CoreLogic Reports Third Quarter 2010 Net Loss of $93.4 Million, or $0.80 Per Share, on Revenue of $484.3 Million

Page 21

RECONCILIATION OF AS REPORTED TO AS ADJUSTED FINANCIAL RESULTS FOR MORTGAGE ORIGINATION SERVICES GROUP


($ thousands)

3Q10 as

Reported

3Q10 Adjustments*

3Q10 Reclass. of Equity

in Earnings of Affiliates

3Q10 as

Adjusted

Revenue

$119,511

$0

$18,183

$137,694

Salaries and Benefits

37,461

(998)

0

36,463

Other Operating

59,773

0

0

59,773

Depr. and Amort.

3,793

0

0

3,793

Total Operating Exp.

$101,027

($998)

$0

$100,029

Interest Expense, Net

(174)

0

0

(174)

Other Income

18,215

0

(18,183)

32

Pre-tax Income

$36,874

$998

$0

$37,871

Pre-tax Margin

31%



28%

  + Adj. interest exp.




(174)

  + Adj. depr. and amort.




3,793

  = Adj. EBITDA




$41,490

  Adj. EBITDA Margin




30%

* Includes severance of $998.





($ thousands)

3Q09 as

Reported

3Q09 Adjustments*

3Q09 Reclass. of Equity

in Earnings of affiliates

3Q09 as

Adjusted

Revenue

$119,770

$0

$17,796

$137,566

Salaries and Benefits

39,402

(258)

0

39,144

Other Operating

63,286

(60)

0

63,226

Depr. and Amort.

4,686

0

0

4,686

Total Operating Exp.

$107,374

($318)

$0

$107,056

Interest Expense, Net

(1,817)

0

0

(1,817)

Other Income

17,796

118

(17,796)

118

Pre-tax Income

$32,010

$436

$0

$32,445

Pre-tax Margin

27%



24%

  + Adj. interest exp.




(1,817)

  + Adj. depr. and amort.




4,686

  = Adj. EBITDA




$35,314

  Adj. EBITDA Margin




26%

* Includes severance of $258, asset writ e-offs of $60 and net realized losses of $118.





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