Company Announcements

CoreLogic Delivers Record Quarterly Revenue and Strong Double Digit Growth in Operating Income, Margins and Cash Flow

Double-Digit Revenue Growth Fueled by Housing Market Activity, Competitive Wins and Share Gains

Significant Increases in Profits and Margin Reflect Favorable Mix and Operating Leverage

Company Expects to Achieve 2020 Results at Upper End of Guidance Range

IRVINE, Calif.--(BUSINESS WIRE)--Oct. 22, 2020-- CoreLogic (NYSE: CLGX), a leading global provider of property information, insight, analytics and data-enabled solutions, today reported strong operating and financial results for the third quarter ended September 30, 2020 and said it expects full year 2020 results at the upper end of its current financial guidance.

“Building off an excellent first half, CoreLogic delivered record revenue and the strongest operational and financial performance in its ten-year history in the third quarter. We generated double-digit top line growth with 8% organic revenue gains. Our organic growth rate more than doubled in the third quarter from the first half as we picked up momentum from mega wins and share gains secured over the past four quarters. During the quarter, we continued to boost our percentage of fixed recurring revenue in line with our strategic planning objectives. Strong top line growth, favorable markets and mix, operating leverage and our ongoing cost management programs also drove profitability to record levels during the quarter,” said Frank Martell, President and Chief Executive Officer.

“Looking ahead, third quarter revenue growth trends, underpinned by share gains, pricing and the launch of new innovative solutions in insurance, geospatial and core mortgage position us well to achieve our 2021 financial objectives. Our market outlook for 2021 and beyond is supported by continued increases in external forecasts. CoreLogic is firing on all cylinders and we are exiting 2020 with accelerating momentum and believe we are well positioned to capitalize on our many value-creation opportunities to drive continuing organic growth and margin gains,” Martell added.

As previously announced, the Company’s financial results reflect its reseller operations as discontinued for all periods presented. A discussion of third quarter financial results from continuing operations follows:

Third Quarter Results – Strong and Accelerating Revenue, Margin and Cash Flow Growth Trends

Growth Focus – Share Gains, Mega Wins and Pricing Drive Organic Growth Rates

  • Reported revenues of $437 million were up 16% over the year-ago third quarter. Revenues were up 22% normalizing for $17 million of third quarter 2019 revenues attributable to non-core default technology units sold and the AMC transformation, which have no 2020 counterpart
  • Organic revenue growth of approximately 8% in the third quarter of 2020, up from 5% in the second quarter of 2020, fueled by continued share gains, pricing and new products
  • Strong performance in insurance and spatial solutions and international which collectively grew at mid-single digit rates
  • Core mortgage market out-performance in Property Tax and Flood Data solutions and double-digit growth in valuation platforms

Profitability – High Operating Leverage and Productivity Fuel Expanded Margins

  • Operating income from continuing operations of $73 million, up 18% over the 2019 third quarter
  • Net income from continuing operations of $102 million, up $71 million
  • Diluted EPS from continuing operations of $1.26, up 223%; Adjusted EPS of $1.21, up 70%
  • Adjusted EBITDA of $176 million, up 46%
  • Adjusted EBITDA margin of 40%, up more than 800 basis points

Liquidity and Capital Return– Record Free Cash Flow Generation

  • Net operating cash provided by continuing operations for the 12 months ended September 30, 2020 was $508 million. Free cash flow ("FCF") for the 12 months ended September 30, 2020 totaled $403 million or 73% of adjusted EBITDA
  • Secured gross proceeds of $46 million from the sale of an equity investment at a gain of $35 million
  • Debt outstanding at September 30, 2020 of $1.59 billion compared with $1.69 billion at December 31, 2019
  • $750 million available on revolving credit facility; covenant debt leverage at 2.5 times
  • Dividends paid to shareholders totaled $26 million

Discontinued Operations

During July 2020, the Company announced its intention to exit its reseller operations focused on mortgage credit and borrower verification and multi-family tenant screening. Although market leaders in their respective business areas, these reseller businesses are not compatible with the Company’s long-term strategic imperatives. The divestiture of these operations is expected to improve the Company’s revenue growth trends, revenue mix, and significantly enhance profit margins.

As outlined in the Company’s October 16, 2020 press release, CoreLogic’s reseller operations have been classified as discontinued operations as of September 30, 2020. Prior period results have been presented on a comparable basis. For the third quarter and nine months ended September 30, 2020, these businesses generated revenues of $103 million and $287 million, and operating income of $14 million and $38 million, respectively. The Company’s consolidated financial statements reflecting the effect of discontinued operations for prior periods have been provided separately.

Teleconference/Webcast

Teleconference/Webcast CoreLogic management will host a live webcast and conference call on Thursday, October 22, 2020, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific 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: 1-844-861-5502 for U.S./Canada callers or 1-412-858-4604 for international callers. A replay of the webcast will be available on the CoreLogic investor website for 10 days and also through the conference call number 1-877-344-7529 for U.S. and Canada participants or 1-412-317-0088 for international participants using Conference ID 10149374.

About CoreLogic

CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy, and protect their homes. For more information, please visit www.corelogic.com.

CLGX-F

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 (i) projections and trends regarding financial performance and operating results, including with respect to revenue growth, margin gains, contract wins, market share gains, new products, and long-term stockholder value, (ii) our financing plans and activities, including under our share repurchase program, (iii) all statements regarding our financial guidance, (iv) the impact of general economic or market conditions, such as from the COVID-19 pandemic or fluctuations in mortgage market volumes, and (v) the outcome and impact of the unsolicited acquisition offer we received from Senator Investment Group LP (“Senator”) and Cannae Holdings, Inc. (“Cannae”). 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 include the risks and uncertainties set forth in Part I, Item 1A of our most recent Annual Report on Form 10-K and in Part II, Item 1A of our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020, as such risk factors may be amended, supplemented, or superseded from time to time by other reports we file with the Securities and Exchange Commission. These risks and uncertainties include but are not limited to: any potential developments related to the unsolicited acquisition proposal from Senator and Cannae; our adoption of a shareholder rights plan; any impact resulting from COVID-19; our ability to protect our information systems against data corruption, cyber-based attacks or network security breaches; limitations on our ability to repurchase our shares; changes in prices at which we are able to repurchase our shares; limitations on access to or increase in prices for data from external sources, including government and public record sources; systems interruptions that may impair the delivery of our products and services; changes in applicable government legislation, regulations and the level of regulatory scrutiny affecting our customers or us, including with respect to consumer financial services and the use of public records and consumer data; difficult or uncertain conditions in the mortgage and consumer lending industries and the economy generally; reliance on our top ten clients for a significant portion of our revenue and profits; risks related to the outsourcing of services and international operations; our ability to realize the anticipated benefits of certain acquisitions and/or divestitures and the timing thereof; impairments in our goodwill or other intangible assets; and our ability to generate sufficient cash to service our debt. The forward-looking statements speak only as of the date they are made. CoreLogic 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, including adjusted EBITDA, adjusted EPS and FCF, which are provided only as supplemental information. Investors should consider these non-GAAP financial measures only in conjunction with their most directly comparable GAAP financial measures. These non-GAAP measures are not in accordance with, or a substitute for, U.S. GAAP. A reconciliation of non-GAAP measures for historical periods to the most directly comparable GAAP financial measures is included in this press release. CoreLogic believes that its presentation of these non-GAAP measures provides useful supplemental information to investors and management regarding CoreLogic's financial condition and results of operations. Adjusted EBITDA is defined as net income from continuing operations adjusted for interest, taxes, depreciation and amortization, share-based compensation, non-operating gains/losses, and other adjustments. Adjusted EPS is defined as diluted income from continuing operations, net of tax per share, adjusted for share-based compensation, amortization of acquisition-related intangibles, non-operating gains/losses, and other adjustments; and assumes an effective tax rate of 25% for 2019 and 26% for 2020 and 2021. 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. Other firms may calculate non-GAAP measures differently than the Company, which limits comparability between companies. Non-GAAP measures are not in accordance with, or a substitute for, U.S. GAAP. Because the non-GAAP measures for future periods included herein are forward-looking, CoreLogic is not able to provide a reconciliation, without unreasonable efforts, of such forward-looking guidance to the most directly comparable GAAP financial measure due to the unknown effect, timing, and potential significance of special charges or gains that are material to the comparable GAAP financial measure.

CoreLogic, Inc.
Condensed Consolidated Statements of Operations
(Unaudited
)

 

 

For the Three Months Ended
September 30,

 

For the Nine Months Ended
September 30,

(in thousands, except per share amounts)

2020

 

2019

 

2020

 

2019

Operating revenues

$

436,727

 

 

 

$

375,571

 

 

 

$

1,174,733

 

 

 

$

1,088,032

 

 

Cost of services (excluding depreciation and amortization shown below)

154,192

 

 

 

164,715

 

 

 

439,032

 

 

 

486,973

 

 

Selling, general and administrative expenses

165,742

 

 

 

106,600

 

 

 

393,247

 

 

 

348,788

 

 

Depreciation and amortization

43,610

 

 

 

42,389

 

 

 

130,639

 

 

 

132,767

 

 

Impairment loss

 

 

 

 

 

 

1,228

 

 

 

47,834

 

 

Total operating expenses

363,544

 

 

 

313,704

 

 

 

964,146

 

 

 

1,016,362

 

 

Operating income

73,183

 

 

 

61,867

 

 

 

210,587

 

 

 

71,670

 

 

Interest expense:

 

 

 

 

 

 

 

Interest income

100

 

 

 

349

 

 

 

611

 

 

 

1,728

 

 

Interest expense

17,021

 

 

 

19,852

 

 

 

52,958

 

 

 

59,137

 

 

Total interest expense, net

(16,921

)

 

 

(19,503

)

 

 

(52,347

)

 

 

(57,409

)

 

Gain/(loss) on investments and other, net

35,674

 

 

 

227

 

 

 

37,154

 

 

 

(2,116

)

 

Tax indemnification release

 

 

 

 

 

 

 

 

 

(13,394

)

 

Income/(loss) from continuing operations before equity in earnings of affiliates and income taxes

91,936

 

 

 

42,591

 

 

 

195,394

 

 

 

(1,249

)

 

(Benefit)/provision for income taxes

(9,560

)

 

 

11,530

 

 

 

19,433

 

 

 

(8,976

)

 

Income from continuing operations before equity in earnings of affiliates

101,496

 

 

 

31,061

 

 

 

175,961

 

 

 

7,727

 

 

Equity in earnings of affiliates, net of tax

971

 

 

 

607

 

 

 

1,859

 

 

 

498

 

 

Net income from continuing operations

102,467

 

 

 

31,668

 

 

 

177,820

 

 

 

8,225

 

 

Income/(loss) from discontinued operations, net of tax

10,679

 

 

 

(8,485

)

 

 

28,149

 

 

 

11,073

 

 

Net income

$

113,146

 

 

 

$

23,183

 

 

 

$

205,969

 

 

 

$

19,298

 

 

 

 

 

 

 

 

 

 

Basic income per share:

 

 

 

 

 

 

 

Net income from continuing operations

$

1.29

 

 

 

$

0.40

 

 

 

$

2.24

 

 

 

$

0.10

 

 

Income/(loss) from discontinued operations, net of tax

0.13

 

 

 

(0.11

)

 

 

0.35

 

 

 

0.14

 

 

Net income

$

1.42

 

 

 

$

0.29

 

 

 

$

2.59

 

 

 

$

0.24

 

 

Diluted income per share:

 

 

 

 

 

 

 

Net income from continuing operations

$

1.26

 

 

 

$

0.39

 

 

 

$

2.19

 

 

 

$

0.10

 

 

Income/(loss) from discontinued operations, net of tax

0.13

 

 

 

(0.10

)

 

 

0.35

 

 

 

0.14

 

 

Net income

$

1.39

 

 

 

$

0.29

 

 

 

$

2.54

 

 

 

$

0.24

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

79,467

 

 

 

79,761

 

 

 

79,300

 

 

 

80,138

 

 

Diluted

81,402

 

 

 

80,914

 

 

 

81,136

 

 

 

81,205

 

 

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)

September 30,

 

December 31,

Assets

2020

 

2019

Current assets:

 

 

 

Cash and cash equivalents

$

302,329

 

 

$

104,162

 

Accounts receivable (less allowance for credit losses of $9,188 and $6,937 as of September 30, 2020 and December 31, 2019, respectively)

279,492

 

 

247,683

 

Prepaid expenses and other current assets

84,595

 

 

53,105

 

Assets of discontinued operations

207,791

 

 

201,986

 

Total current assets

874,207

 

 

606,936

 

Property and equipment, net

407,228

 

 

424,670

 

Operating lease assets

86,489

 

 

65,825

 

Goodwill, net

2,298,876

 

 

2,286,896

 

Other intangible assets, net

334,363

 

 

375,629

 

Capitalized data and database costs, net

314,399

 

 

308,409

 

Investment in affiliates, net

1,121

 

 

16,666

 

Other assets

76,787

 

 

74,250

 

Total assets

$

4,393,470

 

 

$

4,159,281

 

Liabilities and Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable and other accrued expenses

$

190,997

 

 

$

139,511

 

Accrued salaries and benefits

91,763

 

 

83,418

 

Dividends payable

 

 

17,374

 

Contract liabilities, current

401,986

 

 

320,634

 

Liabilities of discontinued operations

50,497

 

 

42,708

 

Current portion of long-term debt

21,382

 

 

56,022

 

Operating lease liabilities, current

16,245

 

 

18,058

 

Total current liabilities

772,870

 

 

677,725

 

Long-term debt, net of current

1,548,785

 

 

1,610,538

 

Contract liabilities, net of current

584,907

 

 

563,190

 

Deferred income tax liabilities

67,171

 

 

92,783

 

Operating lease liabilities, net of current

103,293

 

 

85,139

 

Other liabilities

193,705

 

 

178,696

 

Total liabilities

3,270,731

 

 

3,208,071

 

 

 

 

 

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; 79,545 and 78,972 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively

1

 

 

1

 

Additional paid-in capital

135,267

 

 

111,000

 

Retained earnings

1,185,904

 

 

1,006,992

 

Accumulated other comprehensive loss

(198,433

)

 

(166,783

)

Total stockholders' equity

1,122,739

 

 

951,210

 

Total liabilities and equity

$

4,393,470

 

 

$

4,159,281

 

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 Statements of Cash Flows

(Unaudited)

 

 

 

For the Nine Months Ended
September 30,

(in thousands)

2020

 

2019

Cash flows from operating activities:

 

 

 

Net income

$

205,969

 

 

 

$

19,298

 

 

Less: Income from discontinued operations, net of tax

28,149

 

 

 

11,073

 

 

Net income from continuing operations

177,820

 

 

 

8,225

 

 

Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:

 

 

 

Depreciation and amortization

130,639

 

 

 

132,767

 

 

Amortization of debt issuance costs

3,710

 

 

 

3,836

 

 

Amortization of operating lease assets

11,067

 

 

 

11,675

 

 

Impairment loss

1,228

 

 

 

47,834

 

 

Provision for bad debt and claim losses

14,020

 

 

 

10,998

 

 

Share-based compensation

33,898

 

 

 

26,018

 

 

Equity in earnings of affiliates, net of taxes

(1,859

)

 

 

(498

)

 

Gain on sale of property and equipment

1,360

 

 

 

(3

)

 

Loss on early extinguishment of debt

 

 

 

1,453

 

 

Deferred income tax

56

 

 

 

(10,642

)

 

Impairment loss on investment in affiliates

 

 

 

1,511

 

 

Gain on investments and other, net

(37,154

)

 

 

(847

)

 

Tax indemnification release

 

 

 

13,394

 

 

Change in operating assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable

(33,159

)

 

 

(23,218

)

 

Prepaid expenses and other current assets

(2,104

)

 

 

(7,201

)

 

Accounts payable and other accrued expenses

54,847

 

 

 

(19,894

)

 

Contract liabilities

102,302

 

 

 

19,899

 

 

Income taxes

(32,815

)

 

 

31,239

 

 

Dividends received from investments in affiliates

109

 

 

 

 

 

Other assets and other liabilities

(45,550

)

 

 

(29,122

)

 

Net cash provided by operating activities - continuing operations

378,415

 

 

 

217,424

 

 

Net cash provided by operating activities - discontinued operations

40,687

 

 

 

29,669

 

 

Total cash provided by operating activities

$

419,102

 

 

 

$

247,093

 

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

$

(40,187

)

 

 

$

(52,807

)

 

Purchases of capitalized data and other intangible assets

(28,717

)

 

 

(25,845

)

 

Cash paid for acquisitions, net of cash acquired

(12,045

)

 

 

(13,280

)

 

Purchases of investments

(1,315

)

 

 

(658

)

 

Cash received from sale of business-lines

 

 

 

4,109

 

 

Proceeds from sale of property and equipment

 

 

 

3

 

 

Proceeds from investments and other

48,035

 

 

 

5,591

 

 

Net cash used in investing activities - continuing operations

(34,229

)

 

 

(82,887

)

 

Net cash used in investing activities - discontinued operations

(9,259

)

 

 

(13,987

)

 

Total cash used in investing activities

$

(43,488

)

 

 

$

(96,874

)

 

Cash flows from financing activities:

 

 

 

Proceeds from long-term debt

$

 

 

 

$

1,770,000

 

 

Debt issuance costs

 

 

 

(9,621

)

 

Repayment of long-term debt

(102,461

)

 

 

(1,844,155

)

 

Proceeds from issuance of shares in connection with share-based compensation

8,487

 

 

 

8,391

 

 

Payment of tax withholdings related to net share settlements

(9,816

)

 

 

(9,645

)

 

Shares repurchased and retired

(9,273

)

 

 

(61,607

)

 

Dividends paid

(61,062

)

 

 

 

 

Contingent consideration payments subsequent to acquisitions

 

 

 

(600

)

 

Net cash used in financing activities - continuing operations

(174,125

)

 

 

(147,237

)

 

Net cash used in financing activities - discontinued operations

(6

)

 

 

(12

)

 

Total cash used in financing activities

$

(174,131

)

 

 

$

(147,249

)

 

Effect of exchange rate on cash, cash equivalents, and restricted cash

(2,042

)

 

 

637

 

 

Net change in cash, cash equivalents, and restricted cash

199,441

 

 

 

3,607

 

 

Cash, cash equivalents, and restricted cash at beginning of period

114,679

 

 

 

94,679

 

 

Less: Change in cash, cash equivalents, and restricted cash - discontinued operations

31,422

 

 

 

15,670

 

 

Plus: Cash swept from discontinued operations

30,135

 

 

 

17,697

 

 

Cash, cash equivalents, and restricted cash at end of period

$

312,833

 

 

 

$

100,313

 

 

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.

Reconciliation of Adjusted EBITDA

(Unaudited)

 

For the Three Months Ended September 30, 2020

(in thousands)

PIRM

UWS

CORP

ELIM

CoreLogic

Net income/(loss) from continuing operations

$

58,325

 

 

$

124,834

 

 

$

(80,692

)

 

$

 

$

102,467

 

 

Income taxes

 

 

 

 

(9,237

)

 

 

(9,237

)

 

Depreciation and amortization

23,474

 

 

12,017

 

 

8,119

 

 

 

43,610

 

 

Interest expense/(income), net

459

 

 

(8

)

 

16,470

 

 

 

16,921

 

 

Share-based compensation

2,195

 

 

2,515

 

 

7,836

 

 

 

12,546

 

 

Non-operating (gains)/losses

(35,101

)

 

(128

)

 

(101

)

 

 

(35,330

)

 

Efficiency investments and other

(524

)

 

320

 

 

7,953

 

 

 

7,749

 

 

Transaction costs

235

 

 

223

 

 

368

 

 

 

826

 

 

Unsolicited Proposal Related Costs

 

 

 

 

36,748

 

 

 

36,748

 

 

Adjusted EBITDA

$

49,063

 

 

$

139,773

 

 

$

(12,536

)

 

$

 

$

176,300

 

 

 

For the Three Months Ended September 30, 2019

(in thousands)

PIRM

UWS

CORP

ELIM

 

CoreLogic

Net income/(loss) from continuing operations

$

19,366

 

 

$

70,642

 

 

$

(58,340

)

 

$

 

$

31,668

 

 

Income taxes

 

 

 

 

11,731

 

 

 

11,731

 

 

Depreciation and amortization

23,061

 

 

11,799

 

 

7,529

 

 

 

42,389

 

 

Interest (income)/expense, net

(61

)

 

61

 

 

19,503

 

 

 

19,503

 

 

Share-based compensation

1,528

 

 

1,586

 

 

5,691

 

 

 

8,805

 

 

Non-operating (gains)/losses

(190

)

 

278

 

 

(1,327

)

 

 

(1,239

)

 

Efficiency investments and other

237

 

 

304

 

 

5,827

 

 

 

6,368

 

 

Transaction costs

1,606

 

 

 

138

 

 

 

1,744

 

 

Amortization of acquired intangibles included in equity in losses of affiliates

77

 

 

 

 

 

 

77

 

 

Adjusted EBITDA

$

45,624

 

 

$

84,670

 

 

$

(9,248

)

 

$

 

$

121,046

 

 

CoreLogic, Inc.

Reconciliation of Adjusted EPS

(Unaudited)

 

For the Three Months Ended September 30,

(Diluted income per share)

2020

 

2019

Net income from continuing operations

$

1.26

 

 

 

$

0.39

 

 

Share-based compensation

0.15

 

 

 

0.11

 

 

Non-operating gains

(0.43

)

 

 

(0.02

)

 

Efficiency investments and other

0.10

 

 

 

0.08

 

 

Transaction costs

0.01

 

 

 

0.02

 

 

Depreciation and amortization of acquired software and intangibles

0.22

 

 

 

0.21

 

 

Unsolicited Proposal Related Costs

0.45

 

 

 

 

 

Income tax effect on adjustments

(0.55

)

 

 

(0.08

)

 

Adjusted EPS

$

1.21

 

 

 

$

0.71

 

 

Core Logic, Inc.

Reconciliation to Free Cash Flow

(Unaudited)

(in thousands)

 

For the Twelve Months Ended September 30, 2020

Net cash provided by operating activities - continuing operations

 

$

508,323

 

Purchases of property and equipment

 

(66,645

)

Purchases of capitalized data and other intangible assets

 

(38,353

)

Free cash flow

 

$

403,325

 

 

Investor Contact: Dan Smith, office phone: 703-610-5410, e-mail: danlsmith@corelogic.com

Media Contact: George Sard, Sard Verbinnen & Co, office phone: 212-687-8080, e-mail: GSard@SARDVERB.com

Source: CoreLogic

Investor Contact: Dan Smith, office phone: 703-610-5410, e-mail: danlsmith@corelogic.com

Media Contact: George Sard, Sard Verbinnen & Co, office phone: 212-687-8080, e-mail: GSard@SARDVERB.com