CoreLogic Updates 2012 Guidance And Provides 2013 Outlook
Record 2012 Performance Expected; Projects Growth in Revenue, Adjusted EBITDA
and Adjusted Earnings per Share in 2013
- Fourth-quarter and full-year results expected to exceed high-end of
previously issued 2012 revenue, adjusted EBITDA and adjusted EPS guidance
- Stronger 2012 expected results attributable to higher origination volumes,
acceleration of Data and Analytics revenue growth, the benefits of operating
leverage and cost reduction programs as well as share repurchases.
- Full-year 2013 guidance of $1,575 - $1,600 million in revenue, $460 - $475
million in adjusted EBITDA, and $1.65 - $1.75 in adjusted EPS.
IRVINE, Calif., Jan. 31, 2013
IRVINE, Calif., Jan. 31, 2013 /PRNewswire/ --CoreLogic (NYSE:CLGX), a leading
residential property information, analytics and services provider, today
provided a market update on 2012 and 2013 financial guidance.
"We ended 2012 with strong momentum driven by continued strong origination
volumes, accelerating growth of Data and Analytics revenues and successful
execution of our Project 30 cost reduction plan. We are entering 2013 with
significant financial flexibility and our focus remains squarely on profitable
topline growth, margin expansion and free cash flow generation," said Anand
Nallathambi, President and Chief Executive Officer of CoreLogic.
"We expect to deliver record financial results and exceed our previous
guidance for the full year of 2012. We are entering 2013 a higher-growth,
higher-margin Company focused on capitalizing on the opportunities presented
by an improving housing market. Despite market forecasts indicating a
reduction in loan origination volumes, we believe CoreLogic is positioned to
deliver revenue and profit growth in 2013," added Frank Martell, Chief
Financial Officer of CoreLogic.
Financial Guidance and Assumptions
($ in millions except adjusted Top end of 2012 2013 Outlook/ Implied
Revenue $1,540 $1,575 - $1,600 2 - 4%
Adjusted EBITDA^(1) $445 $460 - $475 3 - 7%
Adjusted EPS^(1) $1.50 $1.65 - $1.75 10 - 17%
(1) Definition of adjusted results, as well as other non-GAAP financial
measures used by management is included in the Use of Non-GAAP Financial
Measures section found at the end of the release.
2012 and 2013 guidance is based on the following estimates and assumptions:
2012 Guidance Update
oMortgage industry origination dollar volumes of approximately $1.7 to $1.8
oMortgage industry delinquency volumes and foreclosure starts contract
year-over-year at least 10 percent.
oSuccessful execution of Project 30 cost savings initiatives totaling at
least $60 million.
oRepurchase of 10 million common shares during 2012.
oMortgage industry origination dollar volumes of approximately $1.45 to
oMortgage industry delinquency volumes and foreclosure starts contract by
at least 10 percent compared with 2012.
oSuccessful execution of Project 30 cost savings totaling at least $20
oRepurchase of 3 million common shares.
CoreLogic will release its fourth quarter and full-year 2012 financial results
after the market close on Thursday, February 21, 2013. The press release,
with accompanying financial information, will be posted on the CoreLogic
investor website at http://investor.corelogic.com.
CoreLogic management will host a live webcast and conference call on Friday,
February 22, 2013, 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:
1-866-543-6408 for U.S./Canada callers or 617-213-8899 for international
callers. The Conference ID for the call is 75063583.
Additional detail on the Company's third quarter results is included in the
quarterly financial supplement, available on the Investor Relations page at
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 66504121.
CoreLogic (NYSE: CLGX) is a leading property information, analytics and
services provider in the United States and Australia. The company's combined
data from public, contributory, and proprietary sources includes over 3.3
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, transportation and government. 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 seven countries. For more information, please
CORELOGIC and the CoreLogic logo are registered trademarks owned by CoreLogic,
Inc. and/or its subsidiaries.
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 overall financial performance,
including future revenue and profit growth, future margin improvement and
future adjusted EBITDA and adjusted EPS performance, our ability to meet our
2012 and 2013 business and financial objectives and generate longer-term
positive returns for our shareholders; the Company's full-year 2012 expected
results and 2013 financial guidance; estimated future cost savings and the
impact thereof; mortgage and housing market trends, including mortgage
origination and mortgage delinquency volumes; net operating expense
reductions, expected non-recurring cash and non-cash charges; and targeted
cost reductions including Project 30 and the Technology Transformation
Initiative. 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 are set forth in Part I, Item 1A of our most recent
Annual Report on Form 10-K for the year ended December 31, 2011, as updated by
our Quarterly Reports on Form 10-Q, including but not limited to: limitations
on access to or increase in prices for data from various external sources;
government legislation, regulations and the level of regulatory scrutiny
affecting our customers or us, including the new Bureau of Consumer Financial
Protection and with respect to the use of public records and consumer data;
compromises in the security of our data transmissions, including the
transmission of confidential information or systems interruptions; difficult
conditions in the mortgage and consumer lending industries and the economy
generally, together with our customer concentration and the impact of these
factors thereon; our cost reduction plan and our ability to significantly
decrease future allocated costs and other amounts in connection therewith;
risks related to the outsourcing of services and our international operations;
the inability to control the operations and dividend policies of our
partially-owned affiliates; impairments in our goodwill or other intangible
assets; and the restrictive covenants in the agreements governing certain of
our outstanding indebtedness. 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 comparable GAAP
financial measures. These non-GAAP measures are not in accordance with or a
substitute for, U.S. GAAP. The Company is not able to provide a
reconciliation of projected adjusted EBITDA or projected adjusted earnings per
share, where provided, to expected reported 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 and adjusted EPS 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, non-operating gains/losses, and
other adjustments plus pretax equity in earnings of affiliates, tax affected
at an assumed effective tax rate of 40%. Adjusted EPS is derived by dividing
adjusted net income by diluted weighted shares. Other firms may calculate
non-GAAP measures differently than CoreLogic, which limits comparability
Contact: Alyson Austin, Corporate Communications, 949-214-1414 ,
firstname.lastname@example.org; or Dan Smith, Investor Relations, 703-610-5410,
Press spacebar to pause and continue. Press esc to stop.