CoreLogic Reports Fourth Quarter and Full-Year 2013 Financial Results

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 December 31, 2013

(in thousands)

D&A

TPS

Corporate

Elim

CoreLogic

Income from continuing operations before equity in earnings of affiliates and income taxes

$

21,963


$

21,459


$

(31,928)


$


$

11,494


Pretax equity in earnings

(9)


4,990


214



5,195


Depreciation & amortization

19,393


7,290


2,921



29,604


Total interest expense

(95)


135


12,693



12,733


Stock-based compensation

1,293


2,293


2,545



6,131


Efficiency investments



2,826



2,826


Transaction costs

322



2,224



2,546


Adjusted EBITDA

$

42,867


$

36,167


$

(8,505)


$


$

70,529









For the three months ended December 31, 2012

(in thousands)

D&A

TPS

Corporate

Elim

CoreLogic

Income from continuing operations before equity in earnings of affiliates and income taxes

$

20,651


$

55,477


$

(41,006)


$


$

35,122


Pretax equity in earnings

493


9,331


171



9,995


Depreciation & amortization

18,207


5,628


7,920



31,755


Total interest expense

(122)


132


12,327



12,337


Stock-based compensation

1,053


1,026


2,463



4,542


Non-operating investment (gains)/losses


(263)


(923)



(1,186)


Efficiency investments



3,285



3,285


Adjusted EBITDA

$

40,282


$

71,331


$

(15,763)


$


$

95,850









For the year ended December 31, 2013

(in thousands)

D&A

TPS

Corporate

Elim

CoreLogic

Income from continuing operations before equity in earnings of affiliates and income taxes

$

114,661


$

167,401


$

(144,803)


$


$

137,259


Pretax equity in earnings

1,630


41,640


547



43,817


Depreciation & amortization

77,051


28,601


21,368



127,020


Total interest expense

(552)


537


47,664



47,649


Stock-based compensation

3,636


8,553


14,424



26,613


Non-operating investment (gains)/losses

(6,638)





(6,638)


Efficiency investments



5,832



5,832


Transaction costs

322



7,843



8,165


Adjusted EBITDA

$

190,110


$

246,732


$

(47,125)


$


$

389,717









For the year ended December 30, 2012

(in thousands)

D&A

TPS

Corporate

Elim

CoreLogic

Income from continuing operations before equity in earnings of affiliates and income taxes

$

102,705


$

178,297


 

$

 

(166,434)


135


$

114,703


Pretax equity in earnings

2,197


55,571


313



58,081


Depreciation & amortization

72,262


26,143


23,514


(135)


121,784


Total interest expense

1,553


591


50,609



52,753


Stock-based compensation

4,328


5,137


11,219



20,684


Non-operating investment (gains)/losses

(2,429)


(263)


7,836



5,144


Efficiency investments



12,981



12,981


Adjusted EBITDA

$

180,616


$

265,476


$

(59,962)


$


$

386,130


















CORELOGIC, INC.

RECONCILIATION OF ADJUSTED DILUTED EPS



For the three months ended December 31, 2013

(in thousands, except per share amounts)

D&A

TPS

Corporate

Elim

CoreLogic

Income from continuing operations before equity in earnings of affiliates and income taxes

$

21,963


$

21,459


$

(31,928)


$


$

11,494


Pretax equity in earnings

(9)


4,990


214



5,195


Stock-based compensation

1,293


2,293


2,545



6,131


Efficiency investments



2,826



2,826


Transaction costs

322



2,224



2,546


Amortization of acquired intangibles

4,858


3,871




8,729


Adjusted pretax income from continuing operations

$

28,427


$

32,613


$

(24,119)


$


$

36,921


Tax provision (40% rate)





14,768


Less: Net income attributable to noncontrolling interests





(72)


Adjusted net income attributable to CoreLogic





$

22,225


Weighted average diluted common shares outstanding





95,115


Adjusted diluted EPS





$

0.23









For the three months ended December 31, 2012

(in thousands, except per share amounts)

D&A

TPS

Corporate

Elim

CoreLogic

Income from continuing operations before equity in earnings of affiliates and income taxes

$

20,651


$

55,477


$

(41,006)


$


$

35,122


Pretax equity in earnings

493


9,331


171



9,995


Stock-based compensation

1,053


1,026


2,463



4,542


Non-operating investment (gains)/losses


(263)


(923)



(1,186)


Efficiency investments



3,285



3,285


Accelerated depreciation on TTI



4,375



4,375


Amortization of acquired intangibles

4,281


2,509




6,790


Adjusted pretax income from continuing operations

$

26,478


$

68,080


$

(31,635)


$


$

62,923


Tax provision (40% rate)





25,169


Less: Net income attributable to noncontrolling interests





(437)


Adjusted net income attributable to CoreLogic





$

38,191


Weighted average diluted common shares outstanding





99,346


Adjusted diluted EPS





$

0.38









For the year ended December 31, 2013

(in thousands, except per share amounts)

D&A

TPS

Corporate

Elim

CoreLogic

Income from continuing operations before equity in earnings of affiliates and income taxes

$

114,661


$

167,401


$

(144,803)


$


$

137,259


Pretax equity in earnings

1,630


41,640


547



43,817


Stock-based compensation

3,636


8,553


14,424



26,613


Non-operating investment (gains)/losses

(6,638)





(6,638)


Efficiency investments



5,832



5,832


Accelerated depreciation on TTI



8,751



8,751


Amortization of acquired intangibles

19,589


15,173




34,762


Transaction costs

322



7,843



8,165


Adjusted pretax income from continuing operations

$

133,200


$

232,767


$

(107,406)


$


$

258,561


Tax provision (40% rate)





103,424


Less: Net loss attributable to noncontrolling interests





(53)


Adjusted net income attributable to CoreLogic





$

155,190


Weighted average diluted common shares outstanding





97,109


Adjusted diluted EPS





$

1.60









For the year ended December 30, 2012

(in thousands, except per share amounts)

D&A

TPS

Corporate

Elim

CoreLogic

Income from continuing operations before equity in earnings of affiliates and income taxes

$

102,705


$

178,297


$

(166,434)


$

135


$

114,703


Pretax equity in earnings

2,197


55,571


313



58,081


Stock-based compensation

4,328


5,137


11,219



20,684


Non-operating investment (gains)/losses

(2,429)


(263)


7,836



5,144


Efficiency investments



12,981



12,981


Accelerated depreciation on TTI



8,749



8,749


Amortization of acquired intangibles

17,198


9,590




26,788


Adjusted pretax income from continuing operations

$

123,999


$

248,332


$

(125,336)


$

135


$

247,130


Tax provision (40% rate)





98,852


Less: Net income attributable to noncontrolling interests





(645)


Adjusted net income attributable to CoreLogic





$

148,923


Weighted average diluted common shares outstanding





104,050


Adjusted diluted EPS





$

1.43



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