Company Quick10K Filing
CoreLogic
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 80 $3,524
10-Q 2019-10-24 Quarter: 2019-09-30
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-04-25 Quarter: 2019-03-31
10-K 2019-02-27 Annual: 2018-12-31
10-Q 2018-10-25 Quarter: 2018-09-30
10-Q 2018-07-26 Quarter: 2018-06-30
10-Q 2018-04-26 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-31
10-Q 2017-10-26 Quarter: 2017-09-30
10-Q 2017-07-26 Quarter: 2017-06-30
10-Q 2017-04-26 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-10-26 Quarter: 2016-09-30
10-Q 2016-07-27 Quarter: 2016-06-30
10-Q 2016-04-22 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-10-23 Quarter: 2015-09-30
10-Q 2015-07-27 Quarter: 2015-06-30
10-Q 2015-04-24 Quarter: 2015-03-31
10-K 2015-02-26 Annual: 2014-12-31
10-Q 2014-10-24 Quarter: 2014-09-30
10-Q 2014-07-25 Quarter: 2014-06-30
10-K 2014-02-27 Annual: 2013-12-31
10-Q 2014-04-30 Quarter: 2013-12-31
10-Q 2013-10-25 Quarter: 2013-09-30
10-Q 2013-07-26 Quarter: 2013-06-30
10-Q 2013-04-26 Quarter: 2013-03-31
10-K 2013-02-25 Annual: 2012-12-31
10-Q 2012-10-26 Quarter: 2012-09-30
10-Q 2012-07-24 Quarter: 2012-06-30
10-Q 2012-04-30 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-08 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-03-14 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-03 Quarter: 2010-03-31
10-K 2010-03-01 Annual: 2009-12-31
8-K 2019-10-23 Earnings, Exhibits
8-K 2019-07-24 Earnings, Exhibits
8-K 2019-06-21 Officers, Exhibits
8-K 2019-05-31 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-23 Officers
8-K 2019-05-14 Exit Costs, Impairments, Regulation FD
8-K 2019-05-03 Shareholder Vote
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-02-26 Earnings, Exhibits
8-K 2018-12-20 Other Events, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-05-01 Shareholder Vote, Exhibits
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-02-26 Earnings, Exhibits
8-K 2018-02-06 Earnings, Exhibits
CLGX 2019-09-30
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 - Leases
Note 7 - Fair Value
Note 8 - Operating Revenues
Note 9 - Share-Based Compensation
Note 10 - Litigation and Regulatory Contingencies
Note 11 - Income Taxes
Note 12 - Earnings per Share
Note 13 - Acquisitions
Note 14 - Segment Information
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-93019xex31110q.htm
EX-31.2 clgx-93019xex31210q.htm
EX-32.1 clgx-93019xex32110q.htm
EX-32.2 clgx-93019xex32210q.htm

CoreLogic Earnings 2019-09-30

CLGX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CARG 4,349 346 124 525 496 49 54 4,319 94% 80.3 14%
PRSP 3,749 6,118 3,963 4,344 1,062 74 659 5,922 24% 9.0 1%
CLGX 3,524 4,151 3,197 1,732 0 31 312 5,209 0% 16.7 1%
VRNT 3,058 2,932 1,644 1,274 821 65 199 3,429 64% 17.3 2%
FIVN 2,993 436 269 290 173 -1 25 3,141 60% 124.5 -0%
PRO 2,487 508 412 222 138 -63 -49 2,158 62% -44.0 -12%
EGHT 2,300 558 328 366 59 -108 -90 2,242 16% -25.0 -19%
EVTC 2,265 950 722 472 0 97 208 2,724 0% 13.1 10%
DAVA 2,248 223 0 0 0 0 2,248 0%
YEXT 2,211 508 283 264 197 -88 -81 1,930 75% -23.9 -17%

Document
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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 September 30, 2019

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
cllogovcmyk20printjpg003.jpg
CORELOGIC, INC.
(Exact name of registrant as specified in its charter)
 
 
Delaware
95-1068610
 
 
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
 
40 Pacifica
Irvine
California
92618
 
 
(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 value
CLGX
New 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 filer
 
Accelerated filer
Non-accelerated filer
 
Smaller 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 October 21, 2019 there were 79,518,536 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 September 30, 2019 and December 31, 2018
 
 
 
 
B. Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018
 
 
 
 
C. Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018
 
 
 
 
D. Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018
 
 
 
 
E. Condensed Consolidated Statement of Stockholders' Equity for the three and nine months ended September 30, 2019 and 2018
 
 
 
 
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)
September 30,

December 31,
Assets
2019

2018
Current assets:
 
 
 
Cash and cash equivalents
$
88,238

 
$
85,271

Accounts receivable (less allowance for doubtful accounts of $7,394 and $5,742 as of September 30, 2019 and December 31, 2018, respectively)
273,021

 
242,814

Prepaid expenses and other current assets
60,328

 
50,136

Income tax receivable
2,673

 
25,299

Total current assets
424,260

 
403,520

Property and equipment, net
446,057

 
456,497

Operating lease assets
65,302

 

Goodwill, net
2,392,972

 
2,391,954

Other intangible assets, net
391,994

 
468,405

Capitalized data and database costs, net
323,777

 
324,049

Investment in affiliates, net
18,575

 
22,429

Other assets
75,518

 
102,136

Total assets
$
4,138,455

 
$
4,168,990

Liabilities and Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable and other accrued expenses
$
179,740

 
$
166,258

Accrued salaries and benefits
80,570

 
84,940

Contract liabilities, current
314,847

 
308,959

Current portion of long-term debt
68,247

 
26,935

Operating lease liabilities, current
16,839

 

Total current liabilities
660,243

 
587,092

Long-term debt, net of current
1,636,272

 
1,752,241

Contract liabilities, net of current
539,037

 
524,069

Deferred income tax liabilities
100,229

 
124,968

Operating lease liabilities, net of current
85,844

 

Other liabilities
183,969

 
180,122

Total liabilities
3,205,594

 
3,168,492




 


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; 79,519 and 80,092 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
1

 
1

Additional paid-in capital
124,872

 
160,870

Retained earnings
994,673

 
975,375

Accumulated other comprehensive loss
(186,685
)
 
(135,748
)
Total stockholders' equity
932,861

 
1,000,498

Total liabilities and equity
$
4,138,455

 
$
4,168,990

 
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 Nine Months Ended
 
September 30,
 
September 30,
(in thousands, except per share amounts)
2019

2018
 
2019
 
2018
Operating revenues
$
458,957

 
$
451,768

 
$
1,336,203

 
$
1,385,069

Cost of services (excluding depreciation and amortization shown below)
228,186

 
230,419

 
674,457

 
709,154

Selling, general and administrative expenses
111,276

 
113,075

 
362,298

 
340,049

Depreciation and amortization
45,717

 
48,461

 
142,042

 
141,948

Impairment loss
78

 
33

 
47,912

 
82

Total operating expenses
385,257


391,988

 
1,226,709

 
1,191,233

Operating income
73,700


59,780

 
109,494

 
193,836

Interest expense:
 


 

 
 

 
 

Interest income
349

 
299

 
1,728

 
1,053

Interest expense
19,852

 
19,382

 
59,137

 
56,061

Total interest expense, net
(19,503
)

(19,083
)
 
(57,409
)
 
(55,008
)
Gain/(loss) on investments and other, net
224

 
2,835

 
(1,926
)
 
5,124

Tax indemnification release

 

 
(13,394
)
 

Income from continuing operations before equity in earnings/(losses) of affiliates and income taxes
54,421


43,532

 
36,765

 
143,952

Provision for income taxes
14,481

 
20,836

 
508

 
37,432

Income from continuing operations before equity in earnings/(losses) of affiliates
39,940


22,696

 
36,257

 
106,520

Equity in earnings/(losses) of affiliates, net of tax
605

 
(161
)
 
497


2,909

Net income from continuing operations
40,545


22,535

 
36,754

 
109,429

Loss from discontinued operations, net of tax
(17,362
)
 
(84
)
 
(17,456
)
 
(175
)
Net income
$
23,183


$
22,451

 
$
19,298

 
$
109,254



 

 

 

Basic income per share:





 


 


Net income from continuing operations
$
0.51


$
0.28

 
$
0.46

 
$
1.35

Loss from discontinued operations, net of tax
(0.22
)


 
(0.22
)
 

Net income
$
0.29

 
$
0.28

 
$
0.24

 
$
1.35

Diluted income per share:
 


 

 
 

 
 

Net income from continuing operations
$
0.50


$
0.27

 
$
0.45

 
$
1.33

Loss from discontinued operations, net of tax
(0.21
)


 
(0.21
)
 

Net income
$
0.29

 
$
0.27

 
$
0.24

 
$
1.33

Weighted-average common shares outstanding:
 


 

 
 

 
 

Basic
79,761


80,680

 
80,138

 
81,073

Diluted
80,914


82,017

 
81,205

 
82,528


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 Nine Months Ended
 
September 30,
 
September 30,
(in thousands)
2019
 
2018
 
2019
 
2018
Net income
$
23,183

 
$
22,451

 
$
19,298

 
$
109,254

Other comprehensive loss
 

 
 

 
 

 
 

Adoption of new accounting standards

 

 

 
408

Market value adjustments on interest rate swaps, net of tax
(8,121
)
 
2,532

 
(41,415
)
 
10,770

Reclassification adjustment for gain on terminated interest rate swap included in net income

 

 
(67
)
 

Foreign currency translation adjustments
(13,529
)
 
(6,129
)
 
(9,007
)
 
(23,729
)
Supplemental benefit plans adjustments, net of tax
(149
)
 
(124
)
 
(448
)
 
(371
)
Total other comprehensive loss
(21,799
)
 
(3,721
)
 
(50,937
)
 
(12,922
)
Comprehensive income/(loss)
$
1,384

 
$
18,730

 
$
(31,639
)
 
$
96,332

 
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 Nine Months Ended

September 30,
(in thousands)
2019

2018
Cash flows from operating activities:
 

 
Net income
$
19,298


$
109,254

Less: Loss from discontinued operations, net of tax
(17,456
)

(175
)
Net income from continuing operations
36,754


109,429

Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
 


 

Depreciation and amortization
142,042


141,948

Amortization of debt issuance costs
3,836


4,103

Amortization of operating lease assets
11,675

 

Impairment loss
47,912


82

Provision for bad debt and claim losses
11,546


11,113

Share-based compensation
26,863


29,574

Equity in earnings of affiliates, net of taxes
(497
)

(2,909
)
Gain on sale of property and equipment
(3
)

(19
)
Loss on early extinguishment of debt
1,453



Deferred income tax
(10,642
)

10,279

Loss/(gain) on investments and other, net
473


(5,124
)
Tax indemnification release
13,394

 

Change in operating assets and liabilities, net of acquisitions:
 


 

Accounts receivable
(33,071
)

2,619

Prepaid expenses and other current assets
(7,132
)

(7,617
)
Accounts payable and other accrued expenses
(18,023
)

(22,037
)
Contract liabilities
19,629


(18,406
)
Income taxes
31,239


7,847

Dividends received from investments in affiliates


775

Other assets and other liabilities
(29,208
)

(9,353
)
Net cash provided by operating activities - continuing operations
248,240


252,304

Net cash used in operating activities - discontinued operations
(1,148
)

(4
)
Total cash provided by operating activities
$
247,092


$
252,300

Cash flows from investing activities:
 


 

Purchases of property and equipment
$
(63,196
)

$
(41,020
)
Purchases of capitalized data and other intangible assets
(29,443
)

(25,013
)
Cash paid for acquisitions, net of cash acquired
(13,280
)

(140,977
)
Purchases of investments
(658
)


Cash received from sale of business-lines
4,109

 
3,245

Proceeds from sale of property and equipment
3


198

Proceeds from investments
5,591


980

Net cash used in investing activities - continuing operations
(96,874
)

(202,587
)
Net cash provided by investing activities - discontinued operations



Total cash used in investing activities
$
(96,874
)

$
(202,587
)
Cash flows from financing activities:
 


 

Proceeds from long-term debt
$
1,770,000


$
120,095

Debt issuance costs
(9,621
)


Repayment of long-term debt
(1,844,155
)

(114,626
)
Proceeds from issuance of shares in connection with share-based compensation
8,391


19,585

Payment of tax withholdings related to net share settlements
(9,645
)

(12,623
)
Shares repurchased and retired
(61,607
)

(87,028
)
Contingent consideration payments subsequent to acquisitions
(612
)
 

Net cash used in financing activities - continuing operations
(147,249
)

(74,597
)
Net cash provided by financing activities - discontinued operations



Total cash used in financing activities
$
(147,249
)

$
(74,597
)
Effect of exchange rate on cash, cash equivalents and restricted cash
637


2,039

Net change in cash, cash equivalents and restricted cash
3,606


(22,845
)
Cash, cash equivalents and restricted cash at beginning of period
98,250


132,154

Less: Change in cash, cash equivalents and restricted cash - discontinued operations
(1,148
)

(4
)
Plus: Cash swept from discontinued operations
(1,148
)

(4
)
Cash, cash equivalents and restricted cash at end of period
$
101,856


$
109,309



 

Supplemental disclosures of cash flow information:
 
 
 
Cash paid for interest
$
53,202

 
$
50,108

Cash paid for income taxes
$
11,558

 
$
25,406

Cash refunds from income taxes
$
16,812

 
$
3,271

Non-cash investing activities:
 
 
 
Capital expenditures included in accounts payable and other accrued expenses
$
11,286

 
$
16,911


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 Shares
 
Common Stock Amount
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total
(in thousands)
 
 
 
 
 
 
For the Three Months Ended September 30, 2019
 
 
 
 
 
 
Balance as of June 30, 2019
 
80,133

 
$
1

 
$
146,887

 
$
971,490

 
$
(164,886
)
 
$
953,492

Net income
 

 

 

 
23,183

 

 
23,183

Shares issued in connection with share-based compensation
 
86

 

 
1,832

 

 

 
1,832

Payment of tax withholdings related to net share settlements
 

 

 
(378
)
 

 

 
(378
)
Share-based compensation
 

 

 
9,108

 

 

 
9,108

Shares repurchased and retired
 
(700
)
 

 
(32,577
)
 

 

 
(32,577
)
Other comprehensive loss
 

 

 

 

 
(21,799
)
 
(21,799
)
Balance as of September 30, 2019
 
79,519

 
$
1

 
$
124,872

 
$
994,673

 
$
(186,685
)
 
$
932,861

 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2018
 
80,944

 
$
1

 
$
186,816

 
$
940,314

 
$
(102,892
)
 
$
1,024,239

Net income
 

 

 

 
22,451

 

 
22,451

Shares issued in connection with share-based compensation
 
97

 

 
2,019

 

 

 
2,019

Payment of tax withholdings related to net share settlements
 

 

 
(941
)
 

 

 
(941
)
Share-based compensation
 

 

 
9,775

 

 

 
9,775

Shares repurchased and retired
 
(479
)
 

 
(23,706
)
 

 

 
(23,706
)
Other comprehensive loss
 

 

 

 

 
(3,721
)
 
(3,721
)
Balance as of September 30, 2018
 
80,562

 
$
1

 
$
173,963

 
$
962,765

 
$
(106,613
)
 
$
1,030,116


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

5



CoreLogic, Inc.
Condensed Consolidated Statement of Stockholders' Equity (Year-to-Date)
(Unaudited)

 
 
Common Stock Shares
 
Common Stock Amount
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total
(in thousands)
 
 
 
 
 
 
For the Nine Months Ended September 30, 2019
 
 
 
 
 
 
Balance as of December 31, 2018
 
80,092

 
$
1

 
$
160,870

 
$
975,375

 
$
(135,748
)
 
$
1,000,498

Net income
 

 

 

 
19,298

 

 
19,298

Shares issued in connection with share-based compensation
 
827

 


 
8,391

 

 

 
8,391

Payment of tax withholdings related to net share settlements
 

 

 
(9,645
)
 

 

 
(9,645
)
Share-based compensation
 

 


 
26,863

 

 

 
26,863

Shares repurchased and retired
 
(1,400
)
 

 
(61,607
)
 

 

 
(61,607
)
Other comprehensive loss
 

 


 

 

 
(50,937
)
 
(50,937
)
Balance as of September 30, 2019
 
79,519

 
$
1

 
$
124,872

 
$
994,673

 
$
(186,685
)
 
$
932,861

 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2017
 
80,885

 
$
1

 
$
224,455

 
$
877,111

 
$
(93,691
)
 
$
1,007,876

Adoption of new accounting standards
 

 

 

 
(23,600
)
 
408

 
(23,192
)
Net income
 

 

 

 
109,254

 

 
109,254

Shares issued in connection with share-based compensation
 
1,428

 

 
19,585

 

 

 
19,585

Payment of tax withholdings related to net share settlements
 

 

 
(12,623
)
 

 

 
(12,623
)
Share-based compensation
 

 

 
29,574

 

 

 
29,574

Shares repurchased and retired
 
(1,751
)
 

 
(87,028
)
 

 

 
(87,028
)
Other comprehensive loss
 

 

 

 

 
(13,330
)
 
(13,330
)
Balance as of September 30, 2018
 
80,562

 
$
1

 
$
173,963

 
$
962,765

 
$
(106,613
)
 
$
1,030,116


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


6




Note 1 – Basis of Condensed Consolidated Financial Statements

CoreLogic, Inc., together with its subsidiaries (collectively “the Company”, “we”, “us” or “our”), is a leading global property information, insight, analytics and data-enabled solutions provider operating in North America, Western Europe and Asia Pacific. Our combined data from public, contributory and proprietary sources provides detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets we serve include real estate and mortgage finance, insurance, capital markets and the public sector. We deliver value to clients through unique data, analytics, workflow technology, advisory and managed solutions. Clients rely on us to help identify and manage growth opportunities, improve performance and mitigate risk.

Our condensed consolidated financial information included in this report has been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States ("US") for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Actual amounts may differ from these estimated amounts. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The 2018 year-end condensed consolidated balance sheet was derived from the Company’s audited financial statements for the year ended December 31, 2018. Interim financial information does not require the inclusion of all the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018.

The accompanying unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of only normal recurring items which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for the full year or for any future periods.

Client Concentration

We generate the majority of our operating revenues from clients with operations in the US residential real estate, mortgage origination and mortgage servicing markets. Approximately 31% and 32% of our operating revenues for the three months ended September 30, 2019 and 2018, respectively, were generated from our top ten clients, who consist of the largest US mortgage originators and servicers. None of our clients individually accounted for greater than 10% of our operating revenues for the three months ended September 30, 2019 nor 2018. Approximately 30% and 32% of our operating revenues for the nine months ended September 30, 2019 and 2018, respectively, were generated from our top ten clients with none of our clients individually accounting for greater than 10% of our operating revenues during these periods.

Cash, Cash Equivalents and Restricted Cash

We deem the carrying value of cash, cash equivalents and restricted cash to be a reasonable estimate of fair value due to the nature of these instruments. Restricted cash is comprised of certificates of deposit that are pledged for various letters of credit/bank guarantees secured by us, escrow accounts due to acquisitions and divestitures as well as short-term investments within our deferred compensation plan trust. The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the statement of cash flows:

(in thousands)
September 30, 2019
 
September 30, 2018
Cash and cash equivalents
$
88,238

 
$
97,884

Restricted cash included in other assets
11,616

 
10,355

Restricted cash included in prepaid expenses and other current assets
2,002

 
1,070

Total cash, cash equivalents and restricted cash
$
101,856

 
$
109,309



7



Operating Revenue Recognition

We derive our operating revenues primarily from US mortgage lenders, servicers and insurance companies with good creditworthiness. Operating revenue arrangements are written and specify the products or services to be delivered, pricing, and payment terms. Operating revenue is recognized when the distinct good, service, or performance obligation is delivered and control has been transferred to the client. Generally, clients contract with us to provide products and services that are highly interrelated and not separately identifiable. Therefore, the entire contract is accounted for as one performance obligation. At times, some of our contracts have multiple performance obligations where we allocate the total price to each performance obligation based on the estimated relative standalone selling price using observable sales or the cost-plus-margin approach.

For products or services where delivery occurs at a point in time, we recognize operating revenue when the client obtains control of the products upon delivery. When delivery occurs over time, we generally recognize operating revenue ratably over the service period, once initial delivery has occurred. For certain of our products or services, clients may also pay upfront fees, which we defer and recognize as operating revenue over the longer of the contractual term or the expected client relationship period.

Licensing arrangements that provide our clients with the right to access or use our intellectual property are considered functional licenses for which we generally recognize operating revenue based on usage. For arrangements that provide a stand-ready obligation or substantive updates to the intellectual property which the client is contractually or practically required to use, we recognize operating revenue ratably over the contractual term.

Client payment terms are standard with no significant financing components or extended payment terms granted. In limited cases, we allow for client cancellations for which we estimate a reserve.

See further discussion in Note 8 - Operating Revenues.

Comprehensive Loss

Comprehensive loss includes all changes in equity except those resulting from investments by shareholders and distributions to shareholders. Specifically, foreign currency translation adjustments, amounts related to supplemental benefit plans, unrealized gains and losses on interest rate swap transactions and investments are recorded in other comprehensive income/(loss). The following table shows the components of accumulated other comprehensive loss, net of taxes, as of September 30, 2019 and December 31, 2018:

(in thousands)
2019
 
2018
Cumulative foreign currency translation
$
(138,413
)
 
$
(129,406
)
Cumulative supplemental benefit plans
(5,406
)
 
(4,958
)
Net unrecognized losses on interest rate swaps
(42,799
)
 
(1,384
)
Reclassification adjustment for gain on terminated interest rate swap included in net income
(67
)
 

Accumulated other comprehensive loss
$
(186,685
)
 
$
(135,748
)


8



Investment in Affiliates, net

Investments in affiliates are accounted for under the equity method of accounting when we are deemed to have significant influence over the affiliate but do not control or have a majority voting interest in the affiliate. Investments are carried at the cost of acquisition, including subsequent impairments, capital contributions and loans from us, plus our equity in undistributed earnings or losses since inception of the investment, less dividends received.

For the three and nine months ended September 30, 2019, we did not have any operating revenues related to our investment in affiliates and had $0.3 million and $0.9 million for the three and nine months ended September 30, 2018, respectively. We recorded operating expenses of $0.4 million and $1.0 million related to our investment in affiliates for the three months ended September 30, 2019 and 2018, respectively, and $1.1 million and $6.3 million for the nine months ended September 30, 2019 and 2018, respectively.

During the three and nine months ended September 30, 2019, we recorded a non-cash impairment charge of $1.5 million in our investment in affiliates, net, due to an other-than-temporary loss because we do not foresee an ability to recover the carrying amount of the investment. This loss was recorded within gain/(loss) on investments and other, net in our condensed consolidated statements of operations. No such impairments were recorded in the three and nine months ended September 30, 2018.

As of September 30, 2019, and December 31, 2018, we had insignificant accounts payable and accounts receivable with these affiliates.

Discontinued Operations

In September 2014, we completed the sale of our collateral solutions and field services businesses, which were included in the former reporting segment Asset Management and Processing Solutions. In September 2012, we completed the wind-down of our consumer services business and our former appraisal management company business. In September 2011, we closed our marketing services business. In December 2010, we completed the sale of our Employer and Litigation Services businesses.

In connection with previous divestitures, we retained certain contingent liabilities of the businesses that were disposed of. These contingent liabilities include, among other items, liability for certain litigation matters, indemnification obligations and potential breaches of representations or warranties. With respect to our Employer and Litigation Services divestiture, we retained certain liabilities and, in September 2016, a jury returned an unfavorable verdict against this discontinued operating unit, which we appealed. In August 2019, the verdict was upheld on appeal. We have accrued a potential loss of $21.7 million as of September 30, 2019 with respect to this verdict, although we are pursuing further review of the verdict. The liability is reflected in our results from discontinued operations.