CoreLogic Reports First Quarter 2013 Financial Results

            CoreLogic Reports First Quarter 2013 Financial Results

Double-digit Revenue, Operating and Net Income and Earnings per Share Growth
Delivered

- Revenues up 10.9% to $397.2 million fueled by growth in Mortgage Origination
Services and Data and Analytics segments.

- Operating income up 22.2% to $55.3 million reflecting higher revenues and
the benefit of operating leverage and cost reduction programs.

- Adjusted EBITDA up 15.9% to $116.2 million; adjusted EBITDA margin of 29.3%,
up 130 basis points.

- Net income and diluted EPS from continuing operations up 18.1% to $34.2
million and 29.6% to $0.35 per share, respectively. Adjusted EPS of $0.45, up
40.6%.

- Full-year common share repurchase target raised from 3 to 5 million shares;
2.9 million shares purchased during the first quarter.

- Acquisition of Case-Shiller further solidifies CoreLogic's position as the
leading insight provider on residential property trends and valuation.

PR Newswire

IRVINE, Calif., April 24, 2013

IRVINE, Calif., April 24, 2013 /PRNewswire/ --CoreLogic^® (NYSE:CLGX), a
leading residential property information, analytics and services provider,
today reported financial results for the quarter ended March 31, 2013.

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

"CoreLogic is off to a very strong start in 2013. We delivered double-digit
top-line growth by capitalizing on an expanding number of opportunity areas
presented by a gradually improving housing market. We also boosted margins
through our relentless focus on cost productivity," said Anand Nallathambi,
President and Chief Executive Officer of CoreLogic. "Continued strengthening
in U.S. housing market fundamentals, low interest rates and the recently
announced HARP extension should support top-line growth at improving margins
throughout the remainder of 2013. Over the course of the year, we expect to
continue to aggressively reinvest in strategic growth areas and our technology
transformation initiatives, and to return capital to our shareholders."

"We continue to transform CoreLogic into a higher-growth, higher-margin
Company. During the first quarter, our Data and Analytics and Mortgage
Origination segments accounted for about 85% of our revenues and continued to
grow through product and service innovation, operating leverage and market
share gains," added Frank Martell, Chief Financial Officer of CoreLogic.
"Project 30 and our Technology Transformation Initiatives are an integral part
of our transformation and continue to progress. Based on CoreLogic's
continued strong financial performance and expected long-term benefits from
implementing our strategic business plan we are raising our 2013 share
repurchase target to 5 million shares in line with our long-established
commitment to return capital to our shareholders."

First Quarter Financial Highlights

Consolidated first quarter revenues increased 10.9% to $397.2 million.
Mortgage Origination Services segment (MOS) revenues grew 24.5% to $176.5
million primarily as a result of higher market demand for credit reports, tax
services and flood certifications as well as market share gains by the tax
services business. Data & Analytics segment (D&A) revenues rose 9.5% to
$161.1 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) revenues of $66.8 million were down 10.9% reflecting a
double-digit drop in market volumes of delinquent loans and foreclosure starts
as well as the impact of the exit of unprofitable product lines over the past
twelve months.

Operating income totaled $55.3 million for the first quarter of 2013 compared
with $45.2 million for the first quarter of 2012. The 22.2% increase in
operating income was principally attributable to revenue gains in the MOS and
D&A segments and improved MOS operating leverage which more than offset the
impact of lower AMPS revenues and margins and investments in the Technology
Transformation Initiative (TTI) which have no first quarter 2012 counterpart.
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. First quarter 2013 expenses
related to the TTI were $7.4 million, of which $5.2 million were non-cash
charges.

First quarter 2013 operating income margins were 13.9% (15.8% excluding TTI
costs discussed above) compared with 12.6% for the first quarter of 2012.
Improved operating margins reflect the benefit of a shift in business mix
toward higher-margin MOS and D&A revenues and well as ongoing cost reduction
programs. First quarter 2013 cost reductions related to the Company's Project
30 program were approximately $4.8 million. Project 30 cost savings relate
primarily to workforce productivity and cuts in spending on real estate and
outside services.

Net income from continuing operations totaled $34.2 million, up 18.1% from the
prior year. Diluted earnings per share (EPS) from continuing operations
totaled $0.35 for the first quarter of 2013 compared with $0.27 in the first
quarter of 2012. Adjusted diluted EPS totaled $0.45, which represented a
$0.13 or 40.6% increase over the same 2012 period. Increases in EPS and
adjusted EPS reflect higher revenue and profit margins as well as the impact
of share repurchases during 2012 and 2013.

Adjusted EBITDA totaled $116.2 million in the first quarter 2013, up $15.9
million or 15.9% from first quarter 2012. First quarter 2013 adjusted EBITDA
included cash investments of $2.2 million related to the launch of the TTI
which had no 2012 counterpart. The Company's first quarter 2013 adjusted
EBITDA margin was 29.3% compared with 28.0% in the first quarter of 2012.
First quarter 2013 adjusted EBITDA margin excluding TTI cash investment was
29.8%. MOS adjusted EBITDA increased 34.1% to $72.5 million compared with
prior-year levels driven by higher origination volumes, market share gains and
operating leverage. D&A adjusted EBITDA totaled $45.7 million, a 6.9%
increase from first quarter 2012 as growth in advisory services revenues and
increased demand for property information and analytical solutions more than
offset continued reinvestment in new product and service capabilities.
Adjusted EBITDA attributable to AMPS was $7.7 million; 31.4% below prior year
levels.

Liquidity and Capital Resources

At March 31, 2013, the Company had cash and cash equivalents of $125.6 million
compared with $148.9 million at December 31, 2012. During the first quarter,
the Company repurchased 2.9 million common shares for a total of $75.7
million. First quarter 2013 free cash flow (FCF) totaled $65.4 million, which
represented 56.3% 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.

Total debt as of March 31, 2013 was $788.2 million, down $4.3 million from
December 31, 2012. As of March 31, 2013, the Company had available capacity
on its revolving credit facility of $500 million.

Case-Shiller Acquisition

On March 20, 2013, the Company acquired Case-Shiller from Fiserv, Inc. for
approximately $6.0 million. Case-Shiller, one of the most widely recognized
experts in home price trends and property valuation services, is a highly
complementary addition to CoreLogic's existing residential property insights
platform. The acquisition underscores CoreLogic's ongoing commitment to
provide comprehensive data, analytics and services to financial services,
government and real estate professionals. The acquisition is expected to be
accretive to 2013 earnings.

Teleconference/Webcast

CoreLogic management will host a live webcast and conference call on Thursday,
April 25, 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:
1-866-318-8616 for U.S./Canada callers or 617-399-5135 for international
callers. The Conference ID for the call is 70198418.

Additional detail on the Company's first 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 59123845.

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 2013 financial 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 amended, 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
                                                    March31,
(in thousands, except per share amounts)            2013            2012
Operating revenues                                  $  397,168      $ 358,101
Cost of services (excluding depreciation and        216,027         197,665
amortization shown below)
Selling, general and administrative expenses        91,053          85,718
Depreciation and amortization                       34,814          29,491
Total operating expenses                            341,894         312,874
Operating income                                    55,274          45,227
Interest expense:
Interest income                                     771             700
Interest expense                                    12,375          14,842
Total interest expense,net                         (11,604)        (14,142)
Gain on investments and other, net                  2,799           1,641
Income from continuing operations before equity in  46,469          32,726
earnings of affiliates and income taxes
Provision for income taxes                          21,058          13,238
Income from continuing operations before equity in  25,411          19,488
earnings of affiliates
Equity in earnings of affiliates, net of tax        8,787           9,470
Net income from continuing operations               34,198          28,958
Loss from discontinued operations, net of tax       (656)           (8,967)
Loss from sale of discontinued operations, net of   —               (3,454)
tax
Net income                                          33,542          16,537
Less:Net loss attributable to noncontrolling       (26)            (94)
interests
Net income attributable to CoreLogic                $  33,568       $ 16,631
Amounts attributable to CoreLogic stockholders:
Net income from continuing operations               $  34,224       $ 29,052
Loss from discontinued operations, net of tax       (656)           (8,967)
Loss from sale of discontinued operations, net of   —               (3,454)
tax
Net income attributable to CoreLogic                $  33,568       $ 16,631
Basic income/(loss) per share:
Net income from continuing operations               $  0.35         $ 0.27
Loss from discontinued operations, net of tax       (0.01)          (0.08)
Loss from sale of discontinued operations, net of   —               (0.03)
tax
Net income attributable to CoreLogic                $  0.34         $ 0.16
Diluted income/(loss) per share:
Net income from continuing operations               $  0.35         $ 0.27
Loss from discontinued operations, net of tax       (0.01)          (0.08)
Loss from sale of discontinued operations, net of   —               (0.03)
tax
Net income attributable to CoreLogic                $  0.34         $ 0.16
Weighted-average common shares outstanding:
Basic                                               97,113          106,594
Diluted                                             99,056          107,327

Please refer to the full Form 10-Q 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 par value)                    March31,     December31,
Assets                                              2013          2012
Current assets:
Cash and cash equivalents                           $ 125,559     $ 148,858
Marketable securities                               21,871        22,168
Accounts receivable (less allowance for doubtful
accounts of $23,943 and $21,643 as of March 31,     260,274       255,148
2013 and December 31, 2012, respectively)
Prepaid expenses and other current assets           45,228        50,036
Income tax receivable                               —             14,084
Deferred income tax assets, current                 98,836        98,836
Assets of discontinued operations                   791           794
Total current assets                                552,559       589,924
Property and equipment, net                         186,399       186,617
Goodwill, net                                       1,504,246     1,504,232
Other intangible assets, net                        170,106       171,584
Capitalized data and database costs, net            324,216       322,289
Investment in affiliates, net                       97,233        94,227
Restricted cash                                     22,158        22,117
Other assets                                        151,274       138,837
Total assets                                        $ 3,008,191   $ 3,029,827
Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses               $ 181,921     $ 157,190
Accrued salaries and benefits                       72,020        114,165
Income taxes payable                                20,704        —
Deferred revenue, current                           224,725       242,282
Current portion of long-term debt                   104           102
Liabilities of discontinued operations              3,463         3,352
Total current liabilities                           502,937       517,091
Long-term debt, net of current                      788,048       792,324
Deferred revenue, net of current                    342,731       309,418
Deferred income tax liabilities, long term          74,947        71,361
Other liabilities                                   166,546       168,687
Total liabilities                                   1,875,209     1,858,881
Equity:
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; 95,360 and 97,698 shares issued and     1             1
outstanding as of March 31, 2013 and December 31,
2012, respectively
Additional paid-in capital                          797,371       866,720
Retained earnings                                   351,662       318,094
Accumulated other comprehensive loss                (16,052)      (15,514)
Total CoreLogic stockholders' equity                1,132,982     1,169,301
Noncontrolling interests                            —             1,645
Total equity                                        1,132,982     1,170,946
Total liabilities and equity                        $ 3,008,191   $ 3,029,827

Please refer to the full Form 10-Q 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
                                                    For the Three Months Ended
                                                    March31,
(in thousands)                                      2013           2012
Cash flows from operating activities:
Net income                                          $  33,542      $ 16,537
Less: Loss from discontinued operations, net of tax (656)          (8,967)
Less: Loss from sale of discontinued operations,    —              (3,454)
net of tax
Net income from continuing operations               34,198         28,958
Adjustments to reconcile net income from continuing
operations to net cash provided by operating
activities:
Depreciation and amortization                       34,814         29,491
Provision for bad debt and claim losses             5,275          6,498
Share-based compensation                            8,142          4,354
Excess tax benefit related to stock options         (2,321)        (56)
Equity in earnings of affiliates, net of taxes      (8,787)        (9,470)
Loss/(gain) on sale of property and equipment       8              (43)
Loss on early extinguishment of debt                —              326
Deferred income tax                                 3,342          3,113
Gain on investments and other, net                  (2,799)        (1,641)
Change in operating assets and liabilities, net of
acquisitions:
Accounts receivable                                 (2,521)        (8,393)
Prepaid expenses and other current assets           5,043          1,945
Accounts payable and accrued expenses               (22,554)       (10,904)
Deferred revenue                                    15,684         (7,795)
Income taxes                                        29,346         19,487
Dividends received from investments in affiliates   11,236         19,020
Other assets and other liabilities                  (15,035)       (5,164)
Net cash provided by operating activities -         93,071         69,726
continuing operations
Net cash used in operating activities -             (543)          (4,694)
discontinued operations
Total cash provided by operating activities         $  92,528      $ 65,032
Cash flows from investing activities:
Purchases of capitalized data and other intangible  (9,489)        (6,959)
assets
Purchases of property and equipment                 (18,150)       (13,519)
Cash paid for acquisitions, net of cash acquired    (7,027)        —
Purchases of investments                            (2,351)        —
Proceeds from sale of subsidiary and other          800            —
decreases in noncontrolling interest, net
Proceeds from sale of property and equipment                       45
Change in restricted cash                           (40)           (186)
Net cash used in investing activities - continuing  (36,257)       (20,619)
operations
Net cash provided by investing activities -         —              239
discontinued operations
Total cash used in investing activities             $  (36,257)    $ (20,380)
Cash flows from financing activities:
Repayment of long-term debt                         (4,400)        (52,247)
Proceeds from issuance of stock related to stock    4,621          187
options and employee benefit plans
Minimum tax withholding paid on behalf of employees (6,436)        —
for restricted stock units
Shares repurchased and retired                      (75,676)       —
Distribution to noncontrolling interests            —              (10)
Excess tax benefit related to stock options         2,321          56
Net cash used in financing activities - continuing  (79,570)       (52,014)
operations
Net cash provided by financing activities -         —              1
discontinued operations
Total cash used in financing activities             $  (79,570)    $ (52,013)
Net decrease in cash and cash equivalents           (23,299)       (7,361)
Cash and cash equivalents at beginning of period    148,858        259,266
Less: Change in cash and cash equivalents-         (543)          (4,454)
discontinued operations
Plus: Cash swept to discontinued operations         (543)          —
Cash and cash equivalents at end of period          $  125,559     $ 256,359

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 three months ended March 31, 2013
                    Data &    Mortgage
(in thousands)      Analytics Origination AMPS     Corporate   Elim CoreLogic
                              Services
Income from
continuing
operations before   $ 24,462  $  50,555   $ 7,010  $ (35,558)  $ —  $ 46,469
equity in earnings
of affiliates and
income taxes
Pretax equity in    637       13,447      —        145         —    14,229
earnings
Depreciation &      19,552    6,669       673      7,920       —    34,814
amortization
Total interest      (157)     130         (47)     11,678      —    11,604
expense
Stock-based         1,183     1,716       39       5,203       —    8,141
compensation
Efficiency          —         —           —        915         —    915
investments
Adjusted EBITDA     $ 45,677  $  72,517   $ 7,675  $ (9,697)   $ —  $ 116,172



                  For the three months ended March 31, 2012
                  Data &    Mortgage
(in thousands)    Analytics Origination AMPS      Corporate   Elim  CoreLogic
                            Services
Income from
continuing
operations before
equity in         $ 23,239  $  30,706   $ 10,491  $ (31,725)  $ 15  $ 32,726
earnings of
affiliates and
income taxes
Pretax equity in  644       14,856      —         —           —     15,500
earnings
Depreciation &    17,746    7,080       795       3,885       (15)  29,491
amortization
Total interest    298       298         (74)      13,620      —     14,142
expense
Stock-based       797       1,135       (18)      2,440       —     4,354
compensation
Efficiency        —                     —         4,035       —     4,035
investments
Adjusted EBITDA   $ 42,724  $  54,075   $ 11,194  $ (7,745)   $ —   $ 100,248



CORELOGIC, INC.
RECONCILIATION OF ADJUSTED DILUTED EPS
                     For the three months ended March 31, 2013
(in thousands,       Data &    Mortgage
except per share     Analytics Origination AMPS     Corporate   Elim CoreLogic
amounts)                       Services
Income from
continuing
operations before    $ 24,462  $  50,555   $ 7,010  $ (35,558)  $ —  $ 46,469
equity in earnings
of affiliates and
income taxes
Pretax equity in     637       13,447      —        145         —    14,229
earnings
Stock-based          1,183     1,716       39       5,203       —    8,141
compensation
Efficiency           —         —           —        915         —    915
investments
Accelerated          —         —           —        4,375       —    4,375
depreciation on TTI
Adjusted pretax
income from          $ 26,282  $  65,718   $ 7,049  $ (24,920)  $ —  $ 74,129
continuing
operations
Tax provision (40%                                                   29,652
rate)
Less:Net loss
attributable to                                                      (26)
noncontrolling
interests
Adjusted net income
attributable to                                                      $ 44,503
CoreLogic
Weighted average
diluted common                                                       99,056
shares outstanding
Adjusted diluted EPS                                                 $ 0.45



                   For the three months ended March 31, 2012
(in thousands,     Data &    Mortgage
except per share   Analytics Origination AMPS      Corporate   Elim  CoreLogic
amounts)                     Services
Income from
continuing
operations before  $ 23,239  $  30,706   $ 10,491  $ (31,725)  $ 15  $ 32,726
equity in earnings
of affiliates and
income taxes
Pretax equity in   644       14,856      —         —           —     15,500
earnings
Stock-based        797       1,135       (18)      2,440       —     4,354
compensation
Efficiency         —                     —         4,035       —     4,035
investments
Adjusted pretax
income from        $ 24,680  $  46,697   $ 10,473  $ (25,250)  $ 15  $ 56,615
continuing
operations
Tax provision (40%                                                   22,646
rate)
Less:Net income
attributable to                                                      (94)
noncontrolling
interests
Adjusted net
income                                                               $ 34,063
attributable to
CoreLogic
Weighted average
diluted common                                                       107,327
shares outstanding
Adjusted diluted                                                     $ 0.32
EPS

SOURCE CoreLogic

Website: http://www.corelogic.com
Contact: Media Contact, Alyson Austin, office phone, 949-214-1414, e-mail,
alaustin@corelogic.com; Investor Contact, Dan Smith, office phone,
703-610-5410, e-mail, danlsmith@corelogic.com