Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

Segment Information

We have organized into two reportable segments: PIRM and UWS.

Property Intelligence & Risk Management Solutions. Our PIRM segment combines property information, mortgage information, and consumer information to deliver unique housing market and property-level insights, predictive analytics and risk management capabilities. We have also developed proprietary technology and software platforms to access, automate, and track this information and assist our clients with decision-making and compliance tools in the real estate industry, insurance industry, and the single and multifamily industry. We deliver this information directly to our clients in a standard format over the web, through hosted software platforms, or in bulk data form. Our PIRM solutions include property insights and insurance and spatial solutions in North America, Western Europe, and Asia Pacific. The segment's primary clients are commercial banks, mortgage lenders and brokers, investment banks, fixed-income investors, real estate agents, MLS companies, property and casualty insurance companies, title insurance companies, government agencies, and government-sponsored enterprises.

The operating results of our PIRM segment included intercompany revenues of $3.7 million and $2.2 million for the three months ended June 30, 2020 and 2019, respectively, and $7.7 million and $4.0 million for the six months ended June 30, 2020 and 2019, respectively. The segment also included intercompany expenses of $0.6 million and $1.0 million for the three months ended June 30, 2020 and 2019, respectively, and $1.4 million and $1.8 million for the six months ended June 30, 2020 and 2019, respectively.

Underwriting & Workflow Solutions. Our UWS segment combines property, mortgage, and consumer information to provide comprehensive mortgage origination and monitoring solutions, including, underwriting-related solutions, and data-enabled valuations and appraisals. We have also developed proprietary technology and software platforms to access, automate, and track this information, and assist our clients with vetting and onboarding prospects, meeting compliance regulations and understanding, evaluating, and monitoring property values. Our UWS solutions include property tax solutions, valuation solutions, credit solutions, and flood data solutions in North America. The segment’s primary clients are large, national mortgage lenders and servicers, but we also serve regional mortgage lenders and brokers, credit unions, commercial banks, fixed-income investors, government agencies, and property and casualty insurance companies.

The operating results of our UWS segment included intercompany revenues of $0.6 million and $1.0 million for the three months ended June 30, 2020 and 2019, respectively, and $1.3 million and $1.8 million for the six months ended June 30, 2020 and 2019 respectively. The segment also included intercompany expenses of $1.8 million and $2.2 million for the three months ended June 30, 2020 and 2019, respectively, and $3.6 million and $4.0 million for the six months ended June 30, 2020 and 2019, respectively.

We also separately report on our corporate and eliminations. Corporate consists primarily of corporate personnel and other expenses associated with our corporate functions and facilities, investment gains and losses, equity in earnings/(losses) of affiliates, net of tax, and interest expense. The results of our Corporate segment included intercompany expenses of $1.9 million and $4.1 million for the three and six months ended June 30, 2020, respectively, and none for both the three and six months ended June 30, 2019.

Selected financial information by reportable segment is as follows:

(in thousands)	Operating Revenues		Depreciation and Amortization		Operating Income/(Loss)		Equity in Earnings/(Losses) of Affiliates, Net of Tax		Net Income/(Loss) From Continuing Operations		Capital Expenditures
For the Three Months Ended June 30, 2020
PIRM	$	176,586	$	25,050	$	30,159	$	764	$	30,792	$	15,494
UWS	305,140		13,283		96,365		—		98,170		2,112
Corporate	—		8,368		(35,541)		(388)		(69,957)		9,008
Eliminations	(4,262)		—		—		—		—		—
Consolidated (excluding discontinued operations)	$	477,464	$	46,701	$	90,983	$	376	$	59,005	$	26,614
For the Three Months Ended June 30, 2019
PIRM	$	183,717	$	26,113	$	23,026	$	482	$	19,272	$	14,290
UWS	279,017		13,757		19,779		(8)		20,377		4,861
Corporate	—		7,236		(28,215)		(160)		(45,173)		10,903
Eliminations	(3,196)		—		—		—		—		—
Consolidated (excluding discontinued operations)	$	459,538	$	47,106	$	14,590	$	314	$	(5,524)	$	30,054
For the Six Months Ended June 30, 2020
PIRM	$	349,641	$	50,061	$	48,477	$	1,470	$	50,024	$	29,570
UWS	580,761		26,528		171,979		—		174,603		4,016
Corporate	—		16,955		(62,402)		(582)		(131,816)		16,804
Eliminations	(9,053)		—		—		—		—		—
Consolidated (excluding discontinued operations)	$	921,349	$	93,544	$	158,054	$	888	$	92,811	$	50,390
For the Six Months Ended June 30, 2019
PIRM	$	359,525	$	52,912	$	37,378	$	(42)	$	30,659	$	29,903
UWS	523,535		29,532		65,631		(8)		65,812		10,629
Corporate	—		13,881		(67,215)		(58)		(100,262)		22,489
Eliminations	(5,814)		—		—		—		—		—
Consolidated (excluding discontinued operations)	$	877,246	$	96,325	$	35,794	$	(108)	$	(3,791)	$	63,021

(in thousands)
Assets	June 30, 2020		December 31, 2019
PIRM	$	1,904,923	$	1,988,915
UWS	2,167,497		2,159,403
Corporate	5,956,259		5,938,106
Eliminations	(5,871,554)		(5,934,053)
Consolidated (excluding discontinued operations)	$	4,157,125	$	4,152,371