CoreLogic (NYSE:CLGX), a leading provider of information, analytics and business services, today reported financial results for the fourth quarter and full-year ended December 31, 2011.
Anand Nallathambi, President and Chief Executive Officer, said, “CoreLogic is exiting 2011 with strong and accelerating momentum. During the fourth quarter we reorganized the business to focus on three core segments: data and analytics, mortgage origination services and default services. This new streamlined organization, together with CoreLogic's exit of non-core businesses in the third quarter and the recent addition of key senior leadership talent, has sharpened our management and client focus which we believe will allow us to deliver superior results.”
Nallathambi continued, “We enter 2012 with a streamlined, higher-margin business portfolio that is focused on delivering world-class data, analytics and services to our clients. This year we expect double-digit revenue growth in our data and analytics segment and we believe our mortgage origination and default services segments are well positioned to outperform their respective markets.”
“During the fourth quarter we continued to aggressively drive productivity and reduce costs. We realized $20 million in cost reductions in 2011 and, importantly, took actions that should secure about half of our 2012 Project 30 savings targets” added Frank Martell, Chief Financial Officer. “CoreLogic nearly doubled its cash on hand during the fourth quarter and we plan to deploy some of those funds in the first half of 2012 to reduce our debt balances by at least $100 million. We also expect to build our liquidity and capital resources in 2012.”
Certain information contained in this document is presented on a non-GAAP adjusted basis. For more information about the Company's adjusted results, as well as other non-GAAP financial measures used by management, please refer to the Company's quarterly financial supplement on the CoreLogic investor website and discussion on the Use of Non-GAAP Financial Measures, as well as the Reconciliation of certain GAAP to Non-GAAP Financial Measures For Consolidated CoreLogic, Inc. contained in this release.
Fourth Quarter Financial Highlights
Cost Reduction Program
Liquidity and Capital Resources
Revised Segment Reporting
($ in millions, except per share amounts)
$1,425 - $1,475
$335 - $360
$0.95 - $1.05
The CoreLogic press release announcing its financial results for the fourth quarter and full year 2011 is available to download as a PDF by clicking the link below.
CoreLogic Reports Fourth-Quarter and Full-Year 2011 Financial Results
CoreLogic management will host a live webcast and conference call on Tuesday, February 28, 2012, 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. The discussion is also available through dial-in number 1-800-798-2801 for U.S./Canada participants or 617-614-6205 for international participants using Conference ID 24200512.
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 54388010.
Additional detail on the Company's fourth quarter financial results is included in the quarterly financial supplement, available on the Investor Relations page at http://investor.corelogic.com.
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CoreLogic (NYSE: CLGX) is a leading provider of information, analytics and business services. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has more than 5,000 employees globally. For more information 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 overall financial performance, including future revenue and earnings growth, future margin improvement and future adjusted EBITDA and EPS performance, estimated future cost savings and the impact thereof; mortgage market trends; reduction in indebtedness; and anticipated workforce reductions. Risk 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, 2010, as updated by our Quarterly Reports on Form 10-Q, including but not limited to: limitations on access to 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 which may, among other things, limit the manner in which we conduct business with our customers; compromises in the security of our data transmissions, including the transmission of confidential information or systems interruptions; difficult conditions in the mortgage and consumer credit industry, including the continued decline in mortgage applications, declines in the level of loans seriously delinquent and continued delays in the default cycle, the state of the securitization market, increased unemployment, and conditions in the economy generally; our cost reduction initiatives and our ability to significantly decrease future allocated costs and other amounts in connection therewith; risks related to our international operations and the outsourcing of various business process and information technology services to third parties, including potential disruptions to services and customers and inability to achieve cost savings; 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 Financial Measures
This press release contains certain financial measures that are not presented in accordance with Generally Accepted Accounting Principles (GAAP), including adjusted revenue which includes equity in earnings of affiliates; adjusted EBITDA and adjusted EBITDA margin which is adjusted to exclude historical corporate expense of the spun-off businesses, net realized investment gains/losses, employee separation costs, and other adjustments. Although these exclusions represent actual losses or expenses to the Company, they may mask the periodic income and financial and operating trends associated with the Company's business. To compensate for the inherent limitations of these non-GAAP measures, the Company uses them in conjunction with the corresponding GAAP measures.
The Company is presenting these non-GAAP financial measures because the Company believes that they provide the Company's management and investors with additional insight into the operational performance of the Company relative to earlier periods. The Company does not intend for these non-GAAP financial measures to be a substitute for any GAAP financial information. In this press release, these non-GAAP financial measures have been presented with, and reconciled to, the most directly comparable GAAP financial measures. Investors should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures.
The Company is not able to provide a reconciliation of projected adjusted EBITDA or projected adjusted earnings per share to expected reported results due to the unknown effect, timing and potential significance of special charges or gains.