Company Quick10K Filing
CoreLogic
Price45.75 EPS0
Shares81 P/E116
MCap3,715 P/FCF15
Net Debt1,625 EBIT92
TEV5,340 TEV/EBIT58
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-27
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-24
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-26
10-Q 2017-03-31 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-22
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-10-23
10-Q 2015-06-30 Filed 2015-07-27
10-Q 2015-03-31 Filed 2015-04-24
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-10-24
10-Q 2014-06-30 Filed 2014-07-25
10-Q 2013-12-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-10-25
10-Q 2013-06-30 Filed 2013-07-26
10-Q 2013-03-31 Filed 2013-04-26
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-07-24
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-14
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-07-23 Earnings, Exhibits
8-K 2020-07-14 Other Events
8-K 2020-07-07 Regulation FD, Exhibits
8-K 2020-07-06 Enter Agreement, Shareholder Rights, Amend Bylaw, Regulation FD, Other Events, Exhibits
8-K 2020-06-25 Earnings, Exhibits
8-K 2020-06-11
8-K 2020-05-01
8-K 2020-04-30
8-K 2020-02-26
8-K 2020-02-19
8-K 2019-10-23
8-K 2019-07-24
8-K 2019-06-21
8-K 2019-05-31
8-K 2019-05-23
8-K 2019-05-14
8-K 2019-05-03
8-K 2019-04-24
8-K 2019-02-26
8-K 2018-12-20
8-K 2018-10-24
8-K 2018-07-25
8-K 2018-05-01
8-K 2018-04-25
8-K 2018-02-26
8-K 2018-02-06

CLGX 10Q Quarterly Report

Part I: Financial Information
Item 1. Financial Statements.
Note 1 - Basis of Condensed Consolidated Financial Statements
Note 2 - Property and Equipment, Net
Note 3 - Goodwill, Net
Note 4 - Other Intangible Assets, Net
Note 5 - Long - Term Debt
Note 6 - Fair Value
Note 7 - Operating Revenues
Note 8 - Share - Based Compensation
Note 9 - Litigation and Regulatory Contingencies
Note 10 - Income Taxes
Note 11 - Earnings per Share
Note 12 - Acquisitions
Note 13 - Segment Information
Note 14 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part Ii: Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 clgx-63020xex31110qng.htm
EX-31.2 clgx-63020xex31210qng.htm
EX-32.1 clgx-63020xex32110qng.htm
EX-32.2 clgx-63020xex32210qng.htm

CoreLogic Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
4.33.42.61.70.90.02012201420172020
Assets, Equity
0.60.50.30.20.0-0.12012201420172020
Rev, G Profit, Net Income
0.30.1-0.0-0.2-0.3-0.52012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
  
          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to

Commission file number 001-13585
clgx-20200630_g1.jpg
CORELOGIC, INC.
(Exact name of registrant as specified in its charter)
 
Delaware95-1068610
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
 
40 PacificaIrvineCalifornia92618
(Street Address)(City)(State)(Zip Code)
 
(949) 214-1000
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading symbol(s)Name of exchange on which registered
Common Stock, $0.00001 par valueCLGXNew York Stock Exchange
Preferred Stock Purchase RightsCLGXNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes       No   
 
Indicate by check mark whether the registrant: is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      No   

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

On July 21, 2020 there were 79,458,522 shares of common stock outstanding.



CoreLogic, Inc.
Table of Contents
 
 
Part I:Financial Information
  
Item 1.Financial Statements (unaudited)
  
 A. Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019
  
 B. Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019
  
 C. Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2020 and 2019
  
 D. Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019
  
 E. Condensed Consolidated Statement of Stockholders' Equity for the three and six months ended June 30, 2020 and 2019
  
 F. Notes to Condensed Consolidated Financial Statements
  
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
  
Item 3.Quantitative and Qualitative Disclosures About Market Risk
  
Item 4.Controls and Procedures
  
Part II:Other Information
  
Item 1.Legal Proceedings
  
Item 1A.Risk Factors
  
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits




PART I: FINANCIAL INFORMATION
Item 1.  Financial Statements.

CoreLogic, Inc.
Condensed Consolidated Balance Sheets
(Unaudited) 
(in thousands, except par value)June 30,December 31,
Assets20202019
Current assets:  
Cash and cash equivalents$137,286  $105,185  
Accounts receivable (less allowance for credit losses of $8,007 and $7,161 as of June 30, 2020 and December 31, 2019, respectively)
290,199  281,392  
Prepaid expenses and other current assets68,991  59,972  
Total current assets496,476  446,549  
Property and equipment, net440,015  451,021  
Operating lease assets59,571  65,825  
Goodwill, net2,400,412  2,396,096  
Other intangible assets, net351,055  378,818  
Capitalized data and database costs, net327,936  327,078  
Investment in affiliates, net11,839  16,666  
Other assets76,087  76,604  
Total assets$4,163,391  $4,158,657  
Liabilities and Equity  
Current liabilities:  
Accounts payable and other accrued expenses$185,355  $173,989  
Accrued salaries and benefits67,039  86,598  
Contract liabilities, current362,702  321,647  
Current portion of long-term debt2,504  56,022  
Operating lease liabilities, current17,855  18,058  
Total current liabilities635,455  656,314  
Long-term debt, net of current1,566,292  1,610,538  
Contract liabilities, net of current589,744  563,246  
Deferred income tax liabilities85,280  110,396  
Operating lease liabilities, net of current76,411  85,139  
Other liabilities208,086  181,814  
Total liabilities3,161,268  3,207,447  
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; 79,459 and 78,972 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
1  1  
Additional paid-in capital120,029  111,000  
Retained earnings1,099,154  1,006,992  
Accumulated other comprehensive loss(217,061) (166,783) 
Total stockholders' equity1,002,123  951,210  
Total liabilities and equity$4,163,391  $4,158,657  
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
1


CoreLogic, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
For the Three Months Ended For the Six Months Ended
June 30,June 30,
(in thousands, except per share amounts)2020201920202019
Operating revenues$477,464  $459,538  $921,349  $877,246  
Cost of services (excluding depreciation and amortization shown below)214,491  227,210  430,056  446,271  
Selling, general and administrative expenses124,061  122,798  238,467  251,022  
Depreciation and amortization46,701  47,106  93,544  96,325  
Impairment loss1,228  47,834  1,228  47,834  
Total operating expenses386,481  444,948  763,295  841,452  
Operating income90,983  14,590  158,054  35,794  
Interest expense:    
Interest income98  401  512  1,379  
Interest expense17,743  19,582  35,936  39,285  
Total interest expense, net(17,645) (19,181) (35,424) (37,906) 
Gain/(loss) on investments and other, net7,136  (2,884) 4,089  (2,150) 
Tax indemnification release  (13,394)   (13,394) 
Income/(loss) from continuing operations before equity in earnings/(losses) of affiliates and income taxes80,474  (20,869) 126,719  (17,656) 
Provision/(benefit) for income taxes21,845  (15,031) 34,796  (13,973) 
Income/(loss) from continuing operations before equity in earnings/(losses) of affiliates58,629  (5,838) 91,923  (3,683) 
Equity in earnings/(losses) of affiliates, net of tax376  314  888  (108) 
Net income/(loss) from continuing operations59,005  (5,524) 92,811  (3,791) 
(Loss)/income from discontinued operations, net of tax  (48) 13  (94) 
Net income/(loss)$59,005  $(5,572) $92,824  $(3,885) 
Basic income per share:
Net income/(loss) from continuing operations$0.74  $(0.07) $1.17  $(0.05) 
(Loss)/income from discontinued operations, net of tax        
Net income/(loss)$0.74  $(0.07) $1.17  $(0.05) 
Diluted income per share:    
Net income/(loss) from continuing operations$0.73  $(0.07) $1.15  $(0.05) 
(Loss)/income from discontinued operations, net of tax        
Net income/(loss)$0.73  $(0.07) $1.15  $(0.05) 
Weighted-average common shares outstanding:    
Basic79,403  80,473  79,216  80,326  
Diluted80,646  80,473  80,767  80,326  

The accompanying notes are an integral part of these condensed consolidated financial statements.
2


CoreLogic, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
For the Three Months Ended For the Six Months Ended
June 30,June 30,
(in thousands)2020201920202019
Net income/(loss)$59,005  $(5,572) $92,824  $(3,885) 
Other comprehensive income/(loss)    
Market value adjustments on interest rate swaps, net of tax(1,490) (21,088) (38,380) (33,294) 
Reclassification adjustment for gain on terminated interest rate swap included in net income  (67)   (67) 
Foreign currency translation adjustments26,680  (820) (12,010) 4,522  
Supplemental benefit plans adjustments, net of tax(75) (150) 112  (299) 
Total other comprehensive income/(loss)25,115  (22,125) (50,278) (29,138) 
Comprehensive income/(loss)$84,120  $(27,697) $42,546  $(33,023) 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3


CoreLogic, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
For the Six Months Ended June 30,
(in thousands)20202019
Cash flows from operating activities:  
Net income/(loss)$92,824  $(3,885) 
Less: Income/(loss) from discontinued operations, net of tax13  (94) 
Net income/(loss) from continuing operations92,811  (3,791) 
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:  
Depreciation and amortization93,544  96,325  
Amortization of debt issuance costs2,493  2,583  
Amortization of operating lease assets7,284  7,923  
Impairment loss1,228  47,834  
Provision for bad debt and claim losses7,893  7,577  
Share-based compensation21,838  17,755  
Equity in (earnings)/losses of affiliates, net of taxes(888) 108  
Loss on early extinguishment of debt  1,453  
Deferred income tax3,087  (8,291) 
(Gain)/loss on investments and other, net(4,089) 2,150  
Tax indemnification release  13,394  
Change in operating assets and liabilities, net of acquisitions:  
Accounts receivable(9,545) (38,845) 
Prepaid expenses and other current assets(4,767) (6,189) 
Accounts payable and other accrued expenses4,889  (24,962) 
Contract liabilities66,786  12,329  
Income taxes(7,893) 15,890  
Dividends received from investments in affiliates109    
Other assets and other liabilities(31,660) (22,649) 
Net cash provided by operating activities - continuing operations243,120  120,594  
Net cash provided by operating activities - discontinued operations18    
Total cash provided by operating activities$243,138  $120,594  
Cash flows from investing activities:  
Purchases of property and equipment$(31,855) $(44,714) 
Purchases of capitalized data and other intangible assets(18,535) (18,307) 
Cash paid for acquisitions, net of cash acquired(12,046) (41) 
Purchases of investments(631) (658) 
Cash received from sale of business-lines  1,082  
Proceeds from investments and other2,281  1,157  
Net cash used in investing activities - continuing operations(60,786) (61,481) 
Net cash provided by investing activities - discontinued operations    
Total cash used in investing activities$(60,786) $(61,481) 
Cash flows from financing activities:  
Proceeds from long-term debt$  $1,770,000  
Debt issuance costs  (9,621) 
Repayment of long-term debt(101,680) (1,789,702) 
Proceeds from issuance of shares in connection with share-based compensation5,785  6,559  
Payment of tax withholdings related to net share settlements (9,346) (9,267) 
Shares repurchased and retired(9,273) (29,030) 
Dividends paid(34,839)   
Contingent consideration payments subsequent to acquisitions  (600) 
Net cash used in financing activities - continuing operations(149,353) (61,661) 
Net cash provided by financing activities - discontinued operations    
Total cash used in financing activities$(149,353) $(61,661) 
Effect of exchange rate on cash, cash equivalents, and restricted cash(1,553) 26  
Net change in cash, cash equivalents, and restricted cash31,446  (2,522) 
Cash, cash equivalents, and restricted cash at beginning of period115,702  98,250  
Less: Change in cash, cash equivalents, and restricted cash - discontinued operations18    
Plus: Cash swept from discontinued operations18    
Cash, cash equivalents, and restricted cash at end of period$147,148  $95,728  
Supplemental disclosures of cash flow information:  
Cash paid for interest$32,095  $35,393  
Cash paid for income taxes$36,436  $9,909  
Cash refunds from income taxes$424  $16,061  
Non-cash investing activities:
Capital expenditures included in accounts payable and other accrued expenses$12,374  $17,179  

The accompanying notes are an integral part of these condensed consolidated financial statements.
4


CoreLogic, Inc.
Condensed Consolidated Statement of Stockholders' Equity (Quarter-to-Date)
(Unaudited)
Common Stock SharesCommon Stock AmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal
(in thousands)
For the Three Months Ended June 30, 2020
Balance as of March 31, 202079,411  $1  $111,481  $1,057,692  $(242,176) $926,998  
Net income—  —  —  59,005  —  59,005  
Shares issued in connection with share-based compensation198  —  2,853  —  —  2,853  
Payment of tax withholdings related to net share settlements—  —  (1,295) —  —  (1,295) 
Share-based compensation—  —  13,753  —  —  13,753  
Shares repurchased and retired(150) —  (6,842) —  —  (6,842) 
Dividends on common shares—  —  79  (17,543) —  (17,464) 
Other comprehensive income—  —  —  —  25,115  25,115  
Balance as of June 30, 202079,459  $1  $120,029  $1,099,154  $(217,061) $1,002,123  
For the Three Months Ended June 30, 2019
Balance as of March 31, 201980,633  $1  $164,969  $977,062  $(142,761) $999,271  
Net loss—  —  —  (5,572) —  (5,572) 
Shares issued in connection with share-based compensation200  —  3,801  —  —  3,801  
Payment of tax withholdings related to net share settlements—  —  (716) —  —  (716)