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CoreLogic (NYSE: CLGX) is undergoing a strategic review to enhance shareholder value. The Board is open to all options and is currently evaluating proposals exceeding Senator/Cannae's $66/share bid. Despite external pressures, including misinformation campaigns from Senator/Cannae, the experienced Board, comprising 12 industry leaders, aims to optimize value. They emphasize the importance of credible strategic alternatives and urge shareholders to support the current Board during the upcoming Annual Meeting.
CoreLogic (NYSE: CLGX) has reported the successful deployment of its PropertyAssist tool for appraisers during the COVID-19 pandemic, facilitating remote digital inspections. The initiative has appraised an estimated $3.5 billion in properties this year, significantly aiding appraisers in completing their assignments. This tool has addressed appraisal delays caused by evolving lender requirements and homeowner concerns regarding the pandemic. CoreLogic continues to support the housing market by enabling appraisers to work under updated federal guidelines while maintaining safety protocols.
CoreLogic (NYSE: CLGX) issued a letter to shareholders affirming its commitment to maximizing shareholder value. The Board rejected a lowball offer of $66 per share from Senator and Cannae, citing ongoing negotiations with other interested parties at higher valuations, potentially over $80 per share. The Board emphasized strong performance and diversified revenue streams. A special meeting scheduled for November 17 will seek support for the current Board amid claims of misinformation from the opposing party.
CoreLogic (NYSE: CLGX) announced an expanded collaboration with Google Cloud to enhance its offerings in the global housing economy. This partnership aims to leverage AI and machine learning to improve the speed and accuracy of property valuation, allowing clients to assess properties 300% faster. The collaboration supports CoreLogic's product launches like OneHome and HomeVisit, while enabling rapid insights during hazardous weather events. Google Cloud enhances CoreLogic’s technology stack, promoting scalability and improved data analytics.
MRI Software has acquired Jenark™ from CoreLogic (NYSE: CLGX), enhancing its residential property management software portfolio. This acquisition supports the unique needs of community and homeowner associations, streamlining various operational processes. With Jenark, MRI now manages over 16 million residential units globally. This marks MRI's eighth acquisition in 2020, following various strategic expansions, including CheckpointID and RentPayment. The deal promises uninterrupted support for Jenark users and additional value through MRI's expansive application ecosystem.
CoreLogic (NYSE: CLGX) has declared a quarterly cash dividend of $0.33 per share to its common shareholders. This dividend will be paid on December 15, 2020, to those shareholders of record who hold their shares by the close of business on December 1, 2020. As a leader in property information and analytics, CoreLogic continues to support a healthy housing market through its data-enabled solutions.
CoreLogic (NYSE: CLGX) announced a $250,000 contribution to local food banks as part of its Environmental, Social and Governance (ESG) program, aimed at combating hunger during the pandemic. The initiative also includes offering employees two additional days of paid volunteer time-off for community service. CEO Frank Martell emphasized the company's commitment to giving back and addressing community needs. This contribution supports various local organizations, reinforcing CoreLogic's broader ESG efforts focused on education, financial literacy, and housing initiatives.
CoreLogic (NYSE: CLGX) announced robust financial results for Q3 2020, achieving record revenue of $437 million, a 16% year-over-year increase. The company reported an 8% organic revenue growth, driven by significant share gains and pricing strategies. Operating income rose to $73 million, up 18%, while net income surged to $102 million, with diluted EPS reaching $1.26, a 223% increase. Strong cash flow generation is evident with free cash flow of $403 million. CoreLogic is exiting its reseller operations, anticipating improved revenue growth and profit margins. The outlook for 2021 remains positive.
CoreLogic (NYSE: CLGX) announced it will release its third quarter 2020 financial results after market close on October 22, 2020. A live webcast and conference call will follow at 5:00 p.m. ET to discuss these results. Interested parties can access the live event via the CoreLogic website or by dialing in to the provided numbers. A replay will be available for 10 days post-event. CoreLogic provides important property insights and data solutions to various housing market participants.
CoreLogic (NYSE: CLGX) has partnered with Liberty Mutual Insurance to implement a next-generation, cloud-based property estimation platform. This collaboration aims to enhance Liberty Mutual's position in the property insurance market by leveraging CoreLogic's innovative workflows and property data. The platform allows seamless integration with various InsurTech solutions, promoting operational efficiency and improved customer experience. CoreLogic's CEO highlighted that this partnership exemplifies their growth in the insurance sector, emphasizing the delivery of superior digital experiences for policyholders.
