CORELOGIC, INC. IRVINE, Calif., July 23, 2014 /PRNewswire/ -- CoreLogic (NYSE:CLGX), a leading global property information, analytics and data-enabled services provider, today reported financial results for the quarter ended June 30, 2014.
"CoreLogic delivered strong operating results in the second quarter despite the continuing contraction in U.S. mortgage volumes. We continued to scale and grow our D&A and TPS segments in line with our strategic business plan and we also invested in areas of strategic growth and operational excellence which we believe will provide sustainable, long-term value creation for our stakeholders," said Anand Nallathambi, President and Chief Executive Officer of CoreLogic. "As we move forward, we will continue to aggressively shift our business mix toward data-driven, subscription based models built around unique data sets, analytics and data-enabled services. The successful transformation of our business operations over the past three years has underpinned our consistent outperformance of the broader housing and mortgage markets and positions us for growth and margin expansion in the future."
"We grew revenues and delivered strong margins and free cash flow in the second quarter. We also progressed our major operational initiatives, exceeded our cost reduction targets, reduced our debt and repurchased close to one million of our common shares," added Frank Martell, Chief Operating and Financial Officer of CoreLogic. "Over the balance of 2014, we will remain focused on progressing our imperatives of growing our D&A segment to over 50% of our total revenues and ensuring that our TPS operations outperform their respective markets and are well-positioned to capitalize on a rebound in U.S. mortgage volumes from current trough levels."
Second Quarter Financial Highlights
Second quarter revenues totaled $349.4 million, 0.4% higher than prior-year levels and a 13% increase from the first quarter of 2014. Year-on-year revenue gains were principally attributable to market share gains and acquisition-related revenues which offset the impact of an estimated 50% decline in U.S. mortgage origination volumes. D&A revenues of $174.1 million were 14% above prior year levels driven principally by higher insurance, spatial solutions, international and core property data revenues, which more than offset the impact of lower mortgage volumes, declines in specialty credit and multifamily tenant screening revenues and the exit of certain non-core product lines. TPS revenues fell 11% to $177.3 million year-over-year as the benefit of market share gains in payment processing were more than offset by the impact of contracting mortgage volumes and lower project-related document processing and retrieval revenues related to the transfer of mortgage servicing rights (MSRs) portfolios.
Operating income from continuing operations totaled $42.1 million for the second quarter, an 11% decrease from prior-year levels and a 208% increase from the first quarter of 2014. The year-over-year decrease in operating income was principally attributable to lower mortgage volumes and costs related to the ongoing execution of the Company's strategic transformation program. Regarding the latter, during the second quarter of 2014 the Company incurred (1) costs associated with the acquisition and integration of Bank of America (BAC) tax services operations, Marshall & Swift/Boeckh (MSB) and DataQuick Information Systems (DQ) totaling $6.7 million, (2) cash and non-cash charges attributable to the Technology Transformation Initiative (TTI) of $5.3 million, (3) severance and other charges of $2.6 million related to the Company's 2014 cost reduction program and (4) overhead costs previously allocated to the AMPS segment (stranded AMPS costs) of $2.4 million. Second quarter 2014 operating margin was 12% including the impact of approximately 487 basis points attributable to the transformation program costs discussed above.
Second quarter net income from continuing operations totaled $25.2 million compared with $32.0 million in the same 2013 period and a net loss from continuing operations of $3.9 million in the first quarter of 2014. The year-over-year decrease was driven primarily by the impact of lower mortgage volumes, higher interest expense and the transformation program costs discussed previously. Diluted EPS from continuing operations totaled $0.27 for the second quarter of 2014 compared with $0.33 in the second quarter of 2013. Adjusted diluted EPS totaled $0.36, down from $0.48 in the same 2013 period reflecting the impact of lower mortgage volumes, higher interest expense, integration and transition costs related to the BAC, MSB and DQ acquisitions as well as severance and stranded AMPS costs.
Adjusted EBITDA totaled $94.1 million in second quarter 2014 compared with $111.0 million in the same prior year period and $64.0 million in first quarter 2014. Second quarter 2014 adjusted EBITDA margin was 27%, compared with 32% in the second quarter of 2013. The year-over-year decrease in adjusted EBITDA was principally the result of lower mortgage volumes; one-time non-operating costs attributable to the BAC, MSB and DQ acquisitions and severance charges related to the Company's 2014 cost reduction program which collectively totaled $8.2 million; cash charges related to TTI of $4.6 million, and the stranded AMPS costs of $2.4 million discussed previously. D&A adjusted EBITDA totaled $56.7 million, an 11% increase from 2013, as higher revenues in the insurance and spatial solutions and international operations more than offset the impact of lower mortgage loan application volumes and declines in specialty credit and tenant screening. TPS adjusted EBITDA decreased 37% to $47.2 million compared with prior-year levels driven primarily by lower market volumes and integration costs related to the acquisition of BAC's tax operation.
Operational Excellence Programs
During the fourth quarter of 2013, CoreLogic launched a cost reduction program designed to lower 2014 operating expenses by at least $25 million. Cost savings relate primarily to workforce reductions in corporate shared services and information technology (IT), the outsourcing of certain business process functions and cuts in spending on real estate and outside services. Severance charges and savings associated with this program totaled $2.6 million and $10.1 million, respectively, for the second quarter of 2014.
CoreLogic launched the TTI during mid-2012. The primary objective of the TTI is to convert the Company's existing technology infrastructure to a new platform which is expected to provide new functionality, increased performance and a reduction in application management and development costs commencing in the second half of 2015. Second quarter 2014 cash and non-cash charges related to TTI implementation totaled $5.3 million.
During the first half of 2014, the Company successfully completed the integration of BAC's flood zone determination and tax services operations.
Liquidity and Capital Resources
At June 30, 2014, the Company had cash and cash equivalents of $140.9 million compared with $134.7 million at December 31, 2013. Total debt as of June 30, 2014 was approximately $1.5 billion, up $633.7 million from December 31, 2013. The increase in outstanding debt was primarily the result of the completion of the acquisition of MSB and DQ on March 25, 2014. As of June 30, 2014, the Company had available capacity on its revolving credit facility under the Credit Agreement of $365.0 million.
During the second quarter of 2014, the Company repaid approximately $51 million in term loan and revolving debt. The Company also repurchased 848,779 of its common shares for a total of $25.2 million during the second quarter. Through the first six months of 2014, the Company has repurchased approximately 1.1 million of its common shares.
Free cash flow (FCF) for the twelve months ended June 30, 2014 totaled $197.1 million, which represented 60% of adjusted EBITDA. Year-to-date 2014 FCF totaled $82.6 million or 52% 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 six months ended June 30, 2014 was $125.5 million.
2014 Financial Guidance (Continuing Operations)
Based on current market trends, the Company has reduced its full-year 2014 estimate for U.S. mortgage originations by ten percent to approximately $1 trillion. The impact of lower volumes of originations, as well as continuing headwinds in the U.S. housing market, and expected reductions in discretionary client spending is reflected in the following updated 2014 guidance: revenues; adjusted EBITDA and adjusted EPS of $1.33 to $1.37 billion, $335 to $360 million, and $1.25 to $1.40 per share, respectively.
Teleconference/Webcast
CoreLogic management will host a live webcast and conference call on Thursday, July 24, 2014, 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: 1-877-280-4953 for U.S./Canada callers or 857-244-7310 for international callers. The Conference ID for the call is 11918268.
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 1-888-286-8010 for U.S./Canada participants or 617-801-6888 for international participants using Conference ID 8969743.
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 3.5 billion records spanning more than 40 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, such as plans to transform to a higher-growth, higher-margin company through enhancements to its business operations, growing D&A to over 50% of revenues, cost productivity 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 full-year expected results and updated 2014 financial guidance; mortgage and housing market trends, including mortgage origination and mortgage delinquency volumes; the anticipated benefits of the acquisitions of MSB, DQ, and Bank of America's flood and tax processing operations to the Company's financial results; and our plans to reduce our outstanding debt and continue to return capital to shareholders through our 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 failure to successfully integrate the operations, technology, infrastructure and employees of MSB and DQ; and the additional 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 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 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 EBIDTA 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 one-time 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 38% for 2014 and 40% for all periods prior to 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.
CONSOLIDATED INCOME STATEMENTS
UNAUDITED
For the Three Months Ended For the Six Months Ended
June 30, June 30,
-------- --------
(in thousands, except per
share amounts) 2014 2013 2014 2013
---- ---- ---- ----
Operating revenues $349,421 $348,201 $659,838 $679,501
Cost of services (excluding
depreciation and
amortization shown below) 182,222 168,060 359,603 335,689
Selling, general and
administrative expenses 89,763 98,476 179,709 180,667
Depreciation and
amortization 35,333 34,154 64,772 68,295
Total operating expenses 307,318 300,690 604,084 584,651
------- ------- ------- -------
Operating income 42,103 47,511 55,754 94,850
------ ------ ------ ------
Interest expense:
Interest income 1,041 685 2,213 1,409
Interest expense 17,321 12,438 34,149 24,814
------ ------ ------ ------
Total interest expense, net (16,280) (11,753) (31,936) (23,405)
Gain on investments and
other, net 6,992 393 2,642 1,734
----- --- ----- -----
Income from continuing
operations before equity in
earnings of affiliates and
income taxes 32,815 36,151 26,460 73,179
Provision for income taxes 11,305 13,529 10,942 27,751
------ ------ ------ ------
Income from continuing
operations before equity in
earnings of affiliates 21,510 22,622 15,518 45,428
Equity in earnings of
affiliates, net of tax 3,874 9,347 6,257 18,132
----- ----- ----- ------
Net income from continuing
operations 25,384 31,969 21,775 63,560
(Loss)/income from
discontinued operations,
net of tax (9,165) 11,581 (8,082) 15,277
Loss from sale of
discontinued operations,
net of tax - - - (1,744)
--- --- --- ------
Net income 16,219 43,550 13,693 77,093
Less: Net income/(loss)
attributable to
noncontrolling interests 230 - 495 (26)
Net income attributable to
CoreLogic $15,989 $43,550 $13,198 $77,119
======= ======= ======= =======
Amounts attributable to CoreLogic
stockholders:
Net income from continuing
operations $25,154 $31,969 $21,280 $63,586
(Loss)/income from
discontinued operations,
net of tax (9,165) 11,581 (8,082) 15,277
Loss from sale of
discontinued operations,
net of tax - - - (1,744)
--- --- ---
Net income attributable to
CoreLogic $15,989 $43,550 $13,198 $77,119
======= ======= ======= =======
Basic income/(loss) per share:
Net income from continuing
operations $0.27 $0.33 $0.23 $0.66
(Loss)/income from
discontinued operations,
net of tax (0.10) 0.12 (0.09) 0.16
Loss from sale of
discontinued operations,
net of tax - - - (0.02)
Net income attributable to
CoreLogic $0.17 $0.45 $0.14 $0.80
===== ===== ===== =====
Diluted income/(loss) per share:
Net income from continuing
operations $0.27 $0.33 $0.23 $0.65
(Loss)/income from
discontinued operations,
net of tax (0.10) 0.12 (0.09) 0.16
Loss from sale of
discontinued operations,
net of tax - - - (0.02)
Net income attributable to
CoreLogic $0.17 $0.45 $0.14 $0.79
===== ===== ===== =====
Weighted-average common shares
outstanding:
Basic 91,750 95,516 91,591 96,315
Diluted 93,062 97,180 93,235 98,120
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.
CONSOLIDATED BALANCE SHEETS
UNAUDITED
(in
thousands,
except par
value) June 30, December 31,
Assets 2014 2013
---- ----
Current assets:
Cash and cash
equivalents $140,909 $134,741
Marketable
securities 22,299 22,220
Accounts
receivable 2013,
(less respectively)
allowance
for doubtful
accounts of
$11,912 and
$12,930 as
of June 30,
2014 and
December 31, 197,662 196,282
Prepaid
expenses and
other
current
assets 50,861 50,674
Income tax
receivable - 13,516
Deferred
income tax
assets,
current 88,995 86,158
Assets of
discontinued
operations 132,246 138,023
------- -------
Total current
assets 632,972 641,614
Property and
equipment,
net 372,846 195,645
Goodwill, net 1,774,013 1,390,674
Other
intangible
assets, net 297,039 175,808
Capitalized
data and
database
costs, net 341,563 330,188
Investment in
affiliates,
net 103,346 95,343
Restricted
cash 12,544 12,050
Other assets 164,445 162,033
Total assets $3,698,768 $3,003,355
========== ==========
Liabilities and Equity
Current liabilities:
Accounts
payable and
accrued
expenses $160,652 $154,526
Accrued
salaries and
benefits 74,184 101,715
Deferred
revenue,
current 252,093 223,323
Income taxes
payable 35,000 -
Current
portion of
long-term
debt 33,339 28,154
Liabilities
of
discontinued
operations 42,358 30,309
------ ------
Total current
liabilities 597,626 538,027
Long-term
debt, net of
current 1,440,262 811,776
Deferred
revenue, net
of current 362,444 377,086
Deferred
income tax
liabilities,
long term 103,184 74,308
Other
liabilities 134,481 147,583
Total
liabilities 2,637,997 1,948,780
--------- ---------
Redeemable
noncontrolling
interests 10,669 10,202
Equity:
CoreLogic stockholders'
equity:
Preferred
stock,
$0.00001 par
value; 500
shares
authorized,
no shares
issued or
outstanding - -
Common stock,
$0.00001 par as of June
value; 30, 2014 and
180,000 December 31,
shares 2013,
authorized; respectively
91,133 and
91,254
shares
issued and
outstanding 1 1
Additional
paid-in
capital 645,338 672,165
Retained
earnings 439,020 425,796
Accumulated
other
comprehensive
loss (34,257) (53,589)
------- -------
Total equity 1,050,102 1,044,373
Total
liabilities
and equity $3,698,768 $3,003,355
========== ==========
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.
CONSOLIDATED STATEMENT OF CASH FLOWS
UNAUDITED
For the Six Months Ended
June 30,
--------
(in
thousands) 2014 2013
---- ----
Cash flows from operating
activities:
Net income $13,693 $77,093
Less:
(Loss)/income
from
discontinued
operations,
net of
tax (8,082) 15,277
Less: Loss
from sale
of
discontinued
operations,
net of
tax - (1,744)
--- ------
Net income
from
continuing
operations 21,775 63,560
Adjustments to reconcile
net income from
continuing operations to
net cash provided by
operating activities:
Depreciation
and
amortization 64,772 68,295
Provision
for bad
debt and
claim
losses 6,958 8,469
Share-
based
compensation 15,504 16,711
Excess tax
benefit
related
to stock
options (6,275) (2,652)
Equity in
earnings
of
affiliates,
net of
taxes (6,257) (18,132)
Gain on
sale of
property
and
equipment (24) -
Loss on
early
extinguishment
of debt 763 -
Deferred
income
tax 3,603 3,737
Gain on
investments
and
other,
net (2,642) (1,734)
Change in operating
assets and liabilities,
net of acquisitions:
Accounts
receivable 9,681 (11,324)
Prepaid
expenses
and other
current
assets 1,916 (1,463)
Accounts
payable
and
accrued
expenses (27,884) (32,863)
Deferred
revenue (12,956) 26,014
Income
taxes 44,723 11,878
Dividends
received
from
investments
in
affiliates 26,052 23,868
Other
assets
and other
liabilities (14,235) (19,624)
------- -------
Net cash
provided
by
operating
activities
-
continuing
operations 125,474 134,740
Net cash
provided
by
operating
activities
-
discontinued
operations 10,059 30,458
Total cash
provided
by
operating
activities $135,533 $165,198
-------- --------
Cash flows from investing
activities:
Purchases
of
capitalized
data and
other
intangible
assets $(16,533) $(18,928)
Purchases
of
property
and
equipment (26,296) (34,410)
Cash paid
for
acquisitions,
net of
cash
acquired (670,036) (6,852)
Purchases
of
investments - (2,351)
Cash
received
from sale
of
discontinued
operations - 2,263
Proceeds
from sale
of
property
and
equipment 36 -
Change in
restricted
cash (494) 2,093
---- -----
Net cash
used in
investing
activities
-
continuing
operations (713,323) (58,185)
Net cash
used in
investing
activities
-
discontinued
operations - (253)
Total cash
used in
investing
activities $(713,323) $(58,438)
--------- --------
Cash flows from financing
activities:
Proceeds
from
long-
term debt $690,017 $551
Debt
issuance
costs (14,042) -
Repayment
of long-
term debt (56,550) (4,423)
Proceeds
from
issuance
of stock
related
to stock
options
and
employee
benefit
plans 4,440 7,119
Minimum
tax
withholding
paid on
behalf of
employees
for
restricted
stock
units (15,034) (6,680)
Shares
repurchased
and
retired (32,041) (75,676)
Excess tax
benefit
related
to stock
options 6,275 2,652
----- -----
Net cash
provided
by/(used
in)
financing
activities
-
continuing
operations 583,065 (76,457)
Net cash
provided
by
financing
activities
-
discontinued
operations - -
--- ---
Total cash
provided
by/(used
in)
financing
activities $583,065 $(76,457)
Effect of
exchange
rate on
cash 903 (2,574)
Net
increase
in cash
and cash
equivalents 6,178 27,729
Cash and
cash
equivalents
at
beginning
of period 134,741 151,986
Less:
Change in
cash and
cash
equivalents
-
discontinued
operations 10,059 30,205
Plus: Cash
swept
from
discontinued
operations 10,049 28,471
Cash and
cash
equivalents
at end of
period $140,909 $177,981
======== ========
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
For the Three Months Ended June 30, 2014
----------------------------------------
(in thousands) D&A TPS Corporate Elim CoreLogic
--- --- --------- ---- ---------
Income from continuing
operations before
equity in earnings of
affiliates and income
taxes $28,870 $39,571 $(35,626) $ - $32,815
Pretax equity in
earnings (202) 6,409 66 - 6,273
Depreciation &
amortization 26,329 6,065 2,939 - 35,333
Total interest expense (21) 73 16,228 - 16,280
Stock-based
compensation 1,699 1,121 4,759 - 7,579
Non-operating
investment
(gains)/losses - (6,012) - - (6,012)
Efficiency investments - - 694 - 694
Transaction Costs - - 1,118 - 1,118
Adjusted EBITDA $56,675 $47,227 $(9,822) $ - $94,080
======= ======= ======= === === =======
For the Three Months Ended June 30, 2013
----------------------------------------
(in thousands) D&A TPS Corporate Elim CoreLogic
--- --- --------- ---- ---------
Income from
continuing
operations before
equity in earnings
of affiliates and
income taxes $30,013 $50,474 $(44,336) $ - $36,151
Pretax equity in
earnings 546 14,415 174 - 15,135
Depreciation &
amortization 19,141 7,280 7,733 - 34,154
Total interest
expense (133) 136 11,750 - 11,753
Stock-based
compensation 1,542 2,509 4,559 - 8,610
Efficiency
investments - - 1,013 - 1,013
Spin & legacy
corporate costs - - 4,151 - 4,151
Adjusted EBITDA $51,109 $74,814 $(14,956) $ - $110,967
======= ======= ======== === === ========
CORELOGIC, INC.
RECONCILIATION OF ADJUSTED DILUTED EPS
For the Three Months Ended June 30, 2014
(in thousands, except
per share amounts) D&A TPS Corporate Elim CoreLogic
--- --- --------- ---- ---------
Income from continuing
operations before
equity in earnings of
affiliates and income
taxes $28,870 $39,571 $(35,626) $ - $32,815
Pretax equity in
earnings (202) 6,409 66 - 6,273
Stock-based
compensation 1,699 1,121 4,759 - 7,579
Non-operating
investment
(gains)/losses - (6,012) - - (6,012)
Efficiency investments - - 694 - 694
Transaction costs - - 1,118 - 1,118
Amortization of
acquired intangibles 7,308 2,671 - - 9,979
Depreciation of
certain acquired
proprietary
technology included
in property and
equipment 2,635 - - - 2,635
Adjusted pretax income
from continuing
operations $40,310 $43,760 $(28,989) $ - $55,081
------- ------- -------- --- --- -------
Tax provision (38% rate) 20,931
Less: Net income attributable to
noncontrolling interests 230
---
Adjusted net income attributable to
CoreLogic $33,920
-------
Weighted average diluted common
shares outstanding 93,062
------
Adjusted diluted EPS $0.36
-----
For the Three Months Ended June 30, 2013
(in thousands, except
per share amounts) D&A TPS Corporate Elim CoreLogic
---- ----
Income from continuing
operations before
equity in earnings of
affiliates and income
taxes $30,013 $50,474 $(44,336) $ - $36,151
Pretax equity in
earnings 546 14,415 174 - 15,135
Stock-based
compensation 1,542 2,509 4,559 - 8,610
Efficiency investments - - 1,013 - 1,013
Spin & legacy
corporate costs - - 4,151 - 4,151
Accelerated
depreciation on TTI - - 4,375 - 4,375
Amortization of
acquired intangibles 4,974 3,641 - - 8,615
Adjusted pretax income
from continuing
operations $37,075 $71,039 $(30,064) $ - $78,050
------- ------- -------- --- --- -------
Tax provision (40% rate) 31,220
Adjusted net income attributable to
CoreLogic $46,830
-------
Weighted average diluted common
shares outstanding 97,180
------
Adjusted diluted EPS $0.48
-----
CORELOGIC, INC.
RECONCILIATION TO FREE CASH FLOW
Twelve Months Ended
June 30, 2014
-------------
Net cash provided by operating
activities -continuing
operations $293,147
Purchases of capitalized data
and other intangible assets (35,446)
Purchases of property and
equipment (60,626)
Free Cash Flow $197,075
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http://photos.prnewswire.com/prnvar/20100609/CLLOGO
Logo - http://photos.prnewswire.com/prnh/20100609/CLLOGO
SOURCE CoreLogic
