Guarantor Subsidiaries

As discussed in Note 8 - Long-Term Debt, the Notes are guaranteed on a senior unsecured basis by each of our existing and future direct and indirect subsidiaries that guarantee our Credit Agreement. These guarantees are required in support of the Notes, are full and unconditional, as well as joint and several, and are coterminous with the terms of the Notes and would require performance upon certain events of default referred to in the respective guarantees. The guarantees are subject to release under certain customary circumstances. The indenture governing the notes provides that the guarantees may be automatically and unconditionally released only upon the following circumstances: i) the guarantor is sold or sells all of its assets in compliance with the terms of the indenture; ii) the guarantor is released from its guarantee obligations under the credit agreement; iii) the guarantor is properly designated as an “unrestricted subsidiary”, and iv) the requirements for legal or covenant defeasance or satisfaction and discharge have been satisfied. The maximum potential amounts that could be required to be paid under the domestic guarantees are essentially equal to the outstanding principal and interest under the Notes. The following condensed consolidating financial information reflects CoreLogic's (the "Parent's") separate accounts, the combined accounts of the guarantor subsidiaries, the combined accounts of the non-guarantor subsidiaries, the combined consolidating adjustments and eliminations and the Parent's consolidated accounts for the dates and periods indicated.



(in thousands)	Condensed Balance Sheet
	As of December 31, 2015
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating/Eliminating Adjustments			Total
Assets:
Cash and cash equivalents	$	28,259	$	33,186	$	37,645	$	—		$	99,090
Accounts receivable	—		211,943		29,045		—			240,988
Other current assets	80,110		117,008		5,070		—			202,188
Property and equipment, net	17,806		322,109		35,739		—			375,654
Goodwill, net	—		1,700,102		181,445		—			1,881,547
Other intangible assets, net	233		319,756		32,159		—			352,148
Capitalized data and database cost, net	—		258,425		69,416		—			327,841
Investment in affiliates, net	—		68,112		1,093		—			69,205
Deferred income tax assets, long-term	51,763		—		2,219		(51,763		)	2,219
Restricted cash	9,777		—		1,149		—			10,926
Investment in subsidiaries	2,539,614		—		—		(2,539,614		)	—
Intercompany receivable	128,222		329,847		—		(458,069		)	—
Other assets	102,148		35,754		1,342		—			139,244
Total assets	$	2,957,932	$	3,396,242	$	396,322	$	(3,049,446	)	$	3,701,050

Liabilities and equity:
Current liabilities	$	136,863	$	410,538	$	67,075	$	—		$	614,476
Long-term debt, net of current	1,313,895		1,616		—		—			1,315,511
Deferred revenue, net of current	—		448,654		165		—			448,819
Deferred income tax liabilities, long term	—		132,228		26,784		(51,763		)	107,249
Intercompany payable	329,847		22,325		105,897		(458,069		)	—
Other liabilities	127,837		35,982		1,686		—			165,505
Total CoreLogic stockholders' equity	1,049,490		2,344,899		194,715		(2,539,614		)	1,049,490
Total liabilities and equity	$	2,957,932	$	3,396,242	$	396,322	$	(3,049,446	)	$	3,701,050



(in thousands)	Condensed Balance Sheet
	As of December 31, 2014
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating/Eliminating Adjustments			Total
Assets:
Cash and cash equivalents	$	61,602	$	8,733	$	34,342	$	—		$	104,677
Accounts receivable	—		189,138		25,206		—			214,344
Other current assets	55,867		120,531		5,206		—			181,604
Property and equipment, net	17,261		325,638		25,715		—			368,614
Goodwill, net	—		1,612,388		168,370		—			1,780,758
Other intangible assets, net	290		242,170		35,810		—			278,270
Capitalized data and database cost, net	—		254,236		79,029		—			333,265
Investment in affiliates, net	—		103,598		—		—			103,598
Deferred income tax assets, long-term	49,365		—		—		(49,365		)	—
Restricted cash	11,035		—		1,325		—			12,360
Investment in subsidiaries	2,350,467		—		—		(2,350,467		)	—
Intercompany receivable	89,780		158,939		—		(248,719		)	—
Other assets	105,262		31,925		1,685		—			138,872
Total assets	$	2,740,929	$	3,047,296	$	376,688	$	(2,648,551	)	$	3,516,362

Liabilities and equity:
Current liabilities	$	123,196	$	389,170	$	38,224	$	—		$	550,590
Long-term debt, net of current	1,313,270		5,941		—		—			1,319,211
Deferred revenue, net of current	—		389,302		6		—			389,308
Deferred income taxes liabilities, long term	—		91,197		22,147		(49,365		)	63,979
Intercompany payable	158,939		22,325		67,455		(248,719		)	—
Other liabilities	131,357		27,930		1,797		—			161,084
Redeemable noncontrolling interest	—		—		18,023		—			18,023
Total CoreLogic stockholders' equity	1,014,167		2,121,431		229,036		(2,350,467		)	1,014,167
Total liabilities and equity	$	2,740,929	$	3,047,296	$	376,688	$	(2,648,551	)	$	3,516,362



(in thousands)	Condensed Statement of Operations
	For the Year Ended December 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating/Eliminating Adjustments			Total
Operating revenue	$	—		$	1,397,431		$	130,679		$	—		$	1,528,110
Intercompany revenue	—			—			717			(717		)	—
Cost of services (exclusive of depreciation and amortization below)	—			729,029			47,518			(38		)	776,509
Selling, general and administrative expenses	68,814			290,239			39,926			(679		)	398,300
Depreciation and amortization	4,981			117,870			23,756			—			146,607
Impairment loss	—			3,770			—			—			3,770
Operating (loss)/income	(73,795		)	256,523			20,196			—			202,924
Total interest expense, net	(57,457		)	(1,405		)	(2,428		)	—			(61,290		)
(Loss)/gain on investments and other, net	(2,654		)	34,323			(77		)	—			31,592
(Benefit)/Provision for income taxes	(46,928		)	99,664			4,658			—			57,394
Equity in earnings/(loss) of affiliates, net of tax	—			14,690			(970		)	—			13,720
Equity in earnings of subsidiary, net of tax	214,822			—			—			(214,822		)	—
Net income from continuing operations	127,844			204,467			12,063			(214,822		)	129,552
Loss from discontinued operations, net of tax	—			(556		)	—			—			(556		)
Net income	127,844			203,911			12,063			(214,822		)	128,996
Less: Net income attributable to noncontrolling interests	—			—			1,152			—			1,152
Net income attributable to CoreLogic	$	127,844		$	203,911		$	10,911		$	(214,822	)	$	127,844

Net income	$	127,844		$	203,911		$	12,063		$	(214,822	)	$	128,996
Total other comprehensive loss	(36,330		)	—			(36,968		)	36,968			(36,330		)
Less: Comprehensive income attributable to noncontrolling interests	—			—			1,152			—			1,152
Comprehensive income/(loss) attributable to CoreLogic	$	91,514		$	203,911		$	(26,057	)	$	(177,854	)	$	91,514



(in thousands)	Condensed Statement of Operations
	For the Year Ended December 31, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating/Eliminating Adjustments			Total
Operating revenue	$	—		$	1,263,980		$	141,060		$	—		$	1,405,040
Intercompany revenue	—			—			637			(637		)	—
Cost of services (exclusive of depreciation and amortization below)	—			686,630			53,696			(25		)	740,301
Selling, general and administrative expenses	58,176			252,879			41,174			(612		)	351,617
Depreciation and amortization	4,836			107,002			26,556			—			138,394
Impairment loss	—			4,970			—			—			4,970
Operating (loss)/income	(63,012		)	212,499			20,271			—			169,758
Total interest expense, net	(65,299		)	(627		)	(1,056		)	—			(66,982		)
Gain/(loss) on investments and other, net	5,070			(6,278		)	5,090			—			3,882
(Benefit)/provision for income taxes	(43,448		)	73,179			39			—			29,770
Equity in earnings of affiliates, net of tax	—			14,120			—			—			14,120
Equity in earnings of subsidiary, net of tax	152,993			—			—			(152,993		)	—
Net income from continuing operations	73,200			146,535			24,266			(152,993		)	91,008
Loss from discontinued operations, net of tax	—			(16,653		)	—			—			(16,653		)
(Loss)/gain on sale of discontinued operations, net of tax	—			(1,424		)	1,536			—			112
Net income	73,200			128,458			25,802			(152,993		)	74,467
Less: Net income attributable to noncontrolling interests	—			—			1,267			—			1,267
Net income attributable to CoreLogic	$	73,200		$	128,458		$	24,535		$	(152,993	)	$	73,200

Net income	$	73,200		$	128,458		$	25,802		$	(152,993	)	$	74,467
Total other comprehensive loss	(30,197		)	—			(26,673		)	26,673			(30,197		)
Less: Comprehensive income attributable to noncontrolling interests	—			—			1,267			—			1,267
Comprehensive income/(loss) attributable to CoreLogic	$	43,003		$	128,458		$	(2,138	)	$	(126,320	)	$	43,003



(in thousands)	Condensed Statement of Operations
	For the Year Ended December 31, 2013
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating/Eliminating Adjustments			Total
Operating revenue	$	—		$	1,303,115		$	101,286		$	—		$	1,404,401
Intercompany revenue	—			—			631			(631		)	—
Cost of services (exclusive of depreciation and amortization below)	—			679,032			38,804			(631		)	717,205
Selling, general and administrative expenses	63,205			276,236			34,848			—			374,289
Depreciation and amortization	3,767			98,670			23,895			—			126,332
Impairment loss	—			44,433			—			—			44,433
Operating (loss)/income	(66,972		)	204,744			4,370			—			142,142
Total interest expense, net	(45,270		)	(2		)	(2,330		)	—			(47,602		)
Gain on investments and other, net	3,785			1,250			6,997			—			12,032
(Benefit)/provision for income taxes	(40,392		)	72,385			1,680			—			33,673
Equity in earnings of affiliates, net of tax	—			26,566			795			—			27,361
Equity in earnings of subsidiary, net of tax	175,793			—			—			(175,793		)	—
Net income from continuing operations	107,728			160,173			8,152			(175,793		)	100,260
Income/(loss) from discontinued operations, net of tax	—			14,595			(172		)	—			14,423
(Loss)/gain from sale of discontinued operations, net of tax	—			(8,514		)	1,506			—			(7,008		)
Net income	107,728			166,254			9,486			(175,793		)	107,675
Less: Net loss attributable to noncontrolling interests	—			—			(53		)	—			(53		)
Net income attributable to CoreLogic	$	107,728		$	166,254		$	9,539		$	(175,793	)	$	107,728

Net income	$	107,728		$	166,254		$	9,486		$	(175,793	)	$	107,675
Total other comprehensive loss	(38,075		)	—			(43,337		)	43,337			(38,075		)
Less: Comprehensive loss attributable to noncontrolling interests	—			—			(53		)	—			(53		)
Comprehensive income/(loss) attributable to CoreLogic	$	69,653		$	166,254		$	(33,798	)	$	(132,456	)	$	69,653



(in thousands)	Condensed Statement of Cash Flows
	For the Year Ended December 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating/Eliminating Adjustments			Total
Cash flows from operating activities:
Net cash (used in)/provided by operating activities - continuing operations	$	(94,034	)	$	400,950		$	29,233		$	—		$	336,149
Net cash used in operating activities - discontinued operations	—			(7,612		)	—			—			(7,612		)
Total cash (used in)/provided by operating activities	$	(94,034	)	$	393,338		$	29,233		$	—		$	328,537
Cash flow from investing activities:
Purchases of property and equipment	$	(3,911	)	$	(30,810	)	$	(9,428	)	$	—		$	(44,149	)
Purchases of capitalized data and other intangible assets	—			(31,063		)	(5,346		)	—			(36,409		)
Cash paid for acquisitions, net of cash acquired	—			(146,414		)	(48,077		)	—			(194,491		)
Purchases of investments	—			(1,684		)	(2,064		)	—			(3,748		)
Proceeds from sale of property and equipment	—			137			—			—			137
Change in restricted cash	1,259			—			175			—			1,434
Net cash used in investing activities - continuing operations	(2,652		)	(209,834		)	(64,740		)	—			(277,226		)
Net cash provided by investing activities - discontinued operations	—			—			—			—			—
Total cash used in by investing activities	$	(2,652	)	$	(209,834	)	$	(64,740	)	$	—		$	(277,226	)
Cash flow from financing activities:
Proceeds from long-term debt	$	114,375		$	—		$	—		$	—		$	114,375
Debt issuance costs	(6,452		)	—			—			—			(6,452		)
Repayments of long-term debt	(82,176		)	(715		)	—			—			(82,891		)
Shares repurchased and retired	(97,430		)	—			—			—			(97,430		)
Proceeds from issuance of shares in connection with share-based compensation	22,569			—			—			—			22,569
Minimum tax withholding related to net share settlements	(15,230		)	—			—			—			(15,230		)
Tax benefit related to stock options	6,513			—			—			—			6,513
Intercompany payments	(36,628		)	(165,948		)	—			202,576			—
Intercompany proceeds	165,948			—			36,628			(202,576		)	—
Net cash provided by/(used in) financing activities - continuing operations	71,489			(166,663		)	36,628			—			(58,546		)
Net cash provided by financing activities - discontinued operations	—			—			—			—			—
Total cash provided by/(used in) financing activities	$	71,489		$	(166,663	)	$	36,628		$	—		$	(58,546	)
Effect of Exchange Rate on cash	—			—			2,182			—			2,182
Net change in cash and cash equivalents	$	(25,197	)	$	16,841		$	3,303		$	—		$	(5,053	)



Cash and cash equivalents at beginning of period	61,602			8,733			34,342		—		104,677
Less: Change in cash and cash equivalents - discontinued operations	—			(7,612		)	—		—		(7,612		)
Plus: Cash swept to discontinued operations	(8,146		)	—			—		—		(8,146		)
Cash and cash equivalents at end of year	$	28,259		$	33,186		$	37,645	$	—	$	99,090



(in thousands)	Condensed Statement of Cash Flows
	For the Year Ended December 31, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating/Eliminating Adjustments			Total
Cash flows from operating activities:
Net cash provided by operating activities - continuing operations	$	9,433		$	283,316		$	42,844		$	—		$	335,593
Net cash used in operating activities - discontinued operations	—			(13,717		)	—			—			(13,717		)
Total cash provided by operating activities	$	9,433		$	269,599		$	42,844		$	—		$	321,876
Cash flow from investing activities:
Purchases of property and equipment	$	(1,964	)	$	(40,598	)	$	(9,463	)	$	—		$	(52,025	)
Purchases of capitalized data and other intangible assets	—			(30,077		)	(5,052		)	—			(35,129		)
Cash paid for acquisitions, net of cash acquired	—			(665,753		)	(29,118		)	—			(694,871		)
Cash received from sale of discontinued operations	—			25,366			—			—			25,366
Proceeds from sale of property and equipment	—			13,937			—			—			13,937
Change in restricted cash	(700		)	306			84			—			(310		)
Net cash used in investing activities - continuing operations	(2,664		)	(696,819		)	(43,549		)	—			(743,032		)
Net cash provided by investing activities - discontinued operations	—			—			1,536			—			1,536
Total cash used in investing activities	$	(2,664	)	$	(696,819	)	$	(42,013	)	$	—		$	(741,496	)
Cash flow from financing activities:
Proceeds from long-term debt	$	690,017		$	—		$	—		$	—		$	690,017
Debt issuance costs	(14,042		)	—			—			—			(14,042		)
Repayments of long-term debt	(195,217		)	(4,789		)	—			—			(200,006		)
Shares repurchased and retired	(91,475		)	—			—			—			(91,475		)
Proceeds from issuance of shares in connection with share-based compensation	15,213			—			—			—			15,213
Minimum tax withholding related to net share settlements	(15,980		)	—			—			—			(15,980		)
Tax benefit related to stock options	6,791			—			—			—			6,791
Intercompany payments	(610,239		)	(179,187		)	—			789,426			—
Intercompany proceeds	179,187			606,212			4,027			(789,426		)	—
Net cash (used in)/provided by financing activities - continuing operations	(35,745		)	422,236			4,027			—			390,518
Net cash provided by financing activities - discontinued operations	—			—			—			—			—
Total cash (used in)/provided by financing activities	$	(35,745	)	$	422,236		$	4,027		$	—		$	390,518
Effect of Exchange Rate on cash	—			—			(625		)	—			(625		)
Net change in cash and cash equivalents	$	(28,976	)	$	(4,984	)	$	4,233		$	—		$	(29,727	)



Cash and cash equivalents at beginning of period	104,310			—			30,109		—		134,419
Less: Change in cash and cash equivalents - discontinued operations	—			(13,717		)	1,536		—		(12,181		)
Plus: Cash swept (to)/from discontinued operations	(13,732		)	—			1,536		—		(12,196		)
Cash and cash equivalents at end of year	$	61,602		$	8,733		$	34,342	$	—	$	104,677



(in thousands)	Condensed Statement of Cash Flows
	For the Year Ended December 31, 2013
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating/Eliminating Adjustments			Total
Cash flows from operating activities:
Net cash (used in)/provided by operating activities - continuing operations	$	(51,864	)	$	354,004		$	26,080		$	—		$	328,220
Net cash provided by operating activities - discontinued operations	—			24,094			1,506			—			25,600
Total cash (used in)/provided by operating activities	$	(51,864	)	$	378,098		$	27,586		$	—		$	353,820
Cash flow from investing activities:
Purchases of property and equipment	$	(8,870	)	$	(51,660	)	$	(8,215	)	$	—		$	(68,745	)
Purchases of capitalized data and other intangible assets	(348		)	(23,171		)	(14,322		)	—			(37,841		)
Cash (paid for)/received acquisitions, net of cash acquired	—			(92,591		)	542			—			(92,049		)
Cash received from sale of discontinued operations	—			2,263			—			—			2,263
Purchases of investments	—			(2,351		)	—			—			(2,351		)
Change in restricted cash	7,964			—			2,104			—			10,068
Net cash used in investing activities - continuing operations	(1,254		)	(167,510		)	(19,891		)	—			(188,655		)
Net cash provided by investing activities - discontinued operations	—			1,862			—			—			1,862
Total cash used in investing activities	$	(1,254	)	$	(165,648	)	$	(19,891	)	$	—		$	(186,793	)
Cash flow from financing activities:
Proceeds from long-term debt	$	50,000		$	1,647		$	—		$	—		$	51,647
Debt issuance cost	—			(10,436		)	—			—			(10,436		)
Repayments of long-term debt	(4,375		)	(291		)	—			—			(4,666		)
Shares repurchased and retired	(241,161		)	—			—			—			(241,161		)
Proceeds from issuance of stock related to stock options and employee benefit plans	28,232			—			—			—			28,232
Minimum tax withholding related to net share settlements	(8,665		)	—			—			—			(8,665		)
Tax benefit related to stock options	5,146			—			—			—			5,146
Intercompany payments	—			(180,885		)	(10,262		)	191,147			—
Intercompany proceeds	191,147			—			—			(191,147		)	—
Net cash provided by/(used in) financing activities - continuing operations	20,324			(189,965		)	(10,262		)	—			(179,903		)
Net cash provided by financing activities - discontinued operations	—			—			—			—			—
Total cash provided by/(used in) financing activities	$	20,324		$	(189,965	)	$	(10,262	)	$	—		$	(179,903	)
Effect of Exchange Rate on cash	—			—			(2,116		)	—			(2,116		)
Net change in cash and cash equivalents	$	(32,794	)	$	22,485		$	(4,683	)	$	—		$	(14,992	)



Cash and cash equivalents at beginning of period	111,305		3,471		34,792		—		149,568
Less: Change in cash and cash equivalents - discontinued operations	—		25,956		1,506		—		27,462
Plus: Cash swept from discontinued operations	25,799		—		1,506		—		27,305
Cash and cash equivalents at end of year	$	104,310	$	—	$	30,109	$	—	$	134,419