CoreLogic wrapped up 2016 with double-digit revenue growth for the fourth quarter and full year thanks to success in its Property Intelligence (PI) segment and its Risk Management and Work Flow (RMW) segment.
CoreLogic, a global provider of property information, insight, analytics and data-enabled solutions, recorded fourth-quarter revenue of $475 million, compared to $391 million for the same 2015 period.
The company attributed the year-over-year increase of 21% primarily to valuation solutions upsides, growth in insurance and spatial solutions, international operations and higher RMW revenues. However, the timing of project-related revenues and the wind-down of non-core product lines partially offset this.
Looking at the two successful segments, PI revenues rose 33% to $255 million driven principally by growth in valuation solutions as well as insurance and spatial solutions and international operations. RMW revenues totaled $222 million, 10% above 2015 levels, as growth in tax, flood-zone determination and credit services more than offset the wind-down of non-core product lines.
For the full year, revenues jumped 28% to $1,953 million also thanks to double-digit growth in the PI segment and strong organic growth in the RMW segment.
“CoreLogic delivered an outstanding operating performance in 2016 with strong growth in revenue, adjusted EBITDA, adjusted EPS and free cash flow,” said Frank Martell, president and CEO of CoreLogic. “Fourth quarter and full-year revenues grew at double-digit rates as both of our segments notched solid gains.”
Martell said that despite forecasts for a decline in U.S. mortgage refinancing volumes, CoreLogic is entering 2017 with a clear pathway to sustained long-term growth and margin expansion.
“We believe our core data-driven solutions are unique and enable our current and future clients to more precisely underwrite and manage their risks and capitalize on opportunities as they arise,” he said. “In addition, our focus on automating and transforming property valuation and expanding our footprint in non-U.S. mortgage industry verticals as well as internationally should be significant future growth catalysts for CoreLogic.”