CoreLogic Expands 2016 Share Repurchase Program and Announces 2017 Repurchase Target
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October 13, 2016, Irvine, Calif. –
CoreLogic® (NYSE: CLGX), a leading global provider of property information, insight, analytics and data-enabled solutions, today announced the expansion of its 2016 share repurchase program from 3 million to 4 million common shares. Common shares issued and outstanding as of December 31, 2015, totaled 88.2 million. During the nine months ended September 30, 2016, the Company repurchased 2.9 million common shares for $113 million.
The Company expects to repurchase at least 4 million common shares during 2017.
“Our relentless focus on profitable growth, operating scale and cost efficiency has resulted in a durable business model that allows us to continue to invest in our products and solutions, technology leadership and operational improvements and, at the same time, aggressively return capital to our shareholders,” said Anand Nallathambi, President and Chief Executive Officer of CoreLogic.
“Our consistently outstanding operating performance over the past six years has allowed us to return almost $1 billion in capital to our shareholders in the of form share repurchases. We believe the continued repurchase of a significant amount of our common shares represents a substantial value creation mechanism for our long-term shareholders,” added Frank Martell, Chief Operating Officer of CoreLogic.
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CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The Company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 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, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed solutions. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. 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 Company's planned share repurchase plan and capital return to shareholders. 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, as amended or updated by our Quarterly Reports on Form 10-Q. These additional risks and uncertainties include but are not limited to: 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; compromises in the security of our data, including the transmission of confidential information or systems interruptions; difficult conditions in the mortgage and consumer lending industries and the economy generally; our ability to protect proprietary rights; our cost reduction program, technology and growth strategies, including the launch of the VSG, and our ability to effectively and efficiently implement them; risks related to the outsourcing of services and international operations; our indebtedness and the restrictions in our various debt agreements; our ability to realize the anticipated benefits of certain acquisitions and/or divestitures and the timing thereof; the inability to control the operations or dividend policies of our partially-owned affiliates; 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.