CoreLogic Reports Fourth Quarter and Full-Year 2012 Financial Results

    CoreLogic Reports Fourth Quarter and Full-Year 2012 Financial Results

Record Fourth Quarter and Full-Year Revenue, Operating and Net Income and
Earnings per Share Delivered

Fourth Quarter Highlights

-- Revenues up 18.8% to $410.4 million fueled by double-digit growth in
Mortgage Origination Services and Data and Analytics segments.

-- Operating income up 211.5% to $48.1 million reflecting higher revenues, the
benefit of operating leverage and cost reduction programs.

-- Adjusted EBITDA up 49.5% to $106.4 million; adjusted EBITDA margin of
25.9%, up 530 basis points.

-- Net income from continuing operations and diluted EPS from continuing
operations of $16.6 million and $0.17 per share, up from net loss of $6.3
million and $0.06 per share, respectively. Adjusted EPS of $0.36, up 140.0%.

Full-Year Highlights

-- Revenues up 17.1% to $1,567.6 million reflecting growth in all business
segments.

-- Operating income up 150.6% to $222.3 million reflecting higher revenues,
the benefit of operating leverage and cost reduction programs.

-- Adjusted EBITDA up 54.5% to $450.5 million; adjusted EBITDA margin of
28.7%, up 690 basis points.

-- Net income from continuing operations up 129.7% to $122.9 million. Diluted
EPS from continuing operations up 147.9% to $1.19 and adjusted EPS up 116.4%
to $1.58. Higher net income and EPS reflect strong operating results and share
repurchases.

-- Company completed repurchase of 10 million common shares and reduced debt
by $115.9 million.

PR Newswire

IRVINE, Calif., Feb. 21, 2013

IRVINE, Calif., Feb. 21, 2013 /PRNewswire/ -- CoreLogic (NYSE:CLGX), a leading
residential property information, analytics and services provider, today
reported financial results for the full year and quarter ended December 31,
2012.

(Logo: http://photos.prnewswire.com/prnh/20100609/CLLOGO)

"2012 was an exceptional year for CoreLogic. We are entering 2013 a
higher-growth, higher-margin company that is capitalizing on the opportunities
presented by a gradually improving housing market. Despite market forecasts
indicating a reduction in loan origination volumes, we believe CoreLogic is
positioned to deliver revenue and profit growth in 2013," said Anand
Nallathambi, President and Chief Executive Officer of CoreLogic. "Over the
course of 2013, we expect to continue to reinvest in strategic growth areas
and our technology transformation initiatives, and to return capital to our
shareholders."

"We delivered record financial results in 2012. For the fourth quarter, we
achieved double-digit top and bottom-line growth driven by strong origination
volumes, accelerating growth of Data and Analytics revenues and the successful
execution of our Project 30 cost reduction plan. We are exiting 2012 with
significant financial flexibility and our focus remains squarely on profitable
top-line growth, margin expansion and free cash flow generation," said Frank
Martell, Chief Financial Officer of CoreLogic.

Fourth Quarter Financial Highlights

Consolidated fourth quarter revenues increased $65.0 million or 18.8% to
$410.4 million. Mortgage Origination Services segment (MOS) revenues grew
$48.2 million or 37.6% to $176.4 million as a result of increased market
demand for credit and tax services and flood certifications, market-share
gains and improved pricing in certain product lines. Data & Analytics segment
(D&A) revenues increased $17.8 million or 12.3% to $162.4 million driven
principally by higher demand for property-related information and analytics as
well as advisory services related to assisting clients with regulatory
compliance. Asset Management and Processing Services segment (AMPS -
previously Default Services) revenues of $77.2 million were down 2.1% or $1.7
million reflecting lower field services revenues, partially offset by growth
inloss mitigation and collateral solutions revenues.

Operating income totaled $48.1 million for the fourth quarter of 2012 compared
with $15.4 million for the fourth quarter of 2011. The increase in operating
income was due primarily to revenue growth, increased operating leverage and
cost reductions which more than offset cash investments of $6.4 million,
one-time non-cash charges of $4.4 million related to the Technology
Transformation Initiative (TTI) and other non-recurring restructuring charges
of $7.8 million. Fourth quarter 2012 operating income margins were 11.7%
compared with 4.5% for the fourth quarter of 2011. Fourth quarter 2011
operating income included one-time impairment charges associated with facility
consolidations of $14.2 million, one-time investments in improving operating
efficiency and the review of strategic alternatives of $7.1 million and
Project 30-related severance of $6.2 million.

Fourth quarter 2012 net income from continuing operations totaled $16.6
million compared with a loss of $6.3 million for the same prior year period.
The increase in net income from continuing operations was principally
attributable to revenue growth, margin expansion from operating efficiencies
and lower interest expense. Fourth quarter 2011 net income from continuing
operations included the after-tax impacts of one-time impairment charges
associated with facility consolidations, investments in improving operating
efficiency and Project 30-related severance discussed previously.

Diluted earnings per share (EPS) from continuing operations totaled $0.17 for
the fourth quarter of 2012 compared with a loss of $0.06 in the fourth quarter
of 2011. Adjusted diluted EPS totaled $0.36, which represented a $0.21
increase over the same 2011 period. Increases in EPS and adjusted EPS reflect
higher revenue and profit margins as well as the impact of share repurchases.

Adjusted EBITDA totaled $106.4 million in the fourth quarter 2012, up $35.2
million or 49.5% from fourth quarter 2011. Fourth quarter 2012 adjusted EBITDA
included cash investments of $6.4 million related to the launch of the TTI.
The Company's fourth quarter 2012 adjusted EBITDA margin was 25.9% compared
with 20.6% in the fourth quarter of 2011. Fourth quarter 2012 adjusted EBITDA
margin excluding TTI cash investment was 27.5%. MOS adjusted EBITDA
increased 55.5% to $68.4 million compared with prior-year levels fueled by
higher origination volumes, market share gains and cost reductions. D&A
adjusted EBITDA totaled $43.3 million, a 4.8% increase from fourth quarter
2011 as growth in advisory services revenues andincreased demand for property
valuation and analytical solutions more than offset increased reinvestment in
new product and service capabilities. Adjusted EBITDA attributable to AMPS was
$9.7 million, a 4.6% increase.

Cost Reduction Programs

Full-year 2012 cost reductions related to the Company's previously announced
Project 30 program were approximately $62.2 million. Project 30 cost savings
relate primarily to workforce reductions in corporate shared services and
information technology (IT), the outsourcing of certain IT and business
process functions and cuts in spending on real estate and outside services.

During 2012, CoreLogic launched the TTI which represents an expansion and
extension of Project 30. The primary objective of the TTI is to convert the
Company's existing technology infrastructure to a new platform which is
expected to provide CoreLogic with new functionality, increased performance
and a reduction in application management and development costs.
Fourth-quarter and full-year charges related to TTI implementation totaled
$10.8 million and $33.2 million, respectively.

Liquidity and Capital Resources

At December 31, 2012, the Company had cash and cash equivalents of $148.9
million compared with $259.3 million at December 31, 2011. The principal
drivers of the change in cash balances during 2012 follow:

  oFree cash flow (FCF)totaled $277.8 million for the full year 2012, which
    represented 61.7% of adjusted EBITDA. FCF is defined as net cash provided
    by continuing operating activities less capital expenditures for purchases
    of property and equipment, capitalized data and other intangible assets.
  oDuring the second and third quarters of 2012, CoreLogic repurchased 10
    million common shares for a total of $226.6 million.
  oDuring December 2012, the Company acquired CDS Business Mapping, LLC for
    $78.0 million in cash.
  oTotal debt as of December 31, 2012 was $792.4 million, down $115.9 million
    from December 31, 2011. The reduction in outstanding debt was primarily
    the result of the Company's previously-announced debt reduction plan
    completed during the first half of 2012.

As of December 31, 2012, the Company had available capacity on its revolving
credit facility of approximately $500.0 million.

Segment and Financial Reporting

As part of CoreLogic's ongoing focus on enhancing its business operations and
financial reporting, the Company made the following changes to its financial
reporting commencing during the fourth quarter of 2012:

  oThe Company's geo-spatial property data and analytics business operations
    are now reported as part of the D&A segment. This operation was initially
    launched as part of the Company's flood zone certification operations and,
    as a result, was previously reported in the MOS segment. The CDS Business
    Mapping, LLC acquisition, along with the growth in our existing
    geo-spatial operations, has resulted in CoreLogic entering 2013 as a
    leading provider of precise location-based data and analytics to the
    property and casualty insurance, energy and telecommunications industries.
  oReflecting a change in business mix away from default-related business
    process outsourcing toward asset management, valuation and loss mitigation
    services, the Company has renamed its Default Services segment Asset
    Management and Processing Solutions or AMPS.
  oThe Company has migrated to a functional operating statement which
    includes expense categories for costs of services and selling, general and
    administrative.

The Company believes this updated reporting convention will facilitate the
review and analysis of its results. Three years of reclassified quarterly
segment results (on an unaudited basis) can be accessed at
http://investor.corelogic.com.

Teleconference/Webcast

CoreLogic management will host a live webcast and conference call on Friday,
February 22, 2013, 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.
Alternatively, participants may use the following dial-in numbers:
1-866-543-6408 for U.S./Canada callers or 617-213-8899 for international
callers. The Conference ID for the call is 75063583.

Additional detail on the Company's fourth quarter results is included in the
quarterly financial supplement, available on the Investor Relations page at
http://investor.corelogic.com.

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 66504121.

About CoreLogic
CoreLogic (NYSE: CLGX) is a leading property information, analytics and
services provider in the United States and Australia. The Company's combined
data from public, contributory, and proprietary sources includes over 3.3
billion records spanning more than 40 years, providing detailed coverage of
property, mortgages and other encumbrances, consumer credit, tenancy,
location, hazard risk and related performance information. The markets
CoreLogic serves include real estate and mortgage finance, insurance, capital
markets, transportation and government. CoreLogic delivers value to clients
through unique data, analytics, workflow technology, advisory and managed
services. Clients rely on CoreLogic to help identify and manage growth
opportunities, improve performance and mitigate risk. Headquartered in Irvine,
Calif., CoreLogic operates in seven countries. For more information, please
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 profit growth, future margin improvement, future
adjusted EBITDA and adjusted EPS performance, and future free cash flow
generation and margin expansion, our ability to meet our 2013 business,
strategic growth and financial objectives and generate longer-term positive
returns including return on capital for our stockholders; the Company's
full-year expected results and 2013financial guidance; estimated future cost
savings and the impact thereof; mortgage and housing market trends, including
mortgage origination and mortgage delinquency volumes; net operating expense
reductions, expected non-recurring cash and non-cash charges; and targeted
cost reductions including Project 30 and the Technology Transformation
Initiative. Risks 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, as updated by our Quarterly Reports on Form 10-Q,
including but not limited to: limitations on access to or increase in prices
for data from various external sources; government legislation, regulations
and the level of regulatory scrutiny affecting our customers or us, including
the Consumer Financial Protection Bureau and with respect to the use of public
records and consumer data; compromises in the security of our data
transmissions, including the transmission of confidential information or
systems interruptions; difficult conditions in the mortgage and consumer
lending industries and the economy generally, together with our customer
concentration and the impact of these factors thereon; our growth strategy and
cost reduction plan and our ability to significantly decrease future allocated
costs and other amounts in connection therewith; risks related to the
outsourcing of services and our international operations; the inability to
control the operations and dividend policies of our partially-owned
affiliates; impairments in our goodwill or other intangible assets; and the
restrictive covenants in the agreements governing certain of our outstanding
indebtedness. 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 (Generally Accepted Accounting Principles) Financial Measures
This press release contains certain non-GAAP financial measures which are
provided only as supplemental information. Investors should consider these
non-GAAP financial measures only in conjunction with the comparable GAAP
financial measures. These non-GAAP measures are not in accordance with or a
substitute for, U.S. GAAP.

The Company believes that its presentation of non-GAAP measures, such as
adjusted EBITDA and adjusted EPS provides useful supplemental information to
investors and management regarding CoreLogic's financial condition and
results. Adjusted EBITDA is defined as earnings from continuing operations
before interest, taxes, depreciation, amortization, non-cash stock
compensation, non-operating gains/losses and other one-time adjustments plus
pretax equity in earnings of affiliates. Adjusted net income is defined as
income from continuing operations before equity earnings of affiliates,
adjusted for non-cash stock compensation, non-operating gains/losses, and
other adjustments plus pretax equity in earnings of affiliates, tax affected
at an assumed effective tax rate of 40%. Adjusted EPS is derived by dividing
adjusted net income by diluted weighted shares. Other firms may calculate
non-GAAP measures differently than CoreLogic, which limits comparability
between companies.

(Additional Financial Data Follow)

CORELOGIC, INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
UNAUDITED
                       For the Three Months Ended  For the Twelve Months Ended
                       December31,                December31,
(in thousands, except  2012           2011         2012           2011
per share amounts)
Operating revenue      $  410,411     $ 345,398    $  1,567,633   $ 1,338,547
Cost of services
(exclusive of          223,900        194,856      839,593        749,064
depreciation and
amortization below)
Selling, general and
administrative         98,141         103,720      372,066        385,252
expenses
Depreciation and       40,281         31,386       133,714        115,546
amortization
Total operating        362,322        329,962      1,345,373      1,249,862
expenses
Operating income       48,089         15,436       222,260        88,685
Interest expense:
Interest income        795            823          3,056          4,827
Interest expense       13,062         15,333       55,524         63,117
Total interest         (12,267)       (14,510)     (52,468)       (58,290)
expense, net
(Loss)/gain on
investments and other, 1,349          (26,778)     (2,516)        60,005
net
Income from continuing
operations before
equity in earnings of  37,171         (25,852)     167,276        90,400
affiliates and income
taxes
Provision for income   27,174         (9,651)      80,396         67,175
taxes
Income from continuing
operations before      9,997          (16,201)     86,880         23,225
equity in earnings of
affiliates
Equity in earnings of  6,602          9,877        35,983         30,270
affiliates, net of tax
Net income from        16,599         (6,324)      122,863        53,495
continuing operations
Loss from discontinued 3,085          (15,999)     (15,056)       (127,124)
operations, net of tax
Gain/(loss) from sale
of discontinued        (5,435)        —            3,841          —
operations, net of tax
Net income/(loss)      14,249         (22,323)     111,648        (73,629)
Less: Net
(loss)/income
attributable to        (436)          (163)        (645)          980
noncontrolling
interests
Net income/(loss)
attributable to        $  14,685      $ (22,160)   $  112,293     $ (74,609)
CoreLogic
Amounts attributable
to CoreLogic:
Income from continuing $  17,035      $ (6,161)    $  123,508     $ 52,515
operations, net of tax
Loss from discontinued 3,085          (15,999)     (15,056)       (127,124)
operations, net of tax
Gain/(loss) from sale
of discontinued           (5,435)       —             3,841         —
operations, net of tax
Net income/(loss)
attributable to        $  14,685      $ (22,160)   $  112,293     $ (74,609)
CoreLogic
Basic income/(loss)
per share:
Income from continuing $  0.17        $ (0.06)     $  1.20        $ 0.48
operations, net of tax
Loss from discontinued 0.03           (0.15)       (0.15)         (1.16)
operations, net of tax
Gain/(loss) from sale
of discontinued           (0.06)        —             0.04          —
operations, net of tax
Net income/(loss)
attributable to        $  0.14        $ (0.21)     $  1.09        $ (0.68)
CoreLogic
Diluted income/(loss)
per share:
Income from continuing $  0.17        $ (0.06)     $  1.19        $ 0.48
operations, net of tax
Loss from discontinued 0.03           (0.15)       (0.14)         (1.16)
operations, net of tax
Gain/(loss) from sale
of discontinued           (0.05)        —             0.04          —
operations, net of tax
Net income/(loss)
attributable to        $  0.15        $ (0.21)     $  1.09        $ (0.68)
CoreLogic
Weighted-average
common shares
outstanding:
Basic                  97,513         106,508      102,913        109,122
Diluted                99,346         106,508      104,050        109,712
Please refer to the full Form 10-K filing for the complete financial
statements and related notes that are an integral part of the financial
statements.



CORELOGIC, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
(in thousands, except per share value)              December31,  December31,
Assets                                              2012          2011
Current assets:
Cash and cash equivalents                           $ 148,858     $ 259,266
Marketable securities                               22,168        20,884
Accounts receivable (less allowance for doubtful
accounts of $21,643 and $17,365 in 2012 and 2011,   255,148       213,339
respectively)
Prepaid expenses and other current assets           50,036        51,659
Income tax receivable                               14,084        15,110
Deferredincome tax assets, current                 98,836        86,518
Due from FAFC, net                                  —             621
Assets of discontinued operations                   794           55,516
Total current assets                                589,924       702,913
Property and equipment, net                         186,617       214,237
Goodwill, net                                       1,504,232     1,472,206
Other intangible assets, net                        171,584       164,365
Capitalized data and database costs, net            322,289       304,006
Investment in affiliates, net                       94,227        113,809
Restricted cash                                     22,117        22,044
Other assets                                        138,837       125,120
Total assets                                        $ 3,029,827   $ 3,118,700
Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses               $ 157,190     $ 122,859
Accrued salaries and benefits                       114,165       86,444
Deferred revenue, current                           242,282       201,689
Current portion of long-term debt                   102           62,268
Liabilities of discontinued operations              3,352         27,399
Total current liabilities                           517,091       500,659
Long-term debt, net of current                      792,324       846,027
Deferred revenue, net of current                    309,418       338,799
Deferred income tax liabilities, long-term          71,361        27,012
Other liabilities                                   168,687       161,382
Total liabilities                                   1,858,881     1,873,879
Equity:
CoreLogic, Inc.'s (CoreLogic) stockholders' equity:
Common stock, $0.00001 par value; 180,000 shares
authorized; 97,698 and 106,544 shares issued and    1             1
outstanding as of December 31, 2012 and 2011,
respectively
Additional paid-in capital                          866,720       1,053,447
Retained earnings                                   318,094       209,389
Accumulated other comprehensive loss                (15,514)      (20,316)
Total CoreLogic stockholders' equity                1,169,301     1,242,521
Noncontrolling interests                            1,645         2,300
Total equity                                        1,170,946     1,244,821
Total liabilities and equity                        $ 3,029,827   $ 3,118,700

Please refer to the full Form 10-K filing for the complete financial
statements and related notes that are an integral part of the financial
statements.

CORELOGIC, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
UNAUDITED
(in thousands)                                      2012          2011
Cash flows from operating activities:
Net income/(loss)                                   $ 111,648     $ (73,629)
Less: Loss from discontinued operations, net of tax (15,056)      (127,124)
Less: Gain/(loss) from sale of discontinued         3,841         —
operations, net of tax
Income from continuing operations, net of tax       122,863       53,495
Adjustments to reconcile net income from continuing
operations to net cash provided/(used in) by
operating activities:
Depreciation and amortization                       133,714       115,546
Provision for bad debts and claim losses            21,679        25,600
Share-based compensation                            20,809        11,649
Tax benefit related to stock options                (947)         (363)
Equity in earnings of investee, net of taxes        (35,983)      (30,270)
Loss on sale of property                            933           (8,061)
Loss on early extinguishment of debt                326           10,190
Deferred income tax                                 32,604        (16,203)
Loss/(gain) on investments and other, net           2,516         (60,005)
Change in operating assets and liabilities, net of
acquisitions:
Accounts receivable                                 (37,340)      (15,893)
Prepaid expenses and other assets                   2,903         (17,540)
Accounts payable and accrued expenses               57,192        (15,810)
Deferred revenue                                    10,836        (19,273)
Due from FAFC                                       621           (18,718)
Income taxes                                        (15,707)      86,994
Dividends received from investments in affiliates   70,666        42,929
Other assets and other liabilities                  (25,386)      27,325
Net cash provided by operating activities -         362,299       171,592
continuing operations
Net cashprovidedby/(used in) operating activities 820           (10,655)
- discontinued operations
Total cash provided by operating activities         $ 363,119     $ 160,937
Cash flows from investing activities:
Purchases of property and equipment                 $ (52,600)    $ (45,215)
Purchases of capitalized data and other intangible  (31,880)      (27,009)
assets
Cash paid for acquisitions, net of cash acquired    (78,354)      (214,215)
Cash received from sale of subsidiary, net,         10,000        28,054
including discontinued operations
Purchases of investments                            —             (26,898)
Proceeds from sale of property and equipment        1,882         25,042
Proceeds from sale of investments                   8,000         74,621
Change in restricted cash                           86            2,091
Net cash used in investing activities - continuing  (142,866)     (183,529)
operations
Net cash used ininvesting activities -             (4,066)       (4,497)
discontinued operations
Total cash used in investing activities             $ (146,932)   $ (188,026)
Cash flows from financing activities:
Purchases of redeemable noncontrolling interests    $ —           $ (72,000)
Proceeds from long-term debt                        50,000        858,154
Debt issuance costs                                 —             (22,810)
Repayments of long-term debt                        (166,715)     (733,407)
Shares repurchased and retired                      (226,629)     (176,512)
Proceeds from issuance of stock related to stock    13,497        3,087
options and employee benefit plans
Minimum tax withholding paid on behalf of employees (3,466)       (2,023)
for restricted stock units
Distribution to noncontrolling interests            (10)          (4,835)
Tax benefit related to stock options                947           363
Net cash used in financing activities - continuing  (332,376)     (149,983)
operations
Net cash (used in)/provided by financing activities (71)          71
- discontinued operations
Total cash used in by financing activities          $ (332,447)   $ (149,912)
Net decrease in cash and cash equivalents           (116,260)     (177,001)
Cash and cash equivalents at beginning of year      259,266       426,212
Less: Change in cash and cash equivalents of        (3,317)       (15,081)
discontinued operations
Plus: Cash swept from/(to) discontinued operations  2,535         (5,026)
Cash and cash equivalents at end of year            $ 148,858     $ 259,266

Please refer to the full Form 10-K filing for the complete financial
statements and related notes that are an integral part of the financial
statements.

CORELOGIC, INC.
RECONCILIATION OF ADJUSTED EBITDA
               For the year ended December 31, 2012
               Data &     Mortgage
(in thousands) Analytics  Origination AMPS      Corporate    Elim   CoreLogic
                          Services
Income from
continuing
operations
before equity  $ 109,958  $  171,167  $ 48,384  $ (162,368)  $ 135  $ 167,276
in earnings of
affiliates and
income taxes
Pretax equity  2,197      55,571      —         313          —      58,081
in earnings
Depreciation & 72,391     26,013      11,930    23,515       (135)  133,714
amortization
Total interest 1,553      591         (284)     50,608       —      52,468
expense
Stock-based    4,328      5,137       124       11,220       —      20,809
compensation
Non-operating
investment     (2,429)    (263)       —         7,836        —      5,144
(gains)/losses
Efficiency     —          —           —         12,981       —      12,981
investments
Adjusted       $ 187,998  $  258,216  $ 60,154  $ (55,895)   $ —    $ 450,473
EBITDA

               For the year ended December 31, 2011
               Data &     Mortgage
(in thousands) Analytics  Origination AMPS      Corporate    Elim   CoreLogic
                          Services
Income from
continuing
operations
before equity  $ 74,251   $  73,218   $ 44,555  $ (102,465)  $ 841  $ 90,400
in earnings of
affiliates and
income taxes
Pretax equity  1,512      47,673      (245)     555          —      49,495
in earnings
Depreciation & 67,230     22,510      7,484     19,163       (841)  115,546
amortization
Total interest 365        (2,895)     (214)     61,034       —      58,290
expense
Stock-based    3,220      4,213       460       3,756        —      11,649
compensation
Non-operating
investment     738        1,538       743       (61,273)     —      (58,254)
(gains)/losses
Efficiency     —          230         —         24,298       —      24,528
investments
Adjusted       $ 147,316  $  146,487  $ 52,783  $ (54,932)   $ —    $ 291,654
EBITDA

                    For the three months ended December 31, 2012
                    Data &    Mortgage
(in thousands)      Analytics Origination AMPS     Corporate   Elim CoreLogic
                              Services
Income from
continuing
operations before   $ 23,600  $  52,536   $ 1,238  $ (40,203)  $ —  $ 37,171
equity in earnings
of affiliates and
income taxes
Pretax equity in    493       9,331       —        169         —    9,993
earnings
Depreciation &      18,241    5,594       8,525    7,921       —    40,281
amortization
Total interest      (122)     131         (70)     12,328      —    12,267
expense
Stock-based         1,053     1,026       55       2,463       —    4,597
compensation
Non-operating
investment          —         (263)       —        (923)       —    (1,186)
(gains)/losses
Efficiency          —         —           —        3,285       —    3,285
investments
Adjusted EBITDA     $ 43,265  $  68,355   $ 9,748  $ (14,960)  $ —  $ 106,408

                  For the three months ended December 31, 2011
                  Data &    Mortgage
(in thousands)    Analytics Origination AMPS     Corporate   Elim  CoreLogic
                            Services
Income from
continuing
operations before
equity in         $ 21,083  $  (3,490)  $ 5,542  $ (49,002)  $ 15  $ (25,852)
earnings of
affiliates and
income taxes
Pretax equity in  424       14,939      (116)    259         —     15,506
earnings
Depreciation &    18,038    5,569       3,532    4,262       (15)  31,386
amortization
Total interest    879       (736)       (73)     14,440      —     14,510
expense
Stock-based       857       1,248       183      (162)       —     2,126
compensation
Non-operating
investment        —         26,434      255      1,712       —     28,401
(gains)/losses
Efficiency        —         —           —        5,085       —     5,085
investments
Adjusted EBITDA   $ 41,281  $  43,964   $ 9,323  $ (23,406)  $ —   $ 71,162

CORELOGIC, INC.
RECONCILIATION OF ADJUSTED DILUTED EPS
               For the year ended December 31, 2012
(in thousands, Data &     Mortgage
except per     Analytics  Origination AMPS      Corporate    Elim   CoreLogic
share amounts)            Services
Income from
continuing
operations
before equity  $ 109,958  $  171,167  $ 48,384  $ (162,368)  $ 135  $ 167,276
in earnings of
affiliates and
income taxes
Pretax equity  2,197      55,571      —         313          —      58,081
in earnings
Stock-based    4,328      5,137       124       11,220       —      20,809
compensation
Non-operating
investment     (2,429)    (263)       —         7,836        —      5,144
(gains)/losses
Efficiency     —          —           —         12,981       —      12,981
investments
Accelerated
depreciation   —          —           —         8,749        —      8,749
on TTI
Adjusted
pretax income
from           $ 114,054  $  231,612  $ 48,508  $ (121,269)  $ 135  $ 273,040
continuing
operations
Tax provision                                                       109,216
(40% rate)
Less:Net loss
attributable
to                                                                  (645)
noncontrolling
interests
Adjusted net
income                                                              $ 164,469
attributable
to CoreLogic
Weighted
average
diluted common                                                      104,050
shares
outstanding
Adjusted                                                            $ 1.58
diluted EPS

                For the year ended December 31, 2011
(in thousands,  Data &    Mortgage
except per      Analytics Origination AMPS      Corporate    Elim   CoreLogic
share amounts)            Services
Income from
continuing
operations
before equity   $ 74,251  $  73,218   $ 44,555  $ (102,465)  $ 841  $ 90,400
in earnings of
affiliates and
income taxes
Pretax equity   1,512     47,673      (245)     555          —      49,495
in earnings
Stock-based     3,220     4,213       460       3,756        —      11,649
compensation
Non-operating
investment      738       1,538       743       (61,273)     —      (58,254)
(gains)/losses
Efficiency      —         230         —         24,298       —      24,528
investments
Accelerated
depreciation on —         —           —         10,195       —      10,195
TTI
Asset           5,210     —           1,803     —            —      7,013
impairments
Adjusted pretax
income from     $ 84,931  $  126,872  $ 47,316  $ (124,934)  $ 841  $ 135,026
continuing
operations
Tax provision                                                       54,010
(40% rate)
Less:Net
income
attributable to                                                     980
noncontrolling
interests
Adjusted net
income                                                              $ 80,036
attributable to
CoreLogic
Weighted
average diluted                                                     109,712
common shares
outstanding
Adjusted                                                            $ 0.73
diluted EPS

                     For the three months ended December 31, 2012
(in thousands,       Data &    Mortgage
except per share     Analytics Origination AMPS     Corporate   Elim CoreLogic
amounts)                       Services
Income from
continuing
operations before    $ 23,600  $  52,536   $ 1,238  $ (40,203)  $ —  $ 37,171
equity in earnings
of affiliates and
income taxes
Pretax equity in     493       9,331       —        169         —    9,993
earnings
Stock-based          1,053     1,026       55       2,463       —    4,597
compensation
Non-operating
investment           —         (263)       —        (923)       —    (1,186)
(gains)/losses
Efficiency           —         —           —        3,285       —    3,285
investments
Accelerated          —         —           —        4,375       —    4,375
depreciation on TTI
Adjusted pretax
income from          $ 25,146  $  62,630   $ 1,293  $ (30,834)  $ —  $ 58,235
continuing
operations
Tax provision (40%                                                   23,294
rate)
Less:Net loss
attributable to                                                      (436)
noncontrolling
interests
Adjusted net income
attributable to                                                      $ 35,377
CoreLogic
Weighted average
diluted common                                                       99,346
shares outstanding
Adjusted diluted EPS                                                 $ 0.36

                  For the three months ended December 31, 2011
(in thousands,    Data &    Mortgage
except per share  Analytics Origination AMPS     Corporate   Elim  CoreLogic
amounts)                    Services
Income from
continuing
operations before
equity in         $ 21,083  $  (3,490)  $ 5,542  $ (49,002)  $ 15  $ (25,852)
earnings of
affiliates and
income taxes
Pretax equity in  424       14,939      (116)    259         —     15,506
earnings
Stock-based       857       1,248       183      (162)       —     2,126
compensation
Non-operating
investment        —         26,434      255      1,712       —     28,401
(gains)/losses
Efficiency        —         —           —        5,085       —     5,085
investments
Asset impairments —         —           1,803    —           —     1,803
Adjusted pretax
income from       $ 22,364  $  39,131   $ 7,667  $ (42,108)  $ 15  $ 27,069
continuing
operations
Tax provision                                                      10,828
(40% rate)
Less:Net income
attributable to                                                    (163)
noncontrolling
interests
Adjusted net
income                                                             $ 16,404
attributable to
CoreLogic
Weighted average
diluted common                                                     106,508
shares
outstanding
Adjusted diluted                                                   $ 0.15
EPS

SOURCE CoreLogic

Website: http://www.corelogic.com
Contact: Alyson Austin, +1-949-214-1414, alaustin@corelogic.com; or Investor,
Dan Smith, +1-703-610-5410, danlsmith@corelogic.com
 
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