|
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 |
| ||||||||
