BusinessWire

CoreLogic Reports Fourth Quarter 2019 Financial Results

Revenue Growth, Favorable Business Mix and the Benefits of Cost Productivity and Operating Leverage Power Outstanding Fourth Quarter Results

IRVINE, Calif.--(BUSINESS WIRE)--#Foreclosure--CoreLogic (NYSE: CLGX), a leading global provider of residential property information, analytics, and data-enabled solutions, today reported financial results for the quarter ended December 31, 2019. Operating and financial highlights appear below.


  • Revenues of $426 million, up 6%, driven by growth in real estate solutions and valuation and insurance-related platform businesses as well as higher U.S. mortgage market origination volumes.
  • Operating income from continuing operations of $56 million, up 95%, due primarily to higher revenues and favorable business mix, as well as operating leverage and cost productivity benefits.
  • Net income from continuing operations of $30 million, up 131%, reflecting operating income upsides.
  • Diluted EPS from continuing operations of $0.37, up 131%. Adjusted EPS of $0.77, up 60%.
  • Adjusted EBITDA of $129 million, up 26%; adjusted EBITDA margin of 30% compared to 25% in the prior year.
  • Completed AMC transformation program, positioning the business for future growth and margin expansion.
  • Repurchased 625,000 common shares for $25 million and reduced outstanding debt by $39 million.
  • Announced initiation of quarterly cash dividend program.

CoreLogic topped off a very strong 2019 with an outstanding operating and financial performance in the fourth quarter. We delivered top line growth and significantly higher margins in the fourth quarter, driven by acceleration in our high-margin core mortgage and platform-related businesses, and the benefits of operating leverage. We also capitalized on higher market volumes in the U.S. and ongoing productivity gains which helped us drive adjusted EBITDA margins above 30%," said Frank Martell, President and Chief Executive Officer of CoreLogic.

We exited 2019 with expanded organic revenue growth trends underpinned by unique data, analytics and data-enabled solutions that, collectively, help millions of people find, buy and protect the homes they love. Favorable revenue growth and mix trends, the launch of several strategic growth initiatives as well as our ongoing drive for first-quartile operational efficiency provides a path to expanded organic growth and profitability in 2020 and beyond,” Martell added.

Fourth Quarter Financial Summary

Fourth quarter revenues totaled $426 million, up 6% or $23 million, compared with $403 million in 2018, driven primarily by growth in core mortgage, real estate solutions, as well as improved U.S. mortgage origination volumes and an insurance-related acquisition closed in December 2018. The transformation of the AMC and exit of non-core mortgage and default technology units impacted 2019 fourth quarter revenues by $24 million. Excluding the effect of the AMC transformation and non-core technology units, revenues increased approximately 12%.

Underwriting & Workflow Solutions (“UWS”) revenues totaled $259 million, up 8% from 2018 levels led by the benefits of higher U.S. mortgage origination volumes and organic growth. Excluding the effect of the AMC transformation and non-core technology units discussed above, UWS revenues increased approximately 20%. Property Intelligence & Risk Management Solutions ("PIRM") revenues rose to $171 million, an increase of 2%, as growth in insurance and real estate solutions more than offset the impacts of lower tenant screening volumes, currency translation and reduced housing market activity in Australia, which aggregated approximately $5 million.

Operating income from continuing operations totaled $56 million for the fourth quarter compared with $29 million in 2018. Operating margins increased approximately 600 basis points to 13%. Higher operating income was principally attributable to the benefits of revenue growth, operating leverage, improved business mix and cost productivity.

Fourth quarter net income from continuing operations totaled $30 million, compared with $13 million in 2018, an increase of 131%. Diluted EPS from continuing operations totaled $0.37, compared with $0.16 in 2018, an increase of 131%. Adjusted EPS totaled $0.77, compared with $0.48 in 2018, an increase of 60%. The increases were due to the Company's strong operating performance discussed previously.

Adjusted EBITDA totaled $129 million, up 26%, compared to $103 million in the prior year period. Adjusted EBITDA margin was 30%, an increase of approximately 500 basis points. The increase in adjusted EBITDA was principally attributable to revenue growth, improved business mix and the benefits of ongoing cost productivity programs. UWS adjusted EBITDA was $99 million, compared to $71 million for the prior year quarter, reflecting operating leverage benefits from higher U.S. mortgage loan volumes, organic growth, favorable revenue mix and continued productivity gains. PIRM adjusted EBITDA totaled $40 million, in line with 2018, as growth in insurance and real estate solutions as well as cost productivity actions offset investments in new products, platforms and technology, currency translation and reduced housing market activity in Australia.

Liquidity and Capital Resources

At December 31, 2019, the Company had cash and cash equivalents of $105 million compared with $85 million at December 31, 2018. Total debt as of December 31, 2019 was $1,688 million compared with $1,797 million as of December 31, 2018. As of December 31, 2019, the Company had available capacity on its revolving credit facility of $750 million.

Net operating cash provided by continuing operations for the year ended December 31, 2019 was $389 million. Free cash flow ("FCF") for the year ended December 31, 2019 totaled $257 million, which represented 52% of adjusted EBITDA.

In 2019, the Company repurchased 2,025,000, or 3% of its common shares for $87 million.

Teleconference/Webcast

CoreLogic management will host a live webcast and conference call on Wednesday, February 26, 2020, at 3:00 p.m. Pacific Time (6:00 p.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: 1-800-367-2403 for U.S. and Canada callers or 1-334-777-6978 for international callers using Confirmation Code 5448416.

A replay of the webcast will be available on the CoreLogic investor website for 10 days and also through the conference call number 1-888-203-1112 for U.S. and Canada participants or 1-719-457-0820 for international participants using Conference ID 5448416.

CLGX-F

About CoreLogic

CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy, and protect their homes. 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 transformation of the Company’s AMC business and future growth and margin expansion, continued operational efficiencies, revenue growth and the expected financial impact of its strategic and operating actions. 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. These risks and uncertainties include but are not limited to: our ability to protect our information systems against data corruption, cyber-based attacks or network security breaches; 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; systems interruptions that may impair the delivery of our products and services; difficult conditions in the mortgage and consumer lending industries and the economy generally; risks related to the outsourcing of services and international operations; our ability to realize the anticipated benefits of certain acquisitions and/or divestitures and the timing thereof; 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, such as 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 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 believes that its presentation of these non-GAAP measures provides useful supplemental information to investors and management regarding the Company'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 25% and 26% for 2019 and 2018, respectively. 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.

(Additional Financial Data Follow)

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)

2019

 

2018

 

2019

 

2018

Operating revenue

$

426,032

 

 

$

403,309

 

 

$

1,762,235

 

 

$

1,788,378

 

Cost of services (exclusive of depreciation and amortization)

205,676

 

 

212,275

 

 

880,133

 

 

921,429

 

Selling, general and administrative expenses

118,640

 

 

104,565

 

 

480,938

 

 

444,614

 

Depreciation and amortization

45,674

 

 

50,048

 

 

187,716

 

 

191,996

 

Impairment loss

 

 

7,639

 

 

47,912

 

 

7,721

 

Total operating expenses

369,990

 

 

374,527

 

 

1,596,699

 

 

1,565,760

 

Operating income

56,042

 

 

28,782

 

 

165,536

 

 

222,618

 

Interest expense:

 

 

 

 

 

 

 

Interest income

408

 

 

524

 

 

2,136

 

 

1,577

 

Interest expense

19,156

 

 

19,490

 

 

78,293

 

 

75,551

 

Total interest expense, net

(18,748

)

 

(18,966

)

 

(76,157

)

 

(73,974

)

Tax indemnification release

 

 

 

 

(13,394

)

 

 

Gain/(loss) on investments and other, net

1,426

 

 

12,881

 

 

(500

)

 

18,005

 

Income from continuing operations before equity in earnings/(losses) of affiliates and income taxes

38,720

 

 

22,697

 

 

75,485

 

 

166,649

 

Provision for income taxes

8,682

 

 

8,259

 

 

9,190

 

 

45,691

 

Income from continuing operations before equity in earnings/(losses) of affiliates

30,038

 

 

14,438

 

 

66,295

 

 

120,958

 

Equity in earnings/(losses) of affiliates, net of tax

58

 

 

(1,416

)

 

555

 

 

1,493

 

Net income from continuing operations

30,096

 

 

13,022

 

 

66,850

 

 

122,451

 

(Loss)/income from discontinued operations, net of tax

(14

)

 

(412

)

 

(17,470

)

 

(587

)

Net income

$

30,082

 

 

$

12,610

 

 

$

49,380

 

 

$

121,864

 

 

 

 

 

 

 

 

 

Basic income/(loss) per share:

 

 

 

 

 

 

 

Net income from continuing operations

$

0.38

 

 

$

0.16

 

 

$

0.84

 

 

$

1.51

 

(Loss)/income from discontinued operations, net of tax

 

 

(0.01

)

 

(0.22

)

 

(0.01

)

Net income

$

0.38

 

 

$

0.15

 

 

$

0.62

 

 

$

1.50

 

Diluted income/(loss) per share:

 

 

 

 

 

 

 

Net income from continuing operations

$

0.37

 

 

$

0.16

 

 

$

0.83

 

 

$

1.49

 

(Loss)/income from discontinued operations, net of tax

 

 

(0.01

)

 

(0.22

)

 

(0.01

)

Net income

$

0.37

 

 

$

0.15

 

 

$

0.61

 

 

$

1.48

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

79,125

 

 

80,198

 

 

79,885

 

 

80,854

 

Diluted

80,356

 

 

81,330

 

 

81,021

 

 

82,275

 

 

Please refer to the full Form 10-K 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)

December 31,

 

December 31,

Assets

2019

 

2018

Current assets:

 

 

 

Cash and cash equivalents

$

105,185

 

 

$

85,271

 

Accounts receivable (less allowances of $7,161 and $5,742 in 2019 and 2018, respectively)

281,392

 

 

242,814

 

Prepaid expenses and other current assets

58,495

 

 

50,136

 

Income tax receivable

1,477

 

 

25,299

 

Total current assets

446,549

 

 

403,520

 

Property and equipment, net

451,021

 

 

456,497

 

Operating lease assets

65,825

 

 

 

Goodwill, net

2,396,096

 

 

2,391,954

 

Other intangible assets, net

378,818

 

 

468,405

 

Capitalized data and database costs, net

327,078

 

 

324,049

 

Investment in affiliates, net

16,666

 

 

22,429

 

Other assets

76,604

 

 

102,136

 

Total assets

$

4,158,657

 

 

$

4,168,990

 

Liabilities and Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable and other accrued expenses

$

173,989

 

 

$

166,258

 

Accrued salaries and benefits

86,598

 

 

84,940

 

Contract liabilities, current

321,647

 

 

308,959

 

Current portion of long-term debt

56,022

 

 

26,935

 

Operating lease liabilities, current

18,058

 

 

 

Total current liabilities

656,314

 

 

587,092

 

Long-term debt, net of current

1,610,538

 

 

1,752,241

 

Contract liabilities, net of current

563,246

 

 

524,069

 

Deferred income tax liabilities

110,396

 

 

124,968

 

Operating lease liabilities, net of current

85,139

 

 

 

Other liabilities

181,814

 

 

180,122

 

Total liabilities

3,207,447

 

 

3,168,492

 

 

 

 

 

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; 78,972 and 80,092 shares issued and outstanding as of December 31, 2019 and 2018, respectively

1

 

 

1

 

Additional paid-in capital

111,000

 

 

160,870

 

Retained earnings

1,006,992

 

 

975,375

 

Accumulated other comprehensive loss

(166,783

)

 

(135,748

)

Total stockholders' equity

951,210

 

 

1,000,498

 

Total liabilities and equity

$

4,158,657

 

 

$

4,168,990

 

 

Please refer to the full Form 10-K filing for the complete financial statements and related notes that are an integral part of the financial statements.

CoreLogic, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

 

 

For the Year Ended

 

December 31,

(in thousands)

2019

 

2018

Cash flows from operating activities:

 

 

 

Net income

$

49,380

 

 

$

121,864

 

Less: Loss from discontinued operations, net of tax

(17,470

)

 

(587

)

Net income from continuing operations

66,850

 

 

122,451

 

Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:

 

 

 

Depreciation and amortization

187,716

 

 

191,996

 

Impairment loss

47,912

 

 

7,721

 

Amortization of debt issuance costs

5,077

 

 

5,434

 

Amortization of operating lease assets

15,401

 

 

 

Provision for bad debts and claim losses

15,534

 

 

13,467

 

Share-based compensation

36,292

 

 

37,196

 

Equity in earnings of investee, net of taxes

(555

)

 

(1,493

)

Gain on sale of property and equipment

(3

)

 

(32

)

Loss on early extinguishment of debt

1,892

 

 

 

Deferred income tax

2,675

 

 

26,940

 

Impairment loss on investment in affiliates

1,511

 

 

 

Tax indemnification release

13,394

 

 

 

Gain on investments and other, net

(2,903

)

 

(18,005

)

Change in operating assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable

(37,051

)

 

21,093

 

Prepaid expenses and other assets

(7,269

)

 

(1,158

)

Accounts payable and other accrued expenses

296

 

 

(17,957

)

Contract liabilities

49,947

 

 

(15,983

)

Income taxes

22,209

 

 

(1,142

)

Dividends received from investments in affiliates

1,987

 

 

775

 

Other assets and other liabilities

(31,889

)

 

(16,185

)

Net cash provided by operating activities - continuing operations

389,023

 

 

355,118

 

Net cash used in operating activities - discontinued operations

(24,807

)

 

(5

)

Total cash provided by operating activities

$

364,216

 

 

$

355,113

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

$

(91,572

)

 

$

(62,304

)

Purchases of capitalized data and other intangible assets

(40,019

)

 

(35,075

)

Cash paid for acquisitions, net of cash acquired

(13,283

)

 

(219,588

)

Cash received from sale of business-lines

4,109

 

 

3,178

 

Purchases of investments

(658

)

 

 

Proceeds from sale of property and equipment

3

 

 

207

 

Proceeds from investments and other

5,591

 

 

4,716

 

Net cash used in investing activities - continuing operations

(135,829

)

 

(308,866

)

Net cash provided by investing activities - discontinued operations

 

 

 

Total cash used in investing activities

$

(135,829

)

 

$

(308,866

)

Cash flows from financing activities:

 

 

 

Proceeds from long-term debt

$

1,770,000

 

 

$

191,291

 

Debt issuance costs

(9,621

)

 

 

Debt extinguishment premium

(425

)

 

 

Repayments of long-term debt

(1,883,955

)

 

(173,236

)

Shares repurchased and retired

(86,675

)

 

(109,063

)

Proceeds from issuance of shares in connection with share-based compensation

10,149

 

 

21,140

 

Payment of tax withholdings related to net share settlements

(10,026

)

 

(12,858

)

Contingent consideration payments subsequent to acquisitions

(612

)

 

 

Net cash used in financing activities - continuing operations

(211,165

)

 

(82,726

)

Net cash provided by financing activities - discontinued operations

 

 

 

Total cash used in financing activities

$

(211,165

)

 

$

(82,726

)

Effect of exchange rate on cash, cash equivalents and restricted cash

230

 

 

2,575

 

Net change in cash, cash equivalents and restricted cash

$

17,452

 

 

$

(33,904

)

Cash, cash equivalents and restricted cash at beginning of year

98,250

 

 

132,154

 

Less: Change in cash, cash equivalents and restricted cash - discontinued operations

(24,807

)

 

(5

)

Plus: Cash swept (to)/from discontinued operations

(24,807

)

 

(5

)

Cash, cash equivalents and restricted cash at end of year

$

115,702

 

 

$

98,250

 

 

Please refer to the full Form 10-K 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 December 31, 2019

(in thousands)

PIRM

UWS

CORP

ELIM

CoreLogic

Net income/(loss) from continuing operations

$

10,894

 

$

77,419

 

$

(58,217

)

$

 

$

30,096

 

Income taxes

 

 

8,701

 

 

8,701

 

Depreciation and amortization

24,659

 

13,194

 

7,821

 

 

45,674

 

Interest (income)/expense, net

(88

)

67

 

18,769

 

 

18,748

 

Share-based compensation

1,811

 

1,737

 

5,881

 

 

9,429

 

Non-operating losses

425

 

5,616

 

964

 

 

7,005

 

Efficiency investments and other

1,084

 

310

 

6,227

 

 

7,621

 

Transaction costs

1,469

 

359

 

72

 

 

1,900

 

Amortization of acquired intangibles included in equity in earnings of affiliates

75

 

 

 

 

75

 

Adjusted EBITDA

$

40,329

 

$

98,702

 

$

(9,782

)

$

 

$

129,249

 

 

 

For the Three Months Ended December 31, 2018

(in thousands)

PIRM

UWS

CORP

ELIM

CoreLogic

Net income/(loss) from continuing operations

$

25,517

 

$

43,181

 

$

(55,676

)

$

 

$

13,022

 

Income taxes

 

 

7,786

 

 

7,786

 

Depreciation and amortization

25,920

 

17,614

 

6,514

 

 

50,048

 

Interest expense, net

85

 

78

 

18,803

 

 

18,966

 

Share-based compensation

996

 

1,597

 

5,029

 

 

7,622

 

Impairment loss

 

7,639

 

 

 

7,639

 

Non-operating gains

(13,335

)

 

(3,188

)

 

(16,523

)

Efficiency investments and other

187

 

1,058

 

7,911

 

 

9,156

 

Transaction costs

1,675

 

 

2,928

 

 

4,603

 

Amortization of acquired intangibles included in equity in losses of affiliates

210

 

 

 

 

210

 

Adjusted EBITDA

$

41,255

 

$

71,167

 

$

(9,893

)

$

 

$

102,529

 

 

 

For the Year Ended December 31, 2019

(in thousands)

PIRM

UWS

CORP

ELIM

CoreLogic

Net income/(loss) from continuing operations

$

68,750

 

$

218,034

 

$

(219,934

)

$

 

$

66,850

 

Income taxes

 

 

9,375

 

 

9,375

 

Depreciation and amortization

102,586

 

55,738

 

29,392

 

 

187,716

 

Interest expense, net

37

 

269

 

75,851

 

 

76,157

 

Share-based compensation

6,746

 

6,763

 

22,783

 

 

36,292

 

Impairment loss

 

47,912

 

 

 

47,912

 

Non-operating losses

3,961

 

8,466

 

13,739

 

 

26,166

 

Efficiency investments

3,526

 

6,501

 

29,561

 

 

39,588

 

Transaction costs

6,448

 

359

 

392

 

 

7,199

 

Amortization of acquired intangibles included in equity in earnings of affiliates

306

 

 

 

 

306

 

Adjusted EBITDA

$

192,360

 

$

344,042

 

$

(38,841

)

$

 

$

497,561

 

 

 

For the Year Ended December 31, 2018

(in thousands)

PIRM

UWS

CORP

ELIM

CoreLogic

Net income/(loss) from continuing operations

$

102,725

 

$

238,424

 

$

(218,698

)

$

 

$

122,451

 

Income taxes

 

 

46,187

 

 

46,187

 

Depreciation and amortization

103,343

 

65,381

 

23,272

 

 

191,996

 

Interest expense, net

735

 

305

 

72,934

 

 

73,974

 

Share-based compensation

5,421

 

7,885

 

23,890

 

 

37,196

 

Impairment loss

 

7,721

 

 

 

7,721

 

Non-operating gains

(17,220

)

 

(2,483

)

 

(19,703

)

Efficiency investments

2,143

 

1,058

 

17,802

 

 

21,003

 

Transaction costs

6,559

 

 

4,792

 

 

11,351

 

Amortization of acquired intangibles included in equity in earnings of affiliates

909

 

 

 

 

909

 

Adjusted EBITDA

$

204,615

 

$

320,774

 

$

(32,304

)

$

 

$

493,085

 

CoreLogic, Inc.

Reconciliation of Adjusted EPS

(Unaudited)

 

 

For the Three Months Ended December 31,

(Diluted income per share)

2019

 

2018

Net income from continuing operations

$

0.37

 

 

$

0.16

 

Share-based compensation

0.12

 

 

0.09

 

Non-operating losses/(gains)

0.09

 

 

(0.20

)

Efficiency investments and other

0.09

 

 

0.11

 

Impairment loss

 

 

0.09

 

Transaction costs

0.02

 

 

0.06

 

Depreciation and amortization of acquired software and intangibles

0.21

 

 

0.24

 

Income tax effect on adjustments

(0.13

)

 

(0.07

)

Adjusted EPS

$

0.77

 

 

$

0.48

 

 

 

For the Year Ended December 31,

(Diluted income per share)

2019

 

2018

Net income from continuing operations

$

0.83

 

 

$

1.49

 

Share-based compensation

0.45

 

 

0.45

 

Non-operating losses/(gains)

0.32

 

 

(0.24

)

Efficiency investments

0.49

 

 

0.26

 

Impairment loss

0.59

 

 

0.09

 

Transaction costs

0.09

 

 

0.14

 

Depreciation and amortization of acquired software and intangibles

0.89

 

 

0.93

 

Amortization of acquired intangibles included in equity in earnings of affiliates

 

 

0.01

 

Income tax effect on adjustments

(0.83

)

 

(0.41

)

Adjusted EPS

$

2.83

 

 

$

2.72

 

CoreLogic, Inc.

Reconciliation to Free Cash Flow

(Unaudited)

(in thousands)

 

For the Year Ended

December 31, 2019

Net cash provided by operating activities - continuing operations

 

$

389,023

 

Purchases of property and equipment

 

(91,572

)

Purchases of capitalized data and other intangible assets

 

(40,019

)

Free Cash Flow

 

$

257,432

 


Contacts

Investor Contact: Dan Smith, office phone: 703-610-5410, e-mail: danlsmith@corelogic.com

Media Contact: Allyse Sanchez, INK Communications for CoreLogic, office phone: 925-548-2535, e-mail: newsmedia@corelogic.com


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