as of September 30, 2015 was approximately $1.4 billion.
Free cash flow (FCF) for the twelve months ended September 30, 2015 totaled $303.6 million, which represented 73% of adjusted EBITDA. 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. Net operating cash provided by continuing operations for the twelve months ended September 30, 2015 was $386.1 million.
During the third quarter, the Company repurchased approximately 1.0 million of its common shares for a total consideration of $38.7 million. In addition, the Company expanded its data-driven property valuation solutions business through the purchase of LandSafe Appraisal Services, Inc. for approximately $122.0 million.
2015 Financial Guidance (Continuing Operations)
Based on current business conditions and trends, available market estimates of 2015 U.S. mortgage origination unit volumes and the forecasted impact of previously announced investment and cost reduction programs, the Company reaffirms its previously issued 2015 full-year guidance ranges for revenues ($1.49 to $1.51 billion), adjusted EBITDA ($410 to $420 million) and adjusted EPS ($1.75 to $1.85 per share).
Teleconference/Webcast
CoreLogic management will host a live webcast and conference call on Thursday, October 22, 2015 at 8:00 a.m. Pacific time (11:00 a.m. Eastern Time) to discuss reported 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: 877-930-8098 for U.S./Canada callers or 253-336-8228 for international callers. The Conference ID for the call is 39702722.
Additional detail on the Company's third quarter results is included in the quarterly financial supplement, available on the Investor Relations page at http://investor.corelogic.com.
A replay of the webcast will be available on the CoreLogic investor website for 30 days and also through the conference call number 855-859-2056 for U.S./Canada participants or 404-537-3406 for international participants using Conference ID 39702722.
Media Contact: Alyson Austin, office phone: 949-214-1414, e-mail: alaustin@corelogic.com
Investor Contact: Dan Smith, office phone: 703-610-5410, e-mail: danlsmith@corelogic.com
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled services provider. The Company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. 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 the Company's investment and strategic growth plans, cost reductions, productivity excellence and the TTI; the Company's overall financial performance, including future revenue and profit growth, and the Company's margin and cash flow profile; the Company's updated 2015 financial guidance and assumptions thereunder; including those related to the mortgage market overall and the Company's plans to reduce outstanding debt and continue to return capital to shareholders through
the share repurchase program. 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, as amended or updated by our Quarterly Reports on Form 10-Q. These additional risks and uncertainties include but are not limited to: limitations on access to or increase in prices for data from external sources, including government and public record sources; changes in applicable government legislation, regulations and the level of regulatory scrutiny affecting our customers or us, including with respect to consumer financial services and the use of public records and consumer data; compromises in the security of our data, including the transmission of confidential information or systems interruptions; difficult conditions in the mortgage and consumer lending industries and the economy generally; our ability to protect proprietary rights; our cost reduction program, TTI and growth strategies and our ability to effectively and efficiently implement them; risks related to the outsourcing of services and international operations; our indebtedness and the restrictions in our various debt agreements; our ability to realize the anticipated benefits of certain acquisitions and/or divestitures and the timing thereof; the inability to control the operations or dividend policies of our partially-owned affiliates; and impairments in our goodwill or other intangible assets. 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 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 is not able to provide a reconciliation of projected adjusted EBITDA or projected adjusted earnings per share, where provided, to expected 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 CoreLogic's financial condition and results. Adjusted EBITDA is defined as earnings from continuing operations before interest, taxes, depreciation, amortization, non-cash stock compensation, non-operating gains/losses and other adjustments plus pretax equity in earnings of affiliates. Adjusted net income is defined as income from continuing operations before equity earnings of affiliates, adjusted for non-cash stock compensation, amortization of acquisition-related intangibles, non-operating gains/losses, and other adjustments plus pretax equity in earnings of affiliates, tax affected at an assumed effective tax rate of 35% for 2015 and 38% for 2014. Adjusted EPS is derived by dividing adjusted net income by diluted weighted average shares. 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.
(Additional Financial Data Follow)
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) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Operating revenues | $ | 386,439 | $ | 367,454 | $ | 1,137,224 | $ | 1,059,528 | |||||||
Cost of services (excluding depreciation and amortization shown below) | 192,838 | 185,168 | 568,125 | 564,916 | |||||||||||
Selling, general and administrative expenses | 91,241 | 68,099 | 283,517 | 255,488 | |||||||||||
Depreciation and amortization | 36,440 | 35,765 | 109,631 | 100,636 | |||||||||||
Impairment loss | — | 667 | 58 | 4,888 | |||||||||||
Total operating expenses | 320,519 | 289,699 | 961,331 | 925,928 | |||||||||||
Operating income | 65,920 | 77,755 | 175,893 | 133,600 | |||||||||||
Interest expense: | |||||||||||||||
Interest income | 645 | 870 | 2,985 | 3,083 | |||||||||||
Interest expense | 17,207 | 18,398 | 48,522 | 52,547 | |||||||||||
Total interest expense, net | (16,562 | ) | (17,528 | ) | (45,537 | ) | (49,464 | ) | |||||||
(Loss)/gain on investments and other, net | (2,448 | ) | 183 | (3,494 | ) | 2,825 | |||||||||
Income from continuing operations before equity in earnings of affiliates and income taxes | 46,910 | 60,410 | 126,862 | 86,961 | |||||||||||
Provision for income taxes | 21,765 | 14,319 | 47,387 | 23,070 | |||||||||||
Income from continuing operations before equity in earnings of affiliates | 25,145 | 46,091 | 79,475 | 63,891 | |||||||||||
Equity in earnings of affiliates, net of tax | 3,497 | 4,032 | 11,931 | 10,289 | |||||||||||
Net income from continuing operations | 28,642 | 50,123 | 91,406 | 74,180 | |||||||||||
Loss from discontinued operations, net of tax | (117 | ) | (4,856 | ) | (445 | ) | (15,219 | ) | |||||||
Gain from sale of discontinued operations, net of tax | — | 476 | — | 476 | |||||||||||
Net income | 28,525 | 45,743 | 90,961 | 59,437 | |||||||||||
Less: Net income attributable to noncontrolling interests | 357 | 404 | 823 | 899 | |||||||||||
Net income attributable to CoreLogic | $ | 28,168 | $ | 45,339 | $ | 90,138 | $ | 58,538 | |||||||
Amounts attributable to CoreLogic stockholders: | |||||||||||||||
Net income from continuing operations | $ | 28,285 | $ | 49,719 | $ | 90,583 | $ | 73,281 | |||||||
Loss from discontinued operations, net of tax | (117 | ) | (4,856 | ) | (445 | ) | (15,219 | ) | |||||||
Gain from sale of discontinued operations, net of tax | — | 476 | — | 476 | |||||||||||
Net income attributable to CoreLogic | $ | 28,168 | $ | 45,339 | $ | 90,138 | $ | 58,538 | |||||||
Basic income per share: | |||||||||||||||
Net income from continuing operations | $ | 0.32 | $ | 0.55 | $ | 1.01 | $ | 0.80 | |||||||
Loss from discontinued operations, net of tax | — | (0.05 | ) | — | (0.17 | ) | |||||||||
Gain from sale of discontinued operations, net of tax | — | 0.01 | — | 0.01 | |||||||||||
Net income attributable to CoreLogic | $ | 0.32 | $ | 0.51 | $ | 1.01 | $ | 0.64 | |||||||
Diluted income per share: | |||||||||||||||
Net income from continuing operations | $ | 0.31 | $ | 0.54 | $ | 1.00 | $ | 0.79 | |||||||
Loss from discontinued operations, net of tax | — | (0.05 | ) | — | (0.16 | ) | |||||||||
Gain from sale of discontinued operations, net of tax | — | 0.01 | — | 0.01 | |||||||||||
Net income attributable to CoreLogic | $ | 0.31 | $ | 0.50 | $ | 1.00 | $ | 0.64 | |||||||
Weighted-average common shares outstanding: | |||||||||||||||
Basic | 88,719 | 90,518 | 89,374 | 91,234 | |||||||||||
Diluted | 90,154 | 91,987 | 90,741 | 92,833 | |||||||||||
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.
CORELOGIC, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
(in thousands, except par value) | September 30, | December 31, | |||||
Assets | 2015 | 2014 | |||||
Current assets: | |||||||
Cash and cash equivalents | $ | 160,257 | $ | 104,677 | |||
Marketable securities | 22,613 | 22,264 | |||||
Accounts receivable (less allowance for doubtful accounts of $6,941 and $10,826 as of September 30, 2015 and December 31, 2014, respectively) | 239,938 | 214,344 | |||||
Prepaid expenses and other current assets | 47,955 | 51,375 | |||||
Income tax receivable | 3,501 | 13,357 | |||||
Deferred income tax assets, current | 90,341 | 90,341 | |||||
Assets of discontinued operations | 1,027 | 4,267 | |||||
Total current assets | 565,632 | 500,625 | |||||
Property and equipment, net | 340,993 | 368,614 | |||||
Goodwill, net | 1,821,822 | 1,780,758 | |||||
Other intangible assets, net | 302,190 | 278,270 | |||||
Capitalized data and database costs, net | 324,868 | 333,265 | |||||
Investment in affiliates, net | 100,556 | 103,598 | |||||
Restricted cash | 10,864 | 12,360 | |||||
Other assets | 135,645 | 138,872 | |||||
Total assets | $ | 3,602,570 | $ | 3,516,362 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 169,446 | $ | 170,418 | |||
Accrued salaries and benefits | 97,401 | 99,786 | |||||
Deferred revenue, current | 264,438 | 255,330 | |||||
Current portion of long-term debt | 48,253 | 11,352 | |||||
Liabilities of discontinued operations | 2,791 | 13,704 | |||||
Total current liabilities | 582,329 | 550,590 | |||||
Long-term debt, net of current | 1,350,898 | 1,319,211 | |||||
Deferred revenue, net of current | 436,573 | 389,308 | |||||
Deferred income tax liabilities, long term | 60,503 | 63,979 | |||||
Other liabilities | 163,265 | 161,084 | |||||
Total liabilities | 2,593,568 | 2,484,172 | |||||
Redeemable noncontrolling interests | 19,491 | 18,023 | |||||
Equity: | |||||||
CoreLogic stockholders' equity: | |||||||
Preferred stock, $0.00001 par value; 500 shares authorized, no shares issued or outstanding | — | — | |||||
Common stock, $0.00001 par value; 180,000 shares authorized; 88,132 and 89,343 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively | 1 | 1 | |||||
Additional paid-in capital | 539,629 | 605,511 | |||||
Retained earnings | 581,934 | 492,441 | |||||
Accumulated other comprehensive loss | (132,053 | ) | (83,786 | ) | |||
Total CoreLogic stockholders' equity | 989,511 | 1,014,167 | |||||
Total liabilities and equity | $ | 3,602,570 | $ | 3,516,362 | |||
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.
CORELOGIC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
For the Nine Months Ended | |||||||
September 30, | |||||||
(in thousands) | 2015 | 2014 | |||||
Cash flows from operating activities: | |||||||
Net income | $ | 90,961 | $ | 59,437 | |||
Less: Loss from discontinued operations, net of tax | (445 | ) | (15,219 | ) | |||
Less: Gain from sale of discontinued operations, net of tax | — | 476 | |||||
Net income from continuing operations | 91,406 | 74,180 | |||||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | |||||||
Depreciation and amortization | 109,631 | 100,636 | |||||
Impairment loss | 58 | 4,888 | |||||
Provision for bad debt and claim losses | 6,328 | 10,254 | |||||
Share-based compensation | 26,419 | 22,077 | |||||
Excess tax benefit related to stock options | (6,284 | ) | (6,352 | ) | |||
Equity in earnings of affiliates, net of taxes | (11,931 | ) | (10,289 | ) | |||
Gain on sale of property and equipment | (91 | ) | (13,858 | ) | |||
Loss on early extinguishment of debt | 1,589 | 763 | |||||
Deferred income tax | (1,713 | ) | 11,172 | ||||
Loss/(gain) on investments and other, net | 3,494 | (2,825 | ) | ||||
Change in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | (23,570 | ) | 6,515 | ||||
Prepaid expenses and other current assets | 3,420 | 1,099 | |||||
Accounts payable and accrued expenses | (8,392 | ) | (50,357 | ) | |||
Deferred revenue | 56,373 | (3,590 | ) | ||||
Income taxes | 2,072 | 48,854 | |||||
Dividends received from investments in affiliates | 26,516 | 32,496 | |||||
Other assets and other liabilities | (14,072 | ) | (14,920 | ) | |||
Net cash provided by operating activities - continuing operations | 261,253 | 210,743 | |||||
Net cash used in operating activities - discontinued operations | (7,584 | ) | (2,104 | ) | |||
Total cash provided by operating activities | $ | 253,669 | $ | 208,639 | |||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | $ | (30,009 | ) | $ | (37,122 | ) | |
Purchases of capitalized data and other intangible assets | (27,706 | ) | (25,207 | ) | |||
Cash paid for acquisitions, net of cash acquired | (119,346 | ) | (672,336 | ) | |||
Purchases of investments | (3,748 | ) | — | ||||
Cash received from sale of discontinued operations | — | 25,525 | |||||
Proceeds from sale of property and equipment | 94 | 13,937 | |||||
Change in restricted cash | 1,496 | (1,443 | ) | ||||
Net cash used in investing activities - continuing operations | (179,219 | ) | (696,646 | ) | |||
Net cash provided by investing activities - discontinued operations | — | 1,536 | |||||
Total cash used in investing activities | $ | (179,219 | ) | $ | (695,110 | ) | |
Cash flows from financing activities: | |||||||
Proceeds from long-term debt | $ | 114,375 | $ | 690,017 | |||
Debt issuance costs | (6,452 | ) | (14,042 | ) | |||
Repayment of long-term debt | (46,999 | ) | (118,836 | ) | |||
Proceeds from issuance of shares in connection with share-based compensation | 19,554 | 5,736 | |||||
Minimum tax withholdings related to net share settlements | (14,425 | ) | (15,247 | ) | |||
Shares repurchased and retired | (97,430 | ) | (72,781 | ) | |||
Excess tax benefit related to stock options | 6,284 | 6,352 | |||||
Net cash (used in)/provided by financing activities - continuing operations | (25,093 | ) | 481,199 | ||||
Net cash provided by financing activities - discontinued operations | — | — | |||||
Total cash (used in)/provided by financing activities | $ | (25,093 | ) | $ | 481,199 | ||
Effect of exchange rate on cash | 6,757 | (144 | ) | ||||
Net change in cash and cash equivalents | 56,114 | (5,416 | ) | ||||
Cash and cash equivalents at beginning of period | 104,677 | 134,419 | |||||
Less: Change in cash and cash equivalents - discontinued operations | (7,584 | ) | (568 | ) | |||
Plus: Cash swept to discontinued operations | (8,118 | ) | (1,953 | ) | |||
Cash and cash equivalents at end of period | $ | 160,257 | $ | 127,618 | |||
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.
CORELOGIC, INC.
RECONCILIATION OF ADJUSTED EBITDA
UNAUDITED
For the Three Months Ended September 30, 2015 | |||||||||||||||
(in thousands) | D&A | TPS | Corporate | Elim | CoreLogic | ||||||||||
Income/(loss) from continuing operations before equity in earnings of affiliates and income taxes | $ | 27,171 | $ | 56,379 | $ | (36,640 | ) | $ | — | $ | 46,910 | ||||
Pre-tax equity in (loss)/earnings of affiliates | (96 | ) | 5,859 | 33 | — | 5,796 | |||||||||
Depreciation & amortization | 24,552 | 8,025 | 3,863 | — | 36,440 | ||||||||||
Total interest expense | 25 | 80 | 16,457 | — | 16,562 | ||||||||||
Stock-based compensation | 1,334 | 1,545 | 5,001 | — | 7,880 | ||||||||||
Efficiency investments | 274 | 391 | 1,365 | — | 2,030 | ||||||||||
Transaction costs | 273 | — | 508 | — | 781 | ||||||||||
Adjusted EBITDA | $ | 53,533 | $ | 72,279 | $ | (9,413 | ) | $ | — | $ | 116,399 | ||||
For the Three Months Ended September 30, 2014 | |||||||||||||||
(in thousands) | D&A | TPS | Corporate | Elim | CoreLogic | ||||||||||
Income/(loss) from continuing operations before equity in earnings of affiliates and income taxes | $ | 33,021 | $ | 44,534 | $ | (17,145 | ) | $ | — | $ | 60,410 | ||||
Pre-tax equity in (loss)/earnings of affiliates | 230 | 6,312 | (12 | ) | — | 6,530 | |||||||||
Depreciation & amortization | 26,250 | 6,571 | 2,944 | — | 35,765 | ||||||||||
Total interest (income)/expense | (84 | ) | 74 | 17,538 | — | 17,528 | |||||||||
Stock-based compensation | 1,578 | 1,057 | 3,682 | — | 6,317 | ||||||||||
Impairment loss | 667 | — | — | — | 667 | ||||||||||
Non-operating investment gains | — | — | (13,838 | ) | — | (13,838 | ) | ||||||||
Efficiency investments | — | — | 142 | — | 142 | ||||||||||
Transaction costs | — | — | (109 | ) | — | (109 | ) | ||||||||
Adjusted EBITDA | $ | 61,662 | $ | 58,548 | $ | (6,798 | ) | $ | — | $ | 113,412 | ||||
CORELOGIC, INC.
RECONCILIATION OF ADJUSTED DILUTED EPS
UNAUDITED
For the Three Months Ended September 30, 2015 | |||||||||||||||
(in thousands, except per share amounts) | D&A | TPS | Corporate | Elim | CoreLogic | ||||||||||
Income/(loss) from continuing operations before equity in earnings of affiliates and income taxes | $ | 27,171 | $ | 56,379 | $ | (36,640 | ) | $ | — | $ | 46,910 | ||||
Pre-tax equity in (loss)/earnings of affiliates | (96 | ) | 5,859 | 33 | — | 5,796 | |||||||||
Stock-based compensation | 1,334 | 1,545 | 5,001 | — | 7,880 | ||||||||||
Efficiency investments | 274 | 391 | 1,365 | — | 2,030 | ||||||||||
Transaction costs | 273 | — | 508 | — | 781 | ||||||||||
Amortization of acquired intangibles | 6,778 | 2,550 | — | — | 9,328 | ||||||||||
Depreciation of certain acquired proprietary technology included in property and equipment | 2,880 | — | — | — | 2,880 | ||||||||||
Adjusted pretax income/(loss) from continuing operations | $ | 38,614 | $ | 66,724 | $ | (29,733 | ) | $ | — | $ | 75,605 | ||||
Tax provision (35% rate) | 26,462 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | 357 | ||||||||||||||
Adjusted net income attributable to CoreLogic | $ | 48,786 | |||||||||||||
Weighted average diluted common shares outstanding | 90,154 | ||||||||||||||
Adjusted diluted EPS | $ | 0.54 | |||||||||||||
For the Three Months Ended September 30, 2014 | |||||||||||||||
(in thousands, except per share amounts) | D&A | TPS | Corporate | Elim | CoreLogic | ||||||||||
Income/(loss) from continuing operations before equity in earnings of affiliates and income taxes | $ | 33,021 | $ | 44,534 | $ | (17,145 | ) | $ | — | $ | 60,410 | ||||
Pre-tax equity in (loss)/earnings of affiliates | 230 | 6,312 | (12 | ) | — | 6,530 | |||||||||
Stock-based compensation | 1,578 | 1,057 | 3,682 | — | 6,317 | ||||||||||
Non-operating investment gains | — | — | (13,838 | ) | — | (13,838 | ) | ||||||||
Efficiency investments | — | — | 142 | — | 142 | ||||||||||
Impairment loss | 667 | — | — | — | 667 | ||||||||||
Transaction costs | — | — | (109 | ) | — | (109 | ) | ||||||||
Amortization of acquired intangibles | 7,475 | 2,671 | — | — | 10,146 | ||||||||||
Depreciation of certain acquired proprietary technology included in property and equipment | 2,880 | — | — | — | 2,880 | ||||||||||
Adjusted pretax income/(loss) from continuing operations | $ | 45,851 | $ | 54,574 | $ | (27,280 | ) | $ | — | $ | 73,145 | ||||
Tax provision (38% rate) | 27,795 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | 404 | ||||||||||||||
Adjusted net income attributable to CoreLogic | $ | 44,946 | |||||||||||||
Weighted average diluted common shares outstanding | 91,987 | ||||||||||||||
Adjusted diluted EPS | $ | 0.49 | |||||||||||||
CORELOGIC, INC.
RECONCILIATION TO FREE CASH FLOW
UNAUDITED
For the Twelve Months Ended September 30, 2015 | ||||
Net cash provided by operating activities - continuing operations | $ | 386,103 | ||
Purchases of property and equipment | (44,912 | ) | ||
Purchases of capitalized data and other intangible assets | (37,628 | ) | ||
Free Cash Flow | $ | 303,563 | ||