CoreLogic Reports Fourth Quarter and Full-Year 2018 Financial

CoreLogic Reports Fourth Quarter and Full-Year 2018 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
UNAUDITED

	For the Three Months Ended December 31, 2018
(in thousands)	PIRM			UWS		Corporate			Elim		CoreLogic
Net income/(loss) from continuing operations	$	25,517		$	43,181	$	(55,676	)	$	—	$	13,022
Income taxes	—			—		7,786			—		7,786
Depreciation and amortization	25,920			17,614		6,514			—		50,048
Interest expense, net	85			78		18,803			—		18,966
Share-based compensation	996			1,597		5,029			—		7,622
Impairment loss	—			7,639		—			—		7,639
Non-operating gains	(13,335		)	—		(3,188		)	—		(16,523		)
Efficiency investments	187			1,058		7,911			—		9,156
Transaction costs	1,675			—		2,928			—		4,603
Amortization of acquired intangibles included in equity in losses of affiliates	210			—		—			—		210
Adjusted EBITDA	$	41,255		$	71,167	$	(9,893	)	$	—	$	102,529

	For the Three Months Ended December 31, 2017
(in thousands)	PIRM			UWS		Corporate			Elim		CoreLogic
Net income/(loss) from continuing operations	$	28,025		$	54,752	$	(17,961	)	$	—	$	64,816
Income taxes	—			—		(18,558		)	—		(18,558		)
Depreciation and amortization	25,077			15,374		5,686			—		46,137
Interest expense, net	323			104		17,368			—		17,795
Share-based compensation	1,428			543		4,338			—		6,309
Non-operating (gains)/losses	(4,839		)	548		2,272			—		(2,019		)
Efficiency investments	—			—		10			—		10
Transaction costs	—			779		1,287			—		2,066
Amortization of acquired intangibles included in equity in losses of affiliates	156			—		—			—		156
Adjusted EBITDA	$	50,170		$	72,100	$	(5,558	)	$	—	$	116,712

	For the Year Ended December 31, 2018
(in thousands)	PIRM			UWS		Corporate			Elim		CoreLogic
Net income/(loss) from continuing operations	$	102,725		$	238,424	$	(218,698	)	$	—	$	122,451
Income taxes	—			—		46,187			—		46,187
Depreciation and amortization	103,343			65,381		23,272			—		191,996
Interest expense, net	735			305		72,934			—		73,974
Share-based compensation	5,421			7,885		23,890			—		37,196
Impairment loss	—			7,721		—			—		7,721
Non-operating gains	(17,220		)	—		(2,483		)	—		(19,703		)
Efficiency investments	2,143			1,058		17,802			—		21,003
Transaction costs	6,559			—		4,792			—		11,351
Amortization of acquired intangibles included in equity in earnings of affiliates	909			—		—			—		909
Adjusted EBITDA	$	204,615		$	320,774	$	(32,304	)	$	—	$	493,085

	For the Year Ended December 31, 2017
(in thousands)	PIRM		UWS		Corporate			Elim		CoreLogic
Net income/(loss) from continuing operations	$	86,988	$	222,928	$	(160,382	)	$	—	$	149,534
Income taxes	—		—		17,438			—		17,438
Depreciation and amortization	99,558		57,397		20,851			—		177,806
Interest expense, net	1,721		944		59,159			—		61,824
Share-based compensation	5,952		5,990		23,925			—		35,867
Non-operating losses	12,341		9,606		6,568			—		28,515
Efficiency investments	—		2,220		1,604			—		3,824
Transaction costs	—		779		3,747			—		4,526
Amortization of acquired intangibles included in equity in losses of affiliates	625		204		—			—		829
Adjusted EBITDA	$	207,185	$	300,068	$	(27,090	)	$	—	$	480,163

CORELOGIC, INC.
RECONCILIATION OF ADJUSTED EPS
UNAUDITED

	For the Three Months Ended December 31,
(diluted income per share)	2018			2017
Net income from continuing operations	$	0.16		$	0.78
Share-based compensation	0.09			0.08
Non-operating gains	(0.20		)	(0.02		)
Efficiency investments	0.11			—
Impairment loss	0.09			—
Transaction costs	0.06			0.02
Depreciation and amortization of acquired software and intangibles	0.24			0.22
Income tax effect on adjustments	(0.07		)	(0.53		)
Adjusted EPS	$	0.48		$	0.55

	For the Year Ended December 31,
(diluted income per share)	2018			2017
Net income from continuing operations	$	1.49		$	1.75
Share-based compensation	0.45			0.42
Non-operating (gains)/losses	(0.24		)	0.33
Efficiency investments	0.26			0.04
Impairment loss	0.09			—
Transaction costs	0.14			0.05
Depreciation and amortization of acquired software and intangibles	0.93			0.82
Amortization of acquired intangibles included in equity in earnings/(losses) of affiliates	0.01			0.01
Income tax effect on adjustments	(0.41		)	(1.05		)
Adjusted EPS	$	2.72		$	2.37

CORELOGIC, INC.
RECONCILIATION TO FREE CASH FLOW
UNAUDITED

(in thousands)	For the Year Ended December 31, 2018
Net cash provided by operating activities - continuing operations	$	355,118
Purchases of property and equipment	(62,304		)
Purchases of capitalized data and other intangible assets	(35,075		)
Free cash flow	$	257,739

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