CoreLogic Raises Fourth Quarter and Full-Year 2019 Financial Guidance

CoreLogic (NYSE: CLGX), a leading global provider of property information, insight, analytics and data-enabled solutions, today announced that it expects to modestly exceed its previously-issued financial guidance for the fourth quarter, and full-year of 2019 as summarized below:

• Full-year financial results expected to modestly exceed the top end of previously-issued revenue, adjusted EBITDA and adjusted EPS guidance ranges boosted by a strong fourth quarter 2019 performance.

$ in Millions, except per-share amounts

Top End of 2019 Guidance
(Issued October 23, 2019)

 

 

Revenue

$1,760

Adjusted EBITDA⁽¹⁾

$495

Adjusted EPS⁽¹⁾

$2.75

⁽¹⁾ Definition of adjusted results, as well as other non-GAAP financial measures used by management, is included in the Use of Non-GAAP Financial Measures section found at the end of the release.

• The expected outperformance of revenue compared with previously-issued financial guidance was driven primarily by improved market volumes and favorable product mix.

• The expected outperformance of adjusted EBITDA compared with previously issued guidance ranges was primarily driven by revenue growth and favorable product mix and the benefits of cost efficiency and productivity.

• Adjusted EBITDA margins are expected to exceed 30% for the entirety of the second half of 2019 including a year-over-year expansion of approximately 500 basis points in the fourth quarter.

• Free cash flow ("FCF") for the twelve months ended December 31, 2019 is expected to exceed 50% of adjusted EBITDA. During 2019, the Company repurchased approximately 3% of its outstanding common shares for approximately $87 million and reduced debt outstanding by $111 million.

“CoreLogic delivered outstanding revenue growth and margins in the second half and fourth quarter, driven by acceleration in our core mortgage, platform-related and other high-margin businesses. We also capitalized on higher market volumes in the US. Ongoing productivity gains helped us to drive adjusted EBITDA margins to record levels, exceeding 30% in the fourth quarter, an improvement of approximately 500 basis points from 2018," said Frank Martell, President and Chief Executive Officer of CoreLogic. “As we exit 2019, in-flight strategic investments and ongoing cost efficiency and productivity initiatives provide us with a solid line of sight to our adjusted EBITDA margin objective of 30% as we deploy our unique data, analytics and data-enabled solutions that, collectively, help millions of people find, buy and protect the homes they love.”