CoreLogic Reports Second Quarter 2015 Financial Results

During the second quarter, the Company repurchased approximately 1.5 million of its common shares for a total consideration of $58.7 million.

Updated 2015 Financial Guidance (Continuing Operations)
Based on current business conditions and trends, available market estimates of second half 2015 U.S. mortgage origination volumes and the forecasted impact of previously announced investment and cost reduction programs, the Company has updated its 2015 full-year guidance ranges as follows: revenues, adjusted EBITDA and adjusted EPS of $1.49 to $1.51 billion, $410 to $420 million and $1.75 to $1.85 per share, respectively.

Teleconference/Webcast
CoreLogic management will host a live webcast and conference call on Friday, July 24, 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 72573150.

Additional detail on the Company's second 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 72573150.

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 market position, and the Company's margin and cash flow profile; the Company's updated 2015 financial guidance and assumptions thereunder; 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 Six Months Ended


June 30,


June 30,

(in thousands, except per share amounts)

2015


2014


2015


2014

Operating revenues

$

386,013



$

365,970



$

750,784



$

692,074


Cost of services (excluding depreciation and amortization shown below)

189,743



192,088



375,286



379,748


Selling, general and administrative expenses

98,291



93,422



192,276



187,388


Depreciation and amortization

37,272



35,366



73,192



64,872


Impairment loss



4,074



58



4,222


  Total operating expenses

325,306



324,950



640,812



636,230


  Operating income

60,707



41,020



109,972



55,844


Interest expense:








Interest income

882



1,041



2,340



2,213


Interest expense

17,480



17,321



31,315



34,149


  Total interest expense, net

(16,598)



(16,280)



(28,975)



(31,936)


(Loss)/gain on investments and other, net

(1,356)



6,992



(1,047)



2,642


Income from continuing operations before equity in earnings of affiliates and income taxes

42,753



31,732



79,950



26,550


Provision for income taxes

14,156



8,637



25,622



8,751


Income from continuing operations before equity in earnings of affiliates

28,597



23,095



54,328



17,799


Equity in earnings of affiliates, net of tax

4,667



3,874



8,434



6,257


Net income from continuing operations

33,264



26,969



62,762



24,056


Loss from discontinued operations, net of tax

(217)



(10,750)



(329)



(10,363)


Net income

33,047



16,219



62,433



13,693


Less: Net income attributable to noncontrolling interests

258



230



465



495


Net income attributable to CoreLogic

$

32,789



$

15,989



$

61,968



$

13,198


Amounts attributable to CoreLogic stockholders:








Net income from continuing operations

$

33,006



$

26,739



$

62,297



$

23,561


Loss from discontinued operations, net of tax

(217)



(10,750)



(329)



(10,363)


Net income attributable to CoreLogic

$

32,789



$

15,989



$

61,968



$

13,198


Basic income per share:








Net income from continuing operations

$

0.37



$

0.29



$

0.69



$

0.26


Loss from discontinued operations, net of tax



(0.12)





(0.11)


Net income attributable to CoreLogic

$

0.37



$

0.17



$

0.69



$

0.15


Diluted income per share:








Net income from continuing operations

$

0.36



$

0.29



$

0.68



$

0.25


Loss from discontinued operations, net of tax



(0.12)





(0.11)


Net income attributable to CoreLogic

$

0.36



$

0.17



$

0.68



$

0.14


Weighted-average common shares outstanding:








Basic

89,654



91,750



89,702



91,591


Diluted

90,963



93,062



91,038



93,235



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.


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