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 2020-09-30 Filed 2020-11-04
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
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10-K 2017-12-31 Filed 2018-02-27
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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-K 2013-12-31 Filed 2014-02-27
10-Q 2013-12-31 Filed 2014-04-30
10-Q 2013-09-30 Filed 2013-10-25
10-Q 2013-06-30 Filed 2013-07-26
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10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-10-26
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10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-04
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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
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10-K 2009-12-31 Filed 2010-03-01
8-K 2020-11-20
8-K 2020-11-17
8-K 2020-10-28
8-K 2020-10-22
8-K 2020-09-22
8-K 2020-09-22
8-K 2020-09-15
8-K 2020-09-04
8-K 2020-09-02
8-K 2020-08-14
8-K 2020-08-09
8-K 2020-08-07
8-K 2020-07-23
8-K 2020-07-14
8-K 2020-07-07
8-K 2020-07-06
8-K 2020-06-25
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
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 4. Controls and Procedures.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
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-10.1 doddemploymentagreement.htm
EX-10.2 formofneorsuawardagree.htm
EX-10.3 formofpbrsuawardagreem.htm
EX-10.4 formchangeincontrolagr.htm
EX-10.5 formofcicletteragreeme.htm
EX-10.6 serpamendment.htm
EX-31.1 clgx-93020xex31110qng.htm
EX-31.2 clgx-93020xex31210qng.htm
EX-32.1 clgx-93020xex32110qng.htm
EX-32.2 clgx-93020xex32210qng.htm

CoreLogic Earnings 2020-09-30

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 September 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-20200930_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 October 28, 2020 there were 77,778,688 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, 2020 and December 31, 2019
  
 B. Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019
  
 C. Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019
  
 D. Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019
  
 E. Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 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)September 30,December 31,
Assets20202019
Current assets:  
Cash and cash equivalents$302,329 $104,162 
Accounts receivable (less allowance for credit losses of $9,188 and $6,937 as of September 30, 2020 and December 31, 2019, respectively)
279,492 247,683 
Prepaid expenses and other current assets84,595 53,105 
Assets of discontinued operations207,791 201,986 
Total current assets874,207 606,936 
Property and equipment, net407,228 424,670 
Operating lease assets86,489 65,825 
Goodwill, net2,298,876 2,286,896 
Other intangible assets, net334,363 375,629 
Capitalized data and database costs, net314,399 308,409 
Investment in affiliates, net1,121 16,666 
Other assets76,787 74,250 
Total assets$4,393,470 $4,159,281 
Liabilities and Equity  
Current liabilities:  
Accounts payable and other accrued expenses$190,997 $139,511 
Accrued salaries and benefits91,763 83,418 
Dividends payable 17,374 
Contract liabilities, current401,986 320,634 
Liabilities of discontinued operations50,497 42,708 
Current portion of long-term debt21,382 56,022 
Operating lease liabilities, current16,245 18,058 
Total current liabilities772,870 677,725 
Long-term debt, net of current1,548,785 1,610,538 
Contract liabilities, net of current584,907 563,190 
Deferred income tax liabilities67,171 92,783 
Operating lease liabilities, net of current103,293 85,139 
Other liabilities193,705 178,696 
Total liabilities3,270,731 3,208,071 
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; 79,545 and 78,972 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
1 1 
Additional paid-in capital135,267 111,000 
Retained earnings1,185,904 1,006,992 
Accumulated other comprehensive loss(198,433)(166,783)
Total stockholders' equity1,122,739 951,210 
Total liabilities and equity$4,393,470 $4,159,281 
 
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)2020201920202019
Operating revenues$436,727 $375,571 $1,174,733 $1,088,032 
Cost of services (excluding depreciation and amortization shown below)154,192 164,715 439,032 486,973 
Selling, general and administrative expenses165,742 106,600 393,247 348,788 
Depreciation and amortization43,610 42,389 130,639 132,767 
Impairment loss  1,228 47,834 
Total operating expenses363,544 313,704 964,146 1,016,362 
Operating income73,183 61,867 210,587 71,670 
Interest expense:    
Interest income100 349 611 1,728 
Interest expense17,021 19,852 52,958 59,137 
Total interest expense, net(16,921)(19,503)(52,347)(57,409)
Gain/(loss) on investments and other, net35,674 227 37,154 (2,116)
Tax indemnification release   (13,394)
Income/(loss) from continuing operations before equity in earnings of affiliates and income taxes91,936 42,591 195,394 (1,249)
(Benefit)/provision for income taxes(9,560)11,530 19,433 (8,976)
Income from continuing operations before equity in earnings of affiliates101,496 31,061 175,961 7,727 
Equity in earnings of affiliates, net of tax971 607 1,859 498 
Net income from continuing operations102,467 31,668 177,820 8,225 
Income/(loss) from discontinued operations, net of tax10,679 (8,485)28,149 11,073 
Net income$113,146 $23,183 $205,969 $19,298 
Basic income per share:
Net income from continuing operations$1.29 $0.40 $2.24 $0.10 
Income/(loss) from discontinued operations, net of tax0.13 (0.11)0.35 0.14 
Net income$1.42 $0.29 $2.59 $0.24 
Diluted income per share:    
Net income from continuing operations$1.26 $0.39 $2.19 $0.10 
Income/(loss) from discontinued operations, net of tax0.13 (0.10)0.35 0.14 
Net income$1.39 $0.29 $2.54 $0.24 
Weighted-average common shares outstanding:    
Basic79,467 79,761 79,300 80,138 
Diluted81,402 80,914 81,136 81,205 

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)2020201920202019
Net income$113,146 $23,183 $205,969 $19,298 
Other comprehensive income/(loss)    
Market value adjustments on interest rate swaps, net of tax7,905 (8,121)(30,475)(41,415)
Reclassification adjustment for gain on terminated interest rate swap included in net income   (67)
Foreign currency translation adjustments10,799 (13,529)(1,211)(9,007)
Supplemental benefit plans adjustments, net of tax(76)(149)36 (448)
Total other comprehensive income/(loss)18,628 (21,799)(31,650)(50,937)
Comprehensive income/(loss)$131,774 $1,384 $174,319 $(31,639)
 
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)20202019
Cash flows from operating activities:  
Net income$205,969 $19,298 
Less: Income from discontinued operations, net of tax28,149 11,073 
Net income from continuing operations177,820 8,225 
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:  
Depreciation and amortization130,639 132,767 
Amortization of debt issuance costs3,710 3,836 
Amortization of operating lease assets11,067 11,675 
Impairment loss1,228 47,834 
Provision for bad debt and claim losses14,020 10,998 
Share-based compensation33,898 26,018 
Equity in earnings of affiliates, net of taxes(1,859)(498)
Gain on sale of property and equipment1,360 (3)
Loss on early extinguishment of debt 1,453 
Deferred income tax56 (10,642)
Impairment loss on investment in affiliates 1,511 
Gain on investments and other, net(37,154)(847)
Tax indemnification release 13,394 
Change in operating assets and liabilities, net of acquisitions:  
Accounts receivable(33,159)(23,218)
Prepaid expenses and other current assets(2,104)(7,201)
Accounts payable and other accrued expenses54,847 (19,894)
Contract liabilities102,302 19,899 
Income taxes(32,815)31,239 
Dividends received from investments in affiliates109  
Other assets and other liabilities(45,550)(29,122)
Net cash provided by operating activities - continuing operations378,415 217,424 
Net cash provided by operating activities - discontinued operations40,687 29,669 
Total cash provided by operating activities$419,102 $247,093 
Cash flows from investing activities:  
Purchases of property and equipment$(40,187)$(52,807)
Purchases of capitalized data and other intangible assets(28,717)(25,845)
Cash paid for acquisitions, net of cash acquired(12,045)(13,280)
Purchases of investments(1,315)(658)
Cash received from sale of business-lines 4,109 
Proceeds from sale of property and equipment 3 
Proceeds from investments and other48,035 5,591 
Net cash used in investing activities - continuing operations(34,229)(82,887)
Net cash used in investing activities - discontinued operations(9,259)(13,987)
Total cash used in investing activities$(43,488)$(96,874)
Cash flows from financing activities:  
Proceeds from long-term debt$ $1,770,000 
Debt issuance costs (9,621)
Repayment of long-term debt(102,461)(1,844,155)
Proceeds from issuance of shares in connection with share-based compensation8,487 8,391 
Payment of tax withholdings related to net share settlements (9,816)(9,645)
Shares repurchased and retired(9,273)(61,607)
Dividends paid(61,062) 
Contingent consideration payments subsequent to acquisitions (600)
Net cash used in financing activities - continuing operations(174,125)(147,237)
Net cash used in financing activities - discontinued operations(6)(12)
Total cash used in financing activities$(174,131)$(147,249)
Effect of exchange rate on cash, cash equivalents, and restricted cash(2,042)637 
Net change in cash, cash equivalents, and restricted cash199,441 3,607 
Cash, cash equivalents, and restricted cash at beginning of period114,679 94,679 
Less: Change in cash, cash equivalents, and restricted cash - discontinued operations31,422 15,670 
Plus: Cash swept from discontinued operations30,135 17,697 
Cash, cash equivalents, and restricted cash at end of period$312,833 $100,313 
Supplemental disclosures of cash flow information:  
Cash paid for interest$48,419 $53,202 
Cash paid for income taxes$59,538 $11,558 
Cash refunds from income taxes$449 $16,812 
Non-cash investing activities:
Capital expenditures included in accounts payable and other accrued expenses$10,695 $10,322 

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 September 30, 2020
Balance as of June 30, 202079,459 $1 $120,029 $1,099,154 $(217,061)$1,002,123 
Net income— — — 113,146 — 113,146 
Shares issued in connection with share-based compensation86 — 2,702 — — 2,702 
Payment of tax withholdings related to net share settlements— — (470)— — (470)
Share-based compensation— — 12,833 — — 12,833 
Shares repurchased and retired —  — —  
Dividends on common shares— — 173 (26,396)— (26,223)
Other comprehensive income— — — — 18,628 18,628 
Balance as of September 30, 202079,545 $1 $135,267 $1,185,904 $(198,433)$1,122,739 
For the Three Months Ended September 30, 2019
Balance as of June 30, 201980,133 $1 $146,887 $971,490 $(164,886)$953,492 
Net income— — — 23,183 — 23,183 
Shares issued in connection with share-based compensation86 — 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, 201979,519 $1 $124,872 $994,673 $(186,685)$932,861 

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 SharesCommon Stock AmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal
(in thousands)
For the Nine Months Ended September 30, 2020
Balance as of December 31, 201978,972 $1 $111,000 $1,006,992 $(166,783)$951,210 
Adoption of new accounting standards— — — 16,827 — 16,827 
Net income— — — 205,969 — 205,969 
Shares issued in connection with share-based compensation773 — 8,487 — — 8,487 
Payment of tax withholdings related to net share settlements— — (9,816)— — (9,816)
Share-based compensation— — 34,671 — — 34,671 
Shares repurchased and retired(200)— (9,273)— — (9,273)
Dividend on common shares— — 198 (43,884)— (43,686)
Other comprehensive loss— — — — (31,650)(31,650)
Balance as of September 30, 202079,545 $1 $135,267 $1,185,904 $(198,433)$1,122,739 
For the Nine Months Ended September 30, 2019
Balance as of December 31, 201880,092 $1 $160,870 $975,375 $(135,748)$1,000,498 
Net income— — — 19,298 — 19,298 
Shares issued in connection with share-based compensation827 — 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, 201979,519 $1 $124,872 $994,673 $(186,685)$932,861 

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