Guarantor Subsidiaries

As discussed in Note 6 - 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 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: 1) the guarantor is sold or sells all of its assets in compliance with the terms of the indenture; 2) the guarantor is released from its guarantee obligations under the Credit Agreement; 3) the guarantor is properly designated as an “unrestricted subsidiary;” or 4) 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 guarantees are essentially equal to the outstanding principal and interest under the Notes. The following condensed consolidating financial information reflects the separate accounts of CoreLogic, Inc. (the "Parent"), 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.



	Condensed Balance Sheet
	As of March 31, 2015
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating/Eliminating Adjustments			Total
Assets:
Cash and cash equivalents	$	48,893	$	3,584	$	37,229	$	—		$	89,706
Accounts receivable	—		201,648		24,847		—			226,495
Other current assets	55,390		126,122		4,240		(373		)	185,379
Property and equipment, net	16,381		319,236		23,658		—			359,275
Goodwill, net	—		1,612,389		156,810		—			1,769,199
Other identifiable intangible assets, net	276		233,924		31,931		—			266,131
Capitalized data and database cost, net	—		255,455		73,772		—			329,227
Investments in affiliates, net	—		101,422		293		—			101,715
Deferred income tax assets, long-term	49,365		—		—		(49,365		)	—
Restricted cash	11,035		—		1,179		—			12,214
Investment in subsidiaries	2,374,115		—		—		(2,374,115		)	—
Intercompany receivable	86,774		199,282		—		(286,056		)	—
Other assets	103,579		29,708		1,347		—			134,634
Total assets	$	2,745,808	$	3,082,770	$	355,306	$	(2,709,909	)	$	3,473,975

Liabilities and equity:
Current liabilities	$	109,298	$	385,756	$	37,378	$	(373	)	$	532,059
Long-term debt, net of current	1,277,645		1,236		—		—			1,278,881
Deferred revenue, net of current	—		394,578		2		—			394,580
Deferred income taxes, long term	—		91,644		22,147		(49,365		)	64,426
Intercompany payable	199,282		22,325		64,449		(286,056		)	—
Other liabilities	131,396		26,191		1,472		—			159,059
Redeemable noncontrolling interest	—		—		16,783		—			16,783
Total CoreLogic stockholders' equity	1,028,187		2,161,040		213,075		(2,374,115		)	1,028,187
Total liabilities and equity	$	2,745,808	$	3,082,770	$	355,306	$	(2,709,909	)	$	3,473,975



	Condensed Balance Sheet
	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 identifiable intangible assets, net	290		242,170		35,810		—			278,270
Capitalized data and database cost, net	—		254,236		79,029		—			333,265
Investments 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, 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



	Condensed Statement of Operations
	For the Three Months Ended March 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating/Eliminating Adjustments			Total
Operating revenues	$	—		$	331,904		$	32,868		$	—		$	364,772
Intercompany revenues	—			—			198			(198		)	—
Cost of services (exclusive of depreciation and amortization below)	—			173,720			11,841			(18		)	185,543
Selling, general and administrative expenses	18,998			68,419			6,749			(180		)	93,986
Depreciation and amortization	1,253			28,590			6,077			—			35,920
Impairment loss	—			58			—			—			58
Operating (loss)/income	(20,251		)	61,117			8,399			—			49,265
Total interest expense, net	(11,400		)	(463		)	(514		)	—			(12,377		)
Gain on investments and other, net	309			—			—			—			309
(Benefit)/provision for income taxes	(13,346		)	22,159			2,652			—			11,465
Equity in earnings/(loss) of affiliates, net of tax	—			3,855			(89		)	—			3,766
Equity in earnings of subsidiary, net of tax	47,175			—			—			(47,175		)	—
Net income from continuing operations, net of tax	29,179			42,350			5,144			(47,175		)	29,498
Loss from discontinued operations, net of tax	—			(111		)	—			—			(111		)
Net income	29,179			42,239			5,144			(47,175		)	29,387
Less: Net income attributable to noncontrolling interest	—			—			208			—			208
Net income attributable to CoreLogic	$	29,179		$	42,239		$	4,936		$	(47,175	)	$	29,179

Net income	$	29,179		$	42,239		$	5,144		$	(47,175	)	$	29,387
Total other comprehensive loss	(24,248		)	—			(21,776		)	21,776			(24,248		)
Less: Comprehensive income attributable to noncontrolling interests	—			—			208			—			208
Comprehensive income/(loss) attributable to CoreLogic	$	4,931		$	42,239		$	(16,840	)	$	(25,399	)	$	4,931



	Condensed Statement of Operations
	For the Three Months Ended March 31, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating/Eliminating Adjustments			Total
Operating revenues	$	—		$	294,761		$	31,343		$	—		$	326,104
Intercompany revenues	—			—			58			(58		)	—
Cost of services (exclusive of depreciation and amortization below)	—			174,247			13,327			86			187,660
Selling, general and administrative expenses	18,592			66,785			8,730			(144		)	93,963
Depreciation and amortization	1,147			22,003			6,356			—			29,506
Impairment loss	—			148			—			—			148
Operating (loss)/income	(19,739		)	31,578			2,988			—			14,827
Total interest expense, net	(14,987		)	(95		)	(575		)	—			(15,657		)
Loss on investment and other, net	(3,991		)	(360		)	—			—			(4,351		)
(Benefit)/provision for income taxes	(13,740		)	10,735			3,119			—			114
Equity in earnings of affiliates, net of tax	—			2,382			—			—			2,382
Equity in earnings of subsidiary, net of tax	22,185			—			—			(22,185		)	—
Net (loss)/income from continuing operations, net of tax	(2,792		)	22,770			(706		)	(22,185		)	(2,913		)
Income from discontinued operations, net of tax	—			385			—			—			385
Net (loss)/income	(2,792		)	23,155			(706		)	(22,185		)	(2,528		)
Less: Net income attributable to noncontrolling interest	—			—			264			—			264
Net (loss)/income attributable to CoreLogic	$	(2,792	)	$	23,155		$	(970	)	$	(22,185	)	$	(2,792	)

Net (loss)/income	$	(2,792	)	$	23,155		$	(706	)	$	(22,185	)	$	(2,528	)
Total other comprehensive income	12,989			—			10,502			(10,502		)	12,989
Less: Comprehensive income attributable to noncontrolling interests	—			—			264			—			264
Comprehensive income attributable to CoreLogic	$	10,197		$	23,155		$	9,532		$	(32,687	)	$	10,197



	Condensed Statement of Cash Flows
	For the Three Months Ended March 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	$	(25,382	)	$	53,934		$	12,692		$	—		$	41,244
Net cash used in operating activities - discontinued operations	—			(1,010		)	—			—			(1,010		)
Total cash (used in)/provided by operating activities	$	(25,382	)	$	52,924		$	12,692		$	—		$	40,234
Cash flow from investing activities:
Purchases of property and equipment	$	(359	)	$	(8,511	)	$	(2,527	)	$	—		$	(11,397	)
Purchases of capitalized data and other intangible assets	—			(7,797		)	(3,447		)	—			(11,244		)
Purchases of investments	—			—			(388		)	—			(388		)
Change in restricted cash	—			—			146			—			146
Net cash used in investing activities - continuing operations	(359		)	(16,308		)	(6,216		)	—			(22,883		)
Net cash used in investing activities - discontinued operations	—			—			—			—			—
Total cash used in investing activities	$	(359	)	$	(16,308	)	$	(6,216	)	$	—		$	(22,883	)
Cash flow from financing activities:
Proceeds from long-term debt	$	—		$	135		$	—		$	—		$	135
Repayments of long-term debt	(35,551		)	—			—			—			(35,551		)
Proceeds from issuance of stock related to stock options and employee benefit plans	10,701			—			—			—			10,701
Minimum tax withholding paid on behalf of employees for restricted stock units	(11,792		)	—			—			—			(11,792		)
Excess tax benefit related to stock options	4,575			—			—			—			4,575
Intercompany payments	—			(42,910		)	(3,656		)	46,566			—
Intercompany proceeds	46,566			—			—			(46,566		)	—
Net cash provided by/(used in) financing activities - continuing operations	14,499			(42,775		)	(3,656		)	—			(31,932		)
Net cash provided by financing activities - discontinued operations	—			—			—			—			—
Total cash provided by/(used in) financing activities	$	14,499		$	(42,775	)	$	(3,656	)	$	—		$	(31,932	)
Effect of exchange rate on cash	—			—			67			—			67
Net (decrease)/increase in cash and cash equivalents	(11,242		)	(6,159		)	2,887			—			(14,514		)
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	—			(1,010		)	—			—			(1,010		)
Plus: Cash swept to discontinued operations	(1,467		)	—			—			—			(1,467		)
Cash and cash equivalents at end of period	$	48,893		$	3,584		$	37,229		$	—		$	89,706



	Condensed Statement of Cash Flows
	For the Three Months Ended March 31, 2014
	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	$	(21,816	)	$	28,971		$	4,689		$	—		$	11,844
Net cash provided by operating activities - discontinued operations	—			4,809			—			—			4,809
Total cash (used in)/provided by operating activities	$	(21,816	)	$	33,780		$	4,689		$	—		$	16,653
Cash flow from investing activities:
Purchases of property and equipment	$	(824	)	$	(9,557	)	$	(3,046	)	$	—		$	(13,427	)
Purchases of capitalized data and other intangible assets	—			(6,841		)	(344		)	—			(7,185		)
Cash paid for acquisitions, net of cash acquired	—			(636,640		)	(29,118		)	—			(665,758		)
Change in restricted cash	(700		)	185			(65		)	—			(580		)
Net cash used in investing activities - continuing operations	(1,524		)	(652,853		)	(32,573		)	—			(686,950		)
Net cash used in investing activities - discontinued operations	—			(6		)	—			—			(6		)
Total cash used in investing activities	$	(1,524	)	$	(652,859	)	$	(32,573	)	$	—		$	(686,956	)
Cash flow from financing activities:
Proceeds from long-term debt	$	689,641		$	—		$	—		$	—		$	689,641
Debt issuance costs	(14,042		)	—			—			—			(14,042		)
Repayments of long-term debt	(266		)	(4,888		)	—			—			(5,154		)
Proceeds from issuance of stock related to stock options and employee benefit plans	2,730			—			—			—			2,730
Minimum tax withholding paid on behalf of employees for restricted stock units	(14,314		)	—			—			—			(14,314		)
Shares repurchased and retired	(6,850		)	—			—			—			(6,850		)
Excess tax benefit related to stock options	5,942			—			—			—			5,942
Intercompany payments	(665,812		)	—			—			665,812			—
Intercompany proceeds	—			636,883			28,929			(665,812		)	—
Net cash (used in)/provided by financing activities - continuing operations	(2,971		)	631,995			28,929			—			657,953
Net cash provided by financing activities - discontinued operations	—			—			—			—			—
Total cash (used in)/provided by financing activities	$	(2,971	)	$	631,995		$	28,929		$	—		$	657,953
Effect of exchange rate on cash	—			—			482			—			482
Net (decrease)/increase in cash and cash equivalents	(26,311		)	12,916			1,527			—			(11,868		)
Cash and cash equivalents at beginning of period	104,310			—			30,109			—			134,419
Less: Change in cash and cash equivalents - discontinued operations	—			4,803			—			—			4,803



Plus: Cash swept from discontinued operations	4,477		—		—		—		4,477
Cash and cash equivalents at end of period	$	82,476	$	8,113	$	31,636	$	—	$	122,225