CoreLogic Reports Record Full-Year and Fourth Quarter 2020 Revenue, Operating Income, Profit Margins and Cash Flow

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 26% for 2020 and 25% for 2019. 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.
Consolidated Statements of Operations
(Unaudited)

 

For the Three Months Ended

 

For the Year Ended

 

December 31,

 

December 31,

(in thousands, except per share amounts)

2020

 

2019

 

2020

 

2019

Operating revenue

$

467,642

 

 

$

352,841

 

 

$

1,642,375

 

 

$

1,440,873

 

Cost of services (exclusive of depreciation and amortization)

157,990

 

 

145,144

 

 

597,022

 

 

632,117

 

Selling, general and administrative expenses

144,370

 

 

114,999

 

 

537,617

 

 

463,787

 

Depreciation and amortization

43,806

 

 

42,333

 

 

174,445

 

 

175,100

 

Impairment loss

1,081

 

 

 

 

2,309

 

 

47,834

 

Total operating expenses

347,247

 

 

302,476

 

 

1,311,393

 

 

1,318,838

 

Operating income

120,395

 

 

50,365

 

 

330,982

 

 

122,035

 

Interest expense:

 

 

 

 

 

 

 

Interest income

113

 

 

408

 

 

724

 

 

2,136

 

Interest expense

16,942

 

 

19,156

 

 

69,900

 

 

78,293

 

Total interest expense, net

(16,829)

 

 

(18,748)

 

 

(69,176)

 

 

(76,157)

 

Tax indemnification release

 

 

 

 

 

 

(13,394)

 

Gain/(loss) on investments and other, net

4,997

 

 

1,039

 

 

42,151

 

 

(1,077)

 

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

108,563

 

 

32,656

 

 

303,957

 

 

31,407

 

Provision/(benefit) for income taxes

22,133

 

 

7,169

 

 

41,566

 

 

(1,807)

 

Income from continuing operations before equity in earnings of affiliates

86,430

 

 

25,487

 

 

262,391

 

 

33,214

 

Equity in earnings of affiliates, net of tax

 

 

58

 

 

1,859

 

 

556

 

Net income from continuing operations

86,430

 

 

25,545

 

 

264,250

 

 

33,770

 

Income from discontinued operations, net of tax

6,214

 

 

4,537

 

 

34,363

 

 

15,610

 

Gain from sale of discontinued operations, net of tax

2,742

 

 

 

 

2,742

 

 

 

Net income

$

95,386

 

 

$

30,082

 

 

$

301,355

 

 

$

49,380

 

 

 

 

 

 

 

 

 

Basic income per share:

 

 

 

 

 

 

 

Net income from continuing operations

$

1.13

 

 

$

0.32

 

 

$

3.36

 

 

$

0.42

 

Income from discontinued operations, net of tax

0.08

 

 

0.06

 

 

0.44

 

 

0.20

 

Gain from sale of discontinued operations, net of tax

0.04

 

 

 

 

0.03

 

 

 

Net income

$

1.25

 

 

$

0.38

 

 

$

3.83

 

 

$

0.62

 

Diluted income per share:

 

 

 

 

 

 

 

Net income from continuing operations

$

1.10

 

 

$

0.32

 

 

$

3.28

 

 

$

0.42

 

Income from discontinued operations, net of tax

0.08

 

 

0.06

 

 

0.43

 

 

0.19

 

Gain from sale of discontinued operations, net of tax

0.03

 

 

 

 

0.03

 

 

 

Net income

$

1.21

 

 

$

0.38

 

 

$

3.74

 

 

$

0.61

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

76,271

 

 

79,125

 

 

78,542

 

 

79,885

 

Diluted

78,371

 

 

80,356

 

 

80,495

 

 

81,021

 


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