Research Desk Line-up: MSCI Inc. Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 20, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on CoreLogic, Inc. (NYSE: CLGX), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CLGX, following the Company's reporting of its third quarter fiscal 2017 operating results on October 25, 2017. The data analytics and business services Company reported a y-o-y decline in revenues and EPS, while it increased its stock repurchase program by 10%. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Processing Systems & Products industry. Pro-TD has currently selected MSCI Inc. (NYSE: MSCI) for due-diligence and potential coverage as the Company announced on November 02, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on MSCI Inc. when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CLGX; also brushing on MSCI. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=CLGX

http://protraderdaily.com/optin/?symbol=MSCI

Earnings Reviewed

CoreLogic's revenues totaled $483 million in Q3 2017 compared to $524 million in Q3 2016. The Company's revenue numbers fell short of analysts' estimates of $491.5 million.

During Q3 2017, CoreLogic's operating income from continuing operations totaled $62 million, down 27% on a y-o-y basis, primarily driven by legal settlement costs amounting to approximately $18 million and the impact of an estimated 25% decline in US mortgage loan origination volumes. The Company's operating margin was 13% of revenues for the reported quarter, including the unfavorable impact of approximately 360 basis points attributable to legal settlement costs, compared to an operating margin of 16% in the prior year's same quarter.

CoreLogic's net income from continuing operations totaled $30.75 million in Q3 2017, down 14% compared to $35.07 million in Q3 2016. The decrease resulted primarily from the impacts of the legal settlement costs and lower US mortgage market volumes, as well as higher interest costs. The Company's diluted earnings per share (EPS) from continuing operations totaled $0.36 for the reported quarter versus $0.40 in the year-ago same period. CoreLogic's adjusted EPS totaled $0.72 compared to $0.73 in Q3 2016. CoreLogic's earnings numbers were in-line with Wall Street's expectations $0.72 per share.

For Q3 2017, CoreLogic's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) totaled $139 million compared to $143 million in Q3 2016. The Company's adjusted EBITDA margin was 29%, up from 27% in the prior year's corresponding period.

Operating Results

For Q3 2017, CoreLogic's Risk Management and Work Flow (RMW) segment's revenues totaled $227 million, down 8% on a y-o-y basis, as the benefits from market outperformance, pricing, and new product growth partially offset lower mortgage market volumes. The Company's Property Intelligence (PI) revenues declined 8% on a y-o-y basis to $258 million for the reported quarter. The decline was attributed to lower valuation solutions revenues due to reduced US mortgage market volumes and planned vendor diversification by a significant appraisal management client.

During Q3 2017, the RMW segment's adjusted EBITDA was $76 million in Q3 2017, down 10% on a y-o-y basis, while the segment's adjusted EBITDA margin was 33%, down approximately 100 basis points on a y-o-y basis. The PI segment's adjusted EBITDA totaled $72 million compared to $68 million in Q3 2016, while its adjusted EBITDA margin rose approximately 400 basis points to 28%, fueled primarily by a revenue mix and higher valuation solutions margins.

Liquidity and Capital Resources

In June 2017, CoreLogic acquired a 45% stake in Mercury Network for $70 million which was funded through available capacity on its revolving credit facility. In August 2017, the Company closed the acquisition of the remaining 55% of Mercury Network for $83 million which was funded by cash on hand and through available capacity on the revolving credit facility.

In August 2017, CoreLogic completed an amendment of its senior secured credit facility which increased borrowing capacity by more than $500 million and extended tenor by 28 months to August 2022. Upon closing, the Company's amended senior secured credit facility consisted of $1,800 million of outstanding term loans and a $700 million revolving credit facility.

At September 30, 2017, CoreLogic had cash and cash equivalents of $149 million compared to $72 million at December 31, 2016. The total debt as of September 30, 2017, was $1.82 billion compared to $1.62 billion as of December 31, 2016. As of September 30, 2017, the Company had available capacity on its revolving credit facility of $700 million.

CoreLogic's net operating cash provided by continuing operations for the twelve months ended September 30, 2017, was $365.4 million. Free cash flow (FCF) for the twelve months ended September 30, 2017, totaled $293 million, which represented 61% of adjusted EBITDA.

During Q3 2017, CoreLogic repurchased 2 million of its common shares for $92 million. Year-to-date, the Company repurchased 3 million, or about 4%, of its common shares for $132 million, and has increased its full-year stock repurchase target by 10% to 3.65 million shares.

Stock Performance

At the closing bell, on Friday, November 17, 2017, CoreLogic's stock dropped 2.02%, ending the trading session at $44.66. A total volume of 468.54 thousand shares have exchanged hands, which was higher than the 3-month average volume of 425.50 thousand shares. The Company's stock price surged 5.13% in the past six months and 16.00% in the previous twelve months. Moreover, the stock rallied 21.26% since the start of the year. The stock is trading at a PE ratio of 42.25 and currently has a market cap of $3.75 billion.

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