CORELOGIC, INC. (Exact Name of the Registrant as Specified in Charter)

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washingtn, DC FORM 8-K CURRENT REPORT Pursuant t Sectin 13 r 15(d) f the Securities Exchange Act f 1934 Date f reprt (Date f earliest event reprted): December 20, 2018 CORELOGIC, INC. (Exact Name f the Registrant as Specified in Charter) Delaware (State r Other Jurisdictin f Incrpratin) (Cmmissin File Number) 40 Pacifica, Irvine, Califrnia (Address f Principal Executive Offices) (Zip Cde) Registrant s telephne number, including area cde (949) Nt Applicable. (Frmer Name r Frmer Address, if Changed Since Last Reprt) (IRS Emplyer Identificatin N.) Check the apprpriate bx belw if the Frm 8-K filing is intended t simultaneusly satisfy the filing bligatin f the registrant under any f the fllwing prvisins: Written cmmunicatins pursuant t Rule 425 under the Securities Act (17 CFR ) Sliciting material pursuant t Rule 14a-12 under the Exchange Act (17 CFR a-12) Pre-cmmencement cmmunicatins pursuant t Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) Pre-cmmencement cmmunicatins pursuant t Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c))

2 Item Other Events On December 20, 2018, CreLgic, Inc. (the Cmpany ) issued a press release annuncing a strategic plan related t its appraisal management services peratin and intended exit frm certain nn-cre sftware units. The Cmpany has nt yet reviewed whether the actins prpsed will require an impairment f ne r mre f its assets. The press release is attached heret as Exhibit 99.1 and incrprated herein by reference. Item Financial Statements and Exhibits (d) Exhibits. Exhibit Number Descriptin 99.1 Press release dated December 20, 2018

3 SIGNATURES Pursuant t the requirements f the Securities Exchange Act f 1934, as amended, the Registrant has duly caused this Reprt t be signed n its behalf by the undersigned hereunt duly authrized. CreLgic, Inc. (Registrant) Date: December 20, 2018 By: /s/ James L. Balas Name: James L. Balas Title: Chief Financial Officer (Principal Financial Officer)

4 Exhibit 99.1 CORELOGIC ANNOUNCES INTENT TO EXIT CERTAIN LEGACY NON-CORE SOFTWARE UNITS AND TO ACCELERATE APPRAISAL MANAGEMENT COMPANY TRANSFORMATION PROGRAM Actins Expected t Enhance Prfit Margins and Organic Grwth Trends Irvine, Calif., December 20, CreLgic (NYSE: CLGX), a leading glbal prvider f prperty infrmatin, insight, analytics and data-enabled slutins, tday reprted the fllwing actins that are expected t expand verall Cmpany prfit margins and prvide fr enhanced lng-term rganic grwth trends. EXIT OF LEGACY NON-CORE SOFTWARE PLATFORMS Cnsistent with its lng-held strategy f fcusing n scaled market leadership psitins in critical data and wrkflw slutins, the Cmpany intends t exit its lan riginatin sftware unit and its remaining legacy default management related platfrms ver the next 24 mnths. These nn-cre sftware platfrms generated apprximately $40 millin in revenue during the first nine mnths f APPRAISAL MANAGEMENT COMPANY TRANSFORMATION During 2019, CreLgic plans t accelerate its previusly annunced multi-year prgram which is intended t transfrm its Appraisal Management Cmpany peratins thrugh the greater use f data-driven analytics, autmatin f wrkflws and enhanced utilizatin f its dedicated staff appraisers. This acceleratin is expected t imprve client satisfactin, reduce appraiser turn times, enhance quality and increase prductivity. CreLgic s acceleratin f its transfrmatin prgram is expected t initially result in lwer revenue in The transfrmatin is als expected t enhance verall prfit margins and imprve underlying rganic grwth trends in 2020 and beynd. Appraisal Management Cmpany revenues estimated t be impacted frm this acceleratin were apprximately $65 millin during the first nine mnths f The Cmpany believes the actins described abve will imprve the Cmpany s lng-term revenue grwth rate trend and cntribute t the achievement f 30% adjusted EBITDA margins in The Cmpany will assess and may incur cash and nn-cash charges assciated with these actins. CreLgic remains fcused n capitalizing n ur scale and market leadership and the pprtunities presented by ur must have wrkflw slutins in the U.S. mrtgage market. The actins we are annuncing tday shuld further psitin the cmpany t achieve its 30% margin target and enhanced rganic grwth rates in 2020, said Frank Martell, President and Chief Executive Officer f CreLgic. Media Cntact: Alysn Austin, ffice phne: , alaustin@crelgic.cm Investr Cntact: Dan Smith, ffice phne: , danlsmith@crelgic.cm

5 ####### Abut CreLgic CreLgic (NYSE: CLGX) is a leading glbal prperty infrmatin, analytics and data-enabled slutins prvider. The Cmpany's cmbined data frm public, cntributry and prprietary surces includes ver 4.5 billin recrds spanning mre than 50 years, prviding detailed cverage f prperty, mrtgages and ther encumbrances, cnsumer credit, tenancy, lcatin, hazard risk and related perfrmance infrmatin. The markets CreLgic serves include real estate and mrtgage finance, insurance, capital markets, and the public sectr. CreLgic delivers value t clients thrugh unique data, analytics, wrkflw technlgy, advisry and managed slutins. Clients rely n CreLgic t help identify and manage grwth pprtunities, imprve perfrmance and mitigate risk. Headquartered in Irvine, Calif., CreLgic perates in Nrth America, Western Eurpe and Asia Pacific. Fr mre infrmatin, please visit Safe Harbr / Frward Lking Statements Certain statements made in this press release are frward-lking statements within the meaning f the federal securities laws, including but nt limited t thse statements related t the acceleratin f the transfrmatin f the Cmpany s appraisal management services and the intent t exit certain legacy nn-cre business platfrms, including the expected financial impact f these strategic and perating actins. Risks and uncertainties exist that may cause the results t differ materially frm thse set frth in these frward-lking statements. Factrs that culd cause the anticipated results t differ frm thse described in the frward-lking statements include the risks and uncertainties set frth in Part I, Item 1A f ur mst recent Annual Reprt n Frm 10-K. These risks and uncertainties include but are nt limited t: ur ability t prtect ur infrmatin systems against data crruptin, cyber-based attacks r netwrk security breaches; limitatins n access t r increase in prices fr data frm external surces, including gvernment and public recrd surces; changes in applicable gvernment legislatin, regulatins and the level f regulatry scrutiny affecting ur custmers r us, including with respect t cnsumer financial services and the use f public recrds and cnsumer data; systems interruptins that may impair the delivery f ur prducts and services; difficult cnditins in the mrtgage and cnsumer lending industries and the ecnmy generally; risks related t the utsurcing f services and internatinal peratins; ur ability t realize the anticipated benefits f certain acquisitins and/r divestitures and the timing theref; and impairments in ur gdwill r ther intangible assets. The frward-lking statements speak nly as f the date they are made. The Cmpany des nt undertake t update frward-lking statements t reflect circumstances r events that ccur after the date the frward-lking statements are made. Use f Nn-GAAP (Generally Accepted Accunting Principles) Financial Measures This press release cntains certain infrmatin cncerning adjusted EBITDA, a nn-gaap financial measure. Adjusted EBITDA is defined as net incme frm cntinuing peratins adjusted fr interest, taxes, depreciatin and amrtizatin, stck cmpensatin, nn-perating gains/lsses and ther adjustments. Disclsure f this nn-gaap measure is nt in accrdance with r a substitute fr U.S. GAAP. The Cmpany believes that its presentatin f adjusted EBITDA prvides useful supplemental infrmatin t investrs and management regarding the Cmpany's financial cnditin and results. Other firms may calculate adjusted EBITDA differently than CreLgic, which limits cmparability between cmpanies.