CoreLogic Reports Fourth Quarter and Full-Year 2017 Financial Results

Strong Operating Performance Highlighted by Revenue Outperformance of Market Trends, Achievement of High End of Profit Guidance and Outstanding Cash Flow and Capital Return

IRVINE, Calif. — (BUSINESS WIRE) — February 26, 2018 — CoreLogic (NYSE: CLGX), a leading global provider of property information, insight, analytics and data-enabled solutions, today reported financial results for the quarter and full-year ended December 31, 2017. Operating and financial highlights appear below:

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CoreLogic President & CEO Frank Martell (Photo: Business Wire)

CoreLogic President & CEO Frank Martell (Photo: Business Wire)

Fourth Quarter

  • Revenues of $454 million were down 4% as the benefits of growth in insurance & spatial solutions and international as well as pricing actions, market share gains and new products were offset by the impact of an estimated 15% decline in U.S. mortgage origination unit volumes.
  • Operating income from continuing operations rose 13% to $65 million driven principally by productivity and cost management program benefits.
  • Net income from continuing operations increased $59 million to $65 million fueled by operating upsides and a one-time tax benefit attributable to the U.S. Tax Cuts and Jobs Act (“Tax Reform Act”).
  • Diluted EPS from continuing operations was up $0.71 to $0.78. Adjusted EPS totaled $0.55 per share.
  • Adjusted EBITDA totaled $117 million, up from $116 million. Adjusted EBITDA margin was 26%.
  • Repurchased 1.6 million common shares for $75 million.

Full-Year 2017

  • Revenues of $1,851 million were 5% lower than 2016 as an estimated 20% decrease in U.S. mortgage market unit volumes offset growth in insurance & spatial solutions and international as well as the benefits from pricing actions, market share gains and new products.
  • Operating income from continuing operations was down 14% to $239 million as lower mortgage market volumes and the cost of a third quarter legal settlement more than offset benefits from organic growth, productivity and cost management programs.
  • Net income from continuing operations increased 36% to $150 million primarily due to benefits attributable to the Tax Reform Act, organic growth and cost productivity.
  • Diluted EPS from continuing operations rose $0.52 to $1.75. Adjusted EPS totaled $2.37.
  • Adjusted EBITDA totaled $480 million. Adjusted EBITDA margin was 26%.
  • Repurchased 4.6 million shares (5% of outstanding common shares) for $207 million.

“CoreLogic delivered outstanding results both operationally and financially, in 2017. We achieved the top end of our guidance ranges for adjusted EBITDA and Adjusted EPS as we significantly outperformed U.S. mortgage market volume trends for the sixth straight year. Importantly, we continued to aggressively invest in building market-leading solutions that provide our clients with unique insights and connect the totality of the real estate ecosystem. These investments position us to be a long-term strategic partner for our clients and the broader real estate industry as we drive to transform underwriting and property valuation, risk management and ongoing monitoring solutions. In addition, the natural benefits of operating leverage driven by our scale and relentless focus on cost productivity has resulted in higher margins and the creation of a durable and highly cash generative business model. This model allowed us to return $207 million to our shareholders through the repurchase of approximately 5% of our outstanding share count in 2017,” said Frank Martell, President and Chief Executive Officer of CoreLogic.

"We head into 2018 excited by the prospects offered by a stable and growing purchase-driven mortgage market in the U.S. where we have built strong market leading positions that are poised to capitalize on the benefits of high operating leverage and efficiency. In addition, our expanding footprint in insurance & spatial solutions and international markets provide us with sizable opportunities for high margin non-cyclical growth,” Martell added.

Fourth Quarter Financial Summary

Fourth quarter reported revenues totaled $454 million compared with $475 million in the same 2016 period. During the quarter, pricing-related gains and contributions from new products in both the Property Intelligence and Risk Management (PIRM) and Underwriting & Workflow Solutions (UWS) segments and gains from acquisitions partially offset the impact of lower U.S. mortgage loan origination unit volumes. PIRM revenues rose 5% to $180 million, driven principally by market-share gains in insurance & spatial solutions and the benefits of recent acquisitions focused on property insights. UWS segment revenues totaled $276 million, down 10% from 2016 levels, as benefits from pricing, market-share gains and valuation solutions platform upsides partially offset lower mortgage market volumes and the planned diversification by a significant appraisal management client.

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