- Third quarter results exceed expectations on higher refinancing volumes and cost actions.
- Company to exit five non-core businesses.
- Annualized cost reduction targets increased to $80 - $100 million.
- Full-year 2011 guidance increased to $290 - $300 million in adjusted EBITDA and $0.75 - $0.80 in adjusted EPS.
SANTA ANA, Calif., Nov. 2, 2011 /PRNewswire/ -- CoreLogic (NYSE: CLGX), a leading provider of consumer, financial and property information, analytics and services, today reported financial results for the quarter ended September 30, 2011.
Anand Nallathambi, President and Chief Executive Officer, commented on the quarter, "During the third quarter, we took aggressive actions to sharpen our focus on our core businesses and better position CoreLogic to capitalize on our competitive strengths in the data and analytics and core mortgage origination services areas. These core businesses benefit from their leading market presence, unique data assets, intellectual property and world-class domain expertise."
Nallathambi continued, "With a more focused set of businesses and an aggressive cost reduction plan, we believe CoreLogic is positioned for stronger financial results in 2012 and beyond with less dependency on improvement in the mortgage market. Going forward, we believe CoreLogic shareholders will benefit from balanced revenue growth and enhanced margin profiles across our core businesses."
Frank Martell, Chief Financial Officer, commented on the increased cost reduction targets, "We believe the actions taken this quarter, along with our continuing program of aggressive cost reductions and productivity improvements, will allow CoreLogic to reach its goal of 30% adjusted EBITDA margins through 2013. As a result of accelerated progress on our cost reduction plans and stronger mortgage refinancing activity in the second half of 2011, we are increasing our full-year 2011 guidance to $290 - $300 million in adjusted EBITDA and $0.75 - $0.80 in adjusted EPS."
In the discussion below of the business segments and of CoreLogic as a firm, certain information is presented on an adjusted basis. For more information about the Company's adjusted results, as well as other non-GAAP financial measures used by management, please see the Company's quarterly financial supplement on the CoreLogic investor website and discussion on the Use of Non-GAAP Financial Measures found on page 4 of this release.
Third Quarter Financial Highlights (continuing operations)
- Revenues, equity in earnings of affiliates and income from continuing operations were positively impacted by higher-than-anticipated mortgage loan refinancing volumes, cost reduction initiatives and the acquisitions of RP Data Limited and Dorado Network Systems.
- Revenues increased 5.5% year-over-year to $348.4 million, driven by a 14.5% jump in Data and Analytics segment revenues which reflected the acquisition of RP Data in the second quarter of 2011 as well as higher project-related revenues. Business and Information Services segment revenues totaled $169.6 million, down 3.1% from the third quarter of 2010 reflecting an estimated 22.4% year-over-year decrease in mortgage origination volumes offset partially by the acquisition of Dorado Network Systems.
- Third quarter pretax income from continuing operations totaled $9.3 million. Compared to the third quarter of 2010, pretax income from continuing operations was down $31.0 million due mainly to higher expenses including depreciation and amortization ($11.3 million), interest expense ($6.3 million), investments in improving operating efficiency ($10.1 million) and other one-time charges ($8.1 million); which together more than offset the impact of higher revenues. Third quarter net loss of $107.2 million was primarily due to the pre-tax write-down of goodwill and intangibles of $139.5 million related to the exit of the LeadClick business and other charges attributable to discontinued operations.
- Total adjusted EBITDA for the third quarter was $85.4 million (23.6% of adjusted revenues), a decline of 12.1% from the same prior year period. This decline was primarily attributable to the impact of lower mortgage originations.
- Adjusted EBITDA for the Data & Analytics segment totaled $54.9 million in the third quarter, up 5.4% from the third quarter of 2010, reflecting the acquisition of RP Data. Adjusted EBITDA margin for the third quarter was 29.4%, down from 31.5% in the third quarter of 2010 reflecting a greater proportion of advisory project revenue, costs incurred as a result of new product development initiatives and increased external cost of consumer credit data.
- Adjusted EBITDA for the Business and Information Services segment totaled $44.3 million, down 24.3% from the prior year due principally to lower equity earnings in the Company's affiliates, softness in default services and lower flood certification volumes. Adjusted EBITDA margin for the third quarter was 24.5% versus 30.3% in the third quarter of 2010.
- Loss from continuing operations per diluted share was $0.03 for the third quarter.
Liquidity and Capital Resources
- At September 30, 2011, CoreLogic had cash of $138.7 million. During the third quarter, the Company acquired Tarasoft Corporation, a leading provider of Multiple Listing Service systems software to the real estate industry for $30.3 million and also retired a pension-related note of approximately $17.0 million.
- Total debt as of September 30, 2011, was $911.1 million, down $28.0 million from June 30, 2011, with available capacity on the Company's credit facility of approximately $501.7 million. Trailing twelve-month debt-to-adjusted EBITDA ratio as of September 30, 2011 was 2.85x.
- Going forward, the Company will consider the repurchase of common shares and retirement of outstanding debt on an opportunistic basis.
- At November 2, 2011 there were approximately 106.5 million shares of common stock outstanding.
Non-Core Businesses Exited
- During the third quarter, CoreLogic determined that five business units would be exited in order to increase the focus of the Company's core operations and to improve overall profitability.
- Businesses designated as held-for-sale and reported as discontinued operations include Appraisal Management Services, American Driving Records, Inc., CompuNet Credit Services, and Consumer Credit Monitoring Services. As previously announced, LeadClick (Marketing Services) was closed during September 2011.
- For the third quarter of 2011, revenues for these five businesses totaled $58.6 million and adjusted EBITDA aggregated a negative $15.6 million, of which $10.7 million was attributable to shut down costs associated with LeadClick.
Cost Reduction Program Expanded
- The Company increased its estimated annualized costs savings target to $80 - $100 million. These savings measures, implemented over the course of 2011 and 2012, include information technology, corporate overhead, real estate and procurement cost reductions as well as the results of enhanced productivity in the individual business units.
- During the third quarter, the Company reduced its U.S.-based workforce approximately 6% and completed the sale of its captive offshoring platform to Cognizant. The Company expects to further reduce its U.S. workforce by approximately 5% during the fourth quarter.
Increased Full Year 2011 Guidance (continuing operations)
- Company increased 2011 guidance to $290 - $300 million in adjusted EBITDA and $0.75 - $0.80 in adjusted EPS. This positive revision reflects the impact of stronger-than-anticipated mortgage refinancing volumes and accelerated cost savings initiatives.
- 2011 adjusted revenues from continuing operations are expected to total $1,350 - $1,370 million reflecting the impact of exiting the five businesses discussed previously partially offset by higher mortgage refinancing volumes.
Strategic Alternatives Review
- As previously announced on August 29, 2011, CoreLogic's Board of Directors has created a committee of independent directors to explore a wide range of options aimed at enhancing shareholder value. This review is currently ongoing.
Teleconference/Webcast
The CoreLogic management team will host a live webcast and conference call on Thursday, November 3, 2011, at 8:00 a.m. Pacific time (11:00 a.m. Eastern time) to discuss these results. All interested parties are invited to listen to the event via webcast on the CoreLogic website at http://investor.corelogic.com. The discussion is also available through dial-in number 1-866-713-8564 for U.S./Canada participants or 617-597-5312 for international participants using Conference ID 48074633.
A replay of the webcast will be available on the CoreLogic investor website for 30 days and also through the conference call number 1-888-286-8010 for U.S./Canada participants or 617-801-6888 for international participants using Conference ID 45643298.
Additional detail on the Company's third quarter financial results is included in the quarterly financial supplement, available on the Investor Relations page at http://investor.corelogic.com.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has more than 5,000 employees globally. For more information visit www.corelogic.com.
Safe Harbor / Forward Looking Statements
Certain statements made in this press release are forward-looking statements within the meaning of the federal securities laws, including but not limited to those statements related to the Company's overall financial performance, including future revenue and earnings growth, future margin improvement and future adjusted EBITDA and EPS performance, estimated future cost savings and the impact thereof; mortgage market trends; and anticipated workforce reductions. Risk and uncertainties exist that may cause the results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements are set forth in Part I, Item 1A of our most recent Annual Report on Form 10-K for the year ended December 31, 2010, as updated by our Quarterly Reports on Form 10-Q, including but not limited to: limitations on access to data from external sources, including government and public record sources; changes in applicable government legislation, regulations and the level of regulatory scrutiny affecting our customers or us, including with respect to consumer financial services and the use of public records and consumer data which may, among other things, limit the manner in which we conduct business with our customers; compromises in the security of our data transmissions, including the transmission of confidential information or systems interruptions; difficult conditions in the mortgage and consumer credit industry, including the continued decline in mortgage applications, declines in the level of loans seriously delinquent and continued delays in the default cycle, the state of the securitization market, increased unemployment, and conditions in the economy generally; risks related to our international operations and the outsourcing of various business process and information technology services to third parties, including potential disruptions to services and customers and inability to achieve cost savings; and impairments in our goodwill or other intangible assets. The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Use of Non-GAAP Financial Measures
This press release contains certain financial measures that are not presented in accordance with Generally Accepted Accounting Principles (GAAP), including adjusted revenue which includes equity in earnings of affiliates; adjusted EBITDA, adjusted EBITDA margin and adjusted pretax margin which is adjusted to exclude historical corporate expense of the spun-off businesses, net realized investment gains/losses, employee separation costs, and other adjustments. Although these exclusions represent actual losses or expenses to the Company, they may mask the periodic income and financial and operating trends associated with the Company's business. To compensate for the inherent limitations of these non-GAAP measures, the Company uses them in conjunction with the corresponding GAAP measures.
The Company is presenting these non-GAAP financial measures because the Company believes that they provide the Company's management and investors with additional insight into the operational performance of the Company relative to earlier periods. The Company does not intend for these non-GAAP financial measures to be a substitute for any GAAP financial information. In this press release, these non-GAAP financial measures have been presented with, and reconciled to, the most directly comparable GAAP financial measures. Investors should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures.
(Additional Financial Data Follows) CORELOGIC, INC. CONDENSED CONSOLIDATED INCOME STATEMENTS UNAUDITED | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September30, | September30, | |||||||||||||||
(in thousands, except per share amounts) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Operating revenues | $ | 348,446 | $ | 330,146 | $ | 993,149 | $ | 964,910 | ||||||||
External cost of revenues | 78,178 | 76,543 | 211,457 | 214,713 | ||||||||||||
Salaries and benefits | 131,523 | 133,812 | 414,545 | 406,097 | ||||||||||||
Other operating expenses | 76,061 | 50,604 | 209,739 | 191,418 | ||||||||||||
Depreciation and amortization | 34,844 | 23,495 | 84,160 | 72,198 | ||||||||||||
Total operating expenses | 320,606 | 284,454 | 919,901 | 884,426 | ||||||||||||
Income from continuing operations | 27,840 | 45,692 | 73,248 | 80,484 | ||||||||||||
Interest income/(expense), net: | ||||||||||||||||
Interest income | 817 | 1,541 | 4,005 | 2,829 | ||||||||||||
Interest expense | (15,236) | (8,956) | (47,783) | (25,325) | ||||||||||||
Total interest expense,net | (14,419) | (7,415) | (43,778) | (22,496) | ||||||||||||
(Loss)/gain on investment and other income | (4,118) | 2,072 | 86,783 | (659) | ||||||||||||
Income from continuing operations before equity in earnings of affiliates and income taxes | 9,303 | 40,349 | 116,253 | 57,329 | ||||||||||||
Provision/(benefit) for income taxes | 20,535 | (5,580) | 76,829 | 4,193 | ||||||||||||
(Loss)/income from continuing operations before equity in earnings of affiliates | (11,232) | 45,929 | 39,424 | 53,136 | ||||||||||||
Equity in earnings of affiliates, net of tax | 8,340 | 13,507 | 20,393 | 29,593 | ||||||||||||
(Loss)/income from continuing operations | (2,892) | 59,436 | 59,817 | 82,729 | ||||||||||||
Loss from discontinued operations, net of tax | (104,220) | (142,479) | (111,125) | (93,688) | ||||||||||||
Net loss | (107,112) | (83,043) | (51,308) | (10,959) | ||||||||||||
Less:Net income attributable to noncontrolling interests | 78 | 10,372 | 1,142 | 28,629 | ||||||||||||
Net loss attributable to CoreLogic | $ | (107,190) | $ | (93,415) | $ | (52,450) | $ | (39,588) | ||||||||
Amounts attributable to CoreLogic stockholders: | ||||||||||||||||
(Loss)/income from continuing operations | $ | (2,970) | $ | 49,064 | $ | 58,675 | $ | 54,100 | ||||||||
Loss from discontinued operations, net of tax | (104,220) | (142,479) | (111,125) | (93,688) | ||||||||||||
Net loss | $ | (107,190) | $ | (93,415) | $ | (52,450) | $ | (39,588) | ||||||||
Basic (loss)/income per share: | ||||||||||||||||
(Loss)/income from continuing operations attributable to CoreLogic stockholders | $ | (0.03) | $ | 0.42 | $ | 0.53 | $ | 0.49 | ||||||||
Loss from discontinued operations attributable to CoreLogic stockholders, net of tax | (0.98) | (1.22) | (1.01) | (0.85) | ||||||||||||
Net loss attributable to CoreLogic | $ | (1.01) | $ | (0.80) | $ | (0.48) | $ | (0.36) | ||||||||
Diluted (loss)/income per share: | ||||||||||||||||
(Loss)/income from continuing operations attributable to CoreLogic stockholders | $ | (0.03) | $ | 0.42 | $ | 0.53 | $ | 0.49 | ||||||||
Loss from discontinued operations attributable to CoreLogic stockholders, net of tax | (0.98) | (1.22) | (1.01) | (0.85) | ||||||||||||
Net (loss)/income attributable to CoreLogic | $ | (1.01) | $ | (0.80) | $ | (0.48) | $ | (0.36) | ||||||||
Weighted-average common shares outstanding: | ||||||||||||||||
Basic | 106,414 | 116,991 | 109,993 | 109,800 | ||||||||||||
Diluted | 106,414 | 117,829 | 110,591 | 110,669 | ||||||||||||
CORELOGIC, INC CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED | |||||||||||||
(in thousands, except per share value) | September30, | December31, | |||||||||||
Assets | 2011 | 2010 | |||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 138,668 | $ | 426,212 | |||||||||
Marketable securities | 34,970 | 75,221 | |||||||||||
Accounts receivable (less allowance for doubtful accounts of $15,437 and $12,314 in 2011 and 2010, respectively) | 215,205 | 176,413 | |||||||||||
Prepaid expenses and other current assets | 54,715 | 42,793 | |||||||||||
Income tax receivable | 61,510 | 30,587 | |||||||||||
Deferred tax asset, current | 28,157 | 13,150 | |||||||||||
Due from FAFC, net | 581 | - | |||||||||||
Assets of discontinued operations | 76,111 | 262,275 | |||||||||||
Total current assets | 609,917 | 1,026,651 | |||||||||||
Property and equipment, net | 231,294 | 197,426 | |||||||||||
Goodwill, net | 1,468,663 | 1,289,888 | |||||||||||
Other identifiable intangible assets, net | 170,408 | 109,850 | |||||||||||
Capitalized data and database costs, net | 298,887 | 211,331 | |||||||||||
Investment in affiliates | 143,850 | 165,709 | |||||||||||
Deferred income tax assets, long-term | 28,361 | 33,548 | |||||||||||
Restricted cash | 20,924 | 21,095 | |||||||||||
Other assets | 149,800 | 180,882 | |||||||||||
Total assets | $ | 3,122,104 | $ | 3,236,380 | |||||||||
Liabilities and Equity | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable and accrued expenses | $ | 151,763 | $ | 123,936 | |||||||||
Accrued salaries and benefits | 60,629 | 76,212 | |||||||||||
Income taxes payable | 4,288 | - | |||||||||||
Deferred revenue, current | 200,505 | 186,031 | |||||||||||
Mandatorily redeemable noncontrolling interests | - | 72,000 | |||||||||||
Current portion of long-term debt | 62,482 | 233,452 | |||||||||||
Due to FAFC, net | - | 18,097 | |||||||||||
Liabilities of discontinued operations | 42,505 | 40,162 | |||||||||||
Total current liabilities | 522,172 | 749,890 | |||||||||||
Long-term debt, net of current | 848,616 | 487,437 | |||||||||||
Deferred revenue, net of current | 335,322 | 350,827 | |||||||||||
Deferred income tax liabilities, long term | 10,279 | - | |||||||||||
Other liabilities | 136,908 | 101,531 | |||||||||||
Total liabilities | 1,853,297 | 1,689,685 | |||||||||||
Equity: | |||||||||||||
CoreLogic, Inc.'s (CoreLogic) 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; 106,481 and 115,499 shares issued and outstanding as of September 30, 2011 and December 31, 2010, respectively | 1 | 1 | |||||||||||
Additional paid-in capital | 1,052,587 | 1,229,806 | |||||||||||
Retained earnings | 246,140 | 298,590 | |||||||||||
Accumulated other comprehensive (loss)/income | (32,384) | 15,943 | |||||||||||
Total CoreLogic's stockholders' equity | 1,266,344 | 1,544,340 | |||||||||||
Noncontrolling interests | 2,463 | 2,355 | |||||||||||
Total equity | 1,268,807 | 1,546,695 | |||||||||||
Total liabilities and equity | $ | 3,122,104 | $ | 3,236,380 | |||||||||
RECONCILIATION OF AS REPORTED TO AS ADJUSTED FINANCIAL RESULTS FOR CONSOLIDATED CORELOGIC, INC. | ||||||||||||||||||||||
For the Three Months Ended September 30, 2011 | ||||||||||||||||||||||
(in thousands) | As Reported | Equity in Earnings | Severance | Efficiency Investments | Asset Impairments | Spin Costs | As Adjusted | |||||||||||||||
Revenue | ||||||||||||||||||||||
Data & Analytics | $ | 184,509 | $ | 2,089 | $ | - | $ | - | $ | - | $ | - | $ | 186,598 | ||||||||
Business and Information Services | 169,587 | 11,639 | - | - | - | - | 181,226 | |||||||||||||||
Corporate | (5,650) | 175 | - | - | - | - | (5,475) | |||||||||||||||
CoreLogic | $ | 348,446 | $ | 13,903 | $ | - | $ | - | $ | - | $ | - | $ | 362,349 | ||||||||
Pretax Income | ||||||||||||||||||||||
Data & Analytics | $ | 27,928 | $ | 2,089 | $ | 125 | $ | - | $ | 6,463 | $ | - | $ | 36,605 | ||||||||
Business and Information Services | 25,276 | 11,639 | 1,243 | - | 502 | - | 38,660 | |||||||||||||||
Corporate | (43,901) | 175 | 338 | 10,052 | (600) | - | (33,936) | |||||||||||||||
CoreLogic | $ | 9,303 | $ | 13,903 | $ | 1,706 | $ | 10,052 | $ | 6,365 | $ | - | $ | 41,329 | ||||||||
EBITDA | ||||||||||||||||||||||
Data & Analytics | $ | 53,665 | $ | - | $ | 125 | $ | - | $ | 1,152 | $ | - | $ | 54,942 | ||||||||
Business and Information Services | 43,096 | - | 1,243 | - | - | - | 44,339 | |||||||||||||||
Corporate | (24,290) | ) | - | 338 | 10,052 | - | - | (13,900) | ||||||||||||||
CoreLogic | $ | 72,471 | $ | - | $ | 1,706 | $ | 10,052 | $ | 1,152 | $ | - | $ | 85,381 | ||||||||
For the Three Months Ended September 30, 2010 | ||||||||||||||||||||||
(in thousands) | As Reported | Equity in Earnings | Severance | Efficiency Investments | Asset Impairments | Spin Costs | As Adjusted | |||||||||||||||
Revenue | ||||||||||||||||||||||
Data & Analytics | $ | 161,185 | $ | 4,067 | $ | - | $ | - | $ | - | $ | - | $ | 165,252 | ||||||||
Business and Information Services | 174,955 | 18,304 | - | - | - | - | 193,259 | |||||||||||||||
Corporate | (5,994) | 89 | - | - | - | - | (5,905) | |||||||||||||||
CoreLogic | $ | 330,146 | $ | 22,460 | $ | - | $ | - | $ | - | $ | - | $ | 352,606 | ||||||||
Pretax Income | ||||||||||||||||||||||
Data & Analytics | $ | 34,884 | $ | 4,067 | $ | 218 | $ | - | $ | - | $ | - | $ | 39,169 | ||||||||
Business and Information Services | 34,434 | 18,304 | 1,100 | - | - | - | 53,838 | |||||||||||||||
Corporate | (28,969) | 89 | 433 | - | - | 1,697 | (26,750) | |||||||||||||||
CoreLogic | $ | 40,349 | $ | 22,460 | $ | 1,751 | $ | - | $ | - | $ | 1,697 | $ | 66,257 | ||||||||
EBITDA | ||||||||||||||||||||||
Data & Analytics | $ | 51,910 | $ | - | $ | 218 | $ | - | $ | - | $ | - | $ | 52,128 | ||||||||
Business and Information Services | 57,469 | - | 1,100 | - | - | - | 58,569 | |||||||||||||||
Corporate | (15,662) | - | 433 | - | - | 1,697 | (13,532) | |||||||||||||||
CoreLogic | $ | 93,717 | $ | - | $ | 1,751 | $ | - | $ | - | $ | 1,697 | $ | 97,165 | ||||||||
RECONCILIATION OF AS REPORTED TO AS ADJUSTED FINANCIAL RESULTS FOR CONSOLIDATED CORELOGIC, INC. | |||||||
(Unaudited, in thousands) | 3Q11 | 3Q10 | |||||
Net income | $ | (107,190) | $ | (93,415) | |||
Less: Discontinued operations, net of tax | (104,220) | (142,479) | |||||
Plus: Noncontrolling interests | 78 | 10,372 | |||||
Income tax provision, includes income tax provision | |||||||
associated with equity in earnings of affiliates. | 26,098 | 3,373 | |||||
Interest expense, net | 14,419 | 7,415 | |||||
Depreciation & amortization | 34,844 | 23,495 | |||||
Other significant adjustments | 12,912 | 3,446 | |||||
Adjusted EBITDA | $ | 85,381 | $ | 97,165 | |||
RECONCILIATION OF AS REPORTED TO AS ADJUSTED FINANCIAL RESULTS FOR TOTAL DISCONTIUED OPERATIONS | ||||
(Unaudited, in thousands) | 3Q11 | |||
Loss from discontinued operations before income taxes | $ | (168,968) | ||
Plus: Impairment charges | 123,348 | |||
Depreciation & amortization | 30,005 | |||
Interest expense, net | 40 | |||
Adjusted EBITDA from discontinued operations | $ | (15,575) | ||
SIGNIFICANT ADJUSTMENTS BETWEEN GAAP & AS-ADJUSTED RESULTS | |||||
($ in Thousands) | September 30, 2011 | Description | |||
Revenue | |||||
Re-class of Equity in Earnings of Affiliates | $ | 13,903 | Reflects GAAP equity in earnings of affiliates before | ||
Expenses | |||||
Salaries and benefits | 1,706 | Restructuring-related severance and retention | |||
Professional, legal and litigation | 10,052 | Expenses related to announced one-time efficiency | |||
Amortization & other | 5,544 | Software and intangibles impairment | |||
Gain/(Loss)onInvestmentandOtherIncome | |||||
Investment losses | 821 | Investment impairment | |||
Total impact to pretax income | $ | 32,026 | |||
SOURCE CoreLogic
