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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2019~~2020

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number 001-13585

CORELOGIC, INC.

(Exact name of registrant as specified in its charter)


			Delaware			95-1068610
			(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

40 Pacifica

Irvine

California

92618

(Street Address)

(City)

(State)

(Zip Code)

(949) 214-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:	~~Trading symbol(s):~~	~~Name of exchange on which registered:~~	Trading symbol(s):	Name of exchange on which registered:
Common Stock, $0.00001 par value	~~CLGX~~	~~New York Stock Exchange~~	CLGX	New York Stock Exchange
Preferred Stock Purchase Rights			CLGX	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant: is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No ☒

The aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant as of June 2830, ~~2019~~2020, the last business day of the registrant's most recently-completed second fiscal quarter was $35,~~312~~303,~~766~~236,~~221~~199.

On February 24 22, ~~2020~~2021, there were 7873,~~981~~152,~~054~~328 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive proxy statement with respect to the 2020 annual meeting of the stockholders are incorporated by reference in Part III of this report. The definitive proxy statement or an amendment to this Form 10-K will be filed no later than 120 days after the close of the registrant’s fiscal year.

CoreLogic, Inc.

Table of Contents

PART I. 3 Item 1. Business 3 Item 1A Risk Factors 11 Item 1B Unresolved Staff Comments 18 Item 2. Properties 18 Item 3. Legal Proceedings 18 Item 4. Mine Safety Disclosures 18 PART II. 19 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 6. Selected Financial Data 21 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 35 Item 8. Financial Statements and Supplementary Data 36 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86 Item 9A. Controls and Procedures 86 Item 9B. Other Information 87 PART III 87 Item 10. Directors, Executive Officers and Corporate Governance 87 Item 11. Executive Compensation 87 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87 Item 13. Certain Relationships and Related Transactions, and Director Independence 87 Item 14. Principal Accounting Fees and Services 87 PART IV 88 Item 15. Exhibits, Financial Statement Schedules 88 Item 16. Form 10-K Summary 93 Signatures 94


PART I.			3
Item 1. Business			3
Item 1A Risk Factors			13
Item 1B Unresolved Staff Comments			25
Item 2. Properties			25
Item 3. Legal Proceedings			25
Item 4. Mine Safety Disclosures			25
PART II.			25
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			25
Item 6. Selected Financial Data			28
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations			29
Item 7A. Quantitative and Qualitative Disclosures about Market Risk			46
Item 8. Financial Statements and Supplementary Data			47
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			103
Item 9A. Controls and Procedures			103
Item 9B. Other Information			104
PART III			104
Item 10. Directors, Executive Officers and Corporate Governance			104
Item 11. Executive Compensation			104
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			104
Item 13. Certain Relationships and Related Transactions, and Director Independence			104
Item 14. Principal Accounting Fees and Services			104
PART IV			105
Item 15. Exhibits, Financial Statement Schedules			105
Item 16. Form 10-K Summary			109
Signatures			110

Table of Contents

PART I

Item 1. Business

The Company

We are a leading global property information, analytics, data-enabled software platforms, and services provider operating in North America, Western Europe, and Asia Pacific. Our vision is to deliver unique property-level insights that power the global real estate economy. Our mission is to empower our clients to make smarter decisions through data-driven insights.

With our data as a foundation, we provide software platforms and value-added business services that address the unique needs of the mortgage, real estate, insurance, capital, ~~public sector,~~ and ~~rental~~public ~~property markets~~sectors. The quality of our software platforms and services is distinguished by our broad range of data assets and our experience in aggregating, organizing, normalizing, processing, and delivering data on a large-scale basis. Our structured property-specific data, consisting of over 150 million parcel records, covers over 99% of the United States ("US"), includes both residential and commercial real estate data, and is enriched by over 1one billion historical sales, ~~mortgage~~mortgages, and pre-foreclosure transactions. Our consortium data covers loan -level mortgage performance, appraisal, as well as mortgage application data and is in excess of 300 million records. We are also the industry's first parcel-based geocoder and have developed a proprietary spatial database covering more than 150 million parcel polygons across the US. These databases enable our clients to access detailed property insights, as well as data regarding current and historical mortgages, mortgage ~~data~~risk and portfolio performance, involuntary property liens and encumbrances, building construction and replacement costs, consumer credit, tenancy, location intelligence, ~~hazard~~hazards, and other natural risk factors ~~as well as mortgage risk and portfolio performance data~~.

We have more than one million end-users who rely on our data and predictive decision analytics to reduce risk, enhance transparency, and improve the performance of their businesses.

We offer our clients a comprehensive national database covering real property and mortgage information, judgments and liens, building and replacement costs, ~~parcel~~tax ~~and geospatial data, criminal background records, eviction~~ information, ~~non-prime~~parcel ~~lending records, credit information,~~ and ~~tax~~geospatial ~~information~~data, among other data types. Using these robust datasets, we have built strong value-added analytical capabilities and business services to meet our clients’ needs for property tax processing, property valuation, ~~mortgage and automotive credit reporting, tenancy screening,~~ hazard risk, property risk and replacement cost, flood plain location determination, geospatial data, analytics, and related services.

We became a stand-alone public company on June 1, 2010, when we completed a transaction in which we separated from the financial services businesses of our predecessor company, The First American Corporation ("FAC") (referred to as the "Separation"). To effect the Separation, we entered into a Separation and Distribution Agreement (“Separation and Distribution Agreement”) that governs the rights and obligations of us and First American Financial Corporation ("FAFC") regarding the distribution. It also governs the on-going relationship between us and FAFC subsequent to the completion of the Separation and provides for the allocation of assets and liabilities between us and FAFC. In addition, we also entered into a Tax Sharing Agreement (“Tax Sharing Agreement”) with FAC and FAFC. FAC was incorporated in California in 1894, and as part of the Separation, we reincorporated in Delaware on June 1, 2010, changed our name to CoreLogic, Inc. and began trading on the New York Stock Exchange under the symbol “CLGX.” As used herein, the terms "CoreLogic," the "Company," "we," "our" and "us" refer to CoreLogic, Inc. and our consolidated subsidiaries, except where it is clear that ~~the~~such terms ~~mean~~refer only to CoreLogic, Inc. and not ~~our~~its subsidiaries. Our executive offices are located at 40 Pacifica, Irvine, California, 92618-7471, our telephone number is (949) 214-1000, and our website is www.corelogic.com.

Corporate Events

~~Dividend~~Merger Agreement

In ~~December~~February ~~2019~~2021, we ~~announced~~entered ~~the~~into ~~initiation~~an Agreement and Plan of Merger (“Merger Agreement”) with Celestial-Saturn Parent Inc., a ~~quarterly~~Delaware ~~cash~~corporation ~~dividend~~(“Acquirer”), toand ~~common~~Celestial-Saturn ~~shareholders~~Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of the Acquirer (“Acquisition Sub”). Pursuant to the Merger Agreement, and subject to the terms and conditions set forth therein, Acquisition Sub would be merged with and into CoreLogic ~~paid~~(“Merger”), with CoreLogic continuing as the surviving corporation in the Merger and a ~~cash~~wholly-owned ~~dividend~~subsidiary of $0the Acquirer.22 ~~per~~The ~~share~~Acquirer and Acquisition Sub are affiliates of ~~common~~Stone ~~stock~~Point onCapital ~~January~~Partners 24and Insight Partners. If the Merger is consummated, ~~2020~~CoreLogic’s tosecurities ~~shareholders~~will ofbe ~~record~~de-listed onfrom the ~~close~~New York Stock Exchange and de-registered under the Securities Exchange Act of ~~business~~1934, ~~January~~as 10amended (“Exchange Act”), ~~2020.~~as soon as practicable following the effective time of the Merger ("Effective Time").

In the event the Merger is completed, except as otherwise provided in the Merger Agreement, each share of common stock, par value $0.00001 per share, of CoreLogic issued and outstanding immediately prior to the Effective Time would be converted into the right to receive $80.00 per share in cash, without interest (“Merger Consideration”). Consummation of the Merger is subject to customary closing conditions, including, among other things, the adoption of the Merger Agreement by the holders of a majority of the outstanding shares of our common stock (“Requisite Stockholder Approval”). The consummation of the Merger is not subject to a financing condition, and the Acquirer has obtained equity and debt financing commitments for the purpose of financing the Merger and the other transactions contemplated by the Merger Agreement. Please refer to “Overview of Business ~~Exits~~Environment &and ~~Transformation~~Company Developments—Merger” in “Item 7—Management’s Discussion and Analysis of

Table of Contents

~~transformation~~Financial ~~was~~Condition ~~concluded~~and inConsolidated ~~December~~Results ~~31,~~of ~~2019.~~Operations” ~~For~~and ~~the~~Note ~~year~~21—Subsequent ~~ended~~Events—Proposed ~~December~~Merger ~~31,~~of ~~2019, operating revenues decreased by $61.9 million attributable to~~ the ~~aforementioned~~Notes ~~business exists and strategic transformation compared~~ to ~~2018.~~Consolidated WeFinancial ~~also~~Statements ~~recorded~~included ~~non-cash~~in ~~impairment~~Item ~~charges of $47.~~8—Financial ~~million~~Statements and ~~severance~~Supplementary ~~expense~~Data of ~~$5.3~~Part ~~million~~II inof ~~2019~~this ~~relating~~Annual toReport ~~the~~on ~~AMC~~Form ~~transformation~~10-K ~~program~~for further information.

On February 16, 2021, the Board received an unsolicited acquisition proposal from CoStar Group, Inc. ("CoStar") to acquire the Company in an all-stock transaction. The Board is carefully reviewing the proposal in consultation with outside legal counsel and financial advisors. The Merger Agreement remains in full force and effect, and the Board has not withdrawn or modified its recommendation that the stockholders of CoreLogic vote in favor of the approval of the Merger, the Merger Agreement and the transactions contemplated thereby.

Rights Agreement Amendment

In February 2021, in connection with the execution of the Merger Agreement, CoreLogic also entered into an amendment (“Rights Agreement Amendment”) to the Rights Agreement, dated as of July 6, 2020, by and between CoreLogic and Equiniti Trust Company, as rights agent (“Rights Agreement”), in order to (i) render the Rights Agreement inapplicable to the Merger and the transactions contemplated by the Merger Agreement, (ii) ensure that in connection with the transactions contemplated by the Merger Agreement, none of the Acquirer, Acquisition Sub, or any of their “Affiliates” or “Associates” (each as defined in the Rights Agreement) shall be deemed to be or become an “Acquiring Person” (as defined below) and (iii) provide that the “Expiration Date” (as defined in the Rights Agreement) shall occur immediately prior to the Effective Time.

Unsolicited Proposal and Proxy Contest

In June 2020, we received an unsolicited proposal from Senator Investment Group, LP (“Senator”) and Cannae Holdings, Inc. (“Cannae”) to acquire the Company for $65.00 per share in cash, which initial proposal was increased by Senator and Cannae on September 14, 2020 by $1.00 per share to $66.00 per share in cash (“Unsolicited Proposal”). In July 2020, our Board of Directors ("Board"), in consultation with its independent financial and legal advisors, unanimously determined to reject the Unsolicited Proposal. Senator and Cannae issued a press release announcing proposals to remove members of our Board and replace them with up to nine individuals nominated by Senator and Cannae and to amend certain provisions of our Bylaws (“Proxy Contest Proposals”). In August 2020, the Board determined to call a special meeting of CoreLogic’s stockholders to allow our stockholders to consider and vote on the Proxy Contest Proposals. A special meeting of our stockholders to vote on the Proxy Contest Proposals was held in November 2020, with a record date of September 18, 2020, resulting in the removal of three members of our Board and the appointment of three of Senator and Cannae's nominees to our Board, each with a term expiring at the Company's 2021 annual meeting of stockholders. In connection with the Unsolicited Proposal, Proxy Contest Proposals, and related strategic transaction process, we have incurred expenses of approximately $54.0 million for the year ended December 31, 2020.

Discontinued Operations

In July 2020, we announced our intention to exit our 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 our long-term strategic imperatives. The divestiture of these operations is expected to improve our revenue growth trends and revenue mix, and significantly enhance profit margins. As a result of this strategic decision, the businesses have been reflected in our consolidated financial statements as discontinued operations for all periods presented. In October 2020, we sold a portion of our multi-family tenant screening business, which resulted in a gain on sale of discontinued operations of $2.7 million, net of tax. In February 2021 we sold the remainder of our multi-family tenant screening business for $51.2 million. Please refer to Note 18 - Discontinued Operations of the Notes to Consolidated Financial Statements included in Item 8 - Financial Statements and Supplementary Data of Part II of this Annual Report on Form 10-K for further information.

Business Exits & Transformation within Continuing Operations

In December 2018, we announced our intent to exit a loan origination software unit and its remaining legacy default management related platforms, as well as accelerate an appraisal management company ("AMC") transformation program, which actions were focused on expanding our overall profit margins and providing for enhanced long-term organic growth trends. In September 2019, we divested our default management related platforms and received proceeds of $3.8 million. The AMC transformation was concluded in December 31, 2019. For the year ended December 31, 2019, our operating revenues decreased by $61.9 million attributable to the aforementioned business exits and strategic transformation compared to 2018. We also recorded non-cash impairment charges of $47.8 million and severance expense of $5.3 million in 2019 relating to the AMC transformation program.

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Acquisitions

We opportunistically acquire companies, businesses, products, and services to grow market share in the mortgage, real estate, insurance, capital, public sector, and rental property markets. We also identify opportunities that complement our strengths and/or diversify our exposure from the mortgage and real estate market.

~~During~~In ~~2019~~January 2020, we ~~completed~~acquired the ~~acquisition~~remaining 66% of ~~National Tax Search~~Location, ~~LLC~~Inc. ("~~NTS~~Location") for ~~total net cash of approximately~~ $1311.~~2 million. This acquisition included contingent consideration of up to $7.~~5 million ~~to be paid in cash by 2022~~, ~~contingent~~subject ~~upon~~to ~~the achievement of~~ certain ~~revenue~~working ~~targets~~capital ~~in fiscal years 2020 and 2021~~adjustments. ~~NTS~~Location is a leading provider of ~~commercial~~geographic ~~property~~location ~~tax~~indicators ~~payment~~for ~~services~~crime and ~~specializes~~non-weather inrelated ~~identifying~~events ~~potential~~connected ~~collateral loss related~~ to ~~unpaid~~underwriting ~~property~~risk ~~tax, homeowner's association fees, and inaccurate flood zone determinations~~assessment. ~~The~~This ~~NTS~~ acquisition ~~increases~~further ~~the~~progresses ~~Company's~~our ~~commercial~~long-term ~~property~~strategic ~~tax~~plan ~~offerings~~by ~~and~~adding isscale ~~expected~~ to ~~drive~~our ~~future~~insurance ~~growth~~and inspatial ~~the US~~businesses. ~~See~~Location ~~Note~~is ~~17 - Acquisitions of the Notes to Consolidated Financial Statements~~ included inas ~~Item~~a 8component ~~- Financial Statements and Supplementary Data~~ of ~~this~~our ~~Annual~~Property ~~Report~~Intelligence on& ~~Form~~Risk ~~10-K~~Management ~~for~~Solutions ~~further~~("PIRM") ~~discussion~~segment.

During 2019, we completed the acquisition of National Tax Search, LLC ("NTS") for total net cash of approximately $13.2 million. This acquisition includes contingent consideration of up to $7.5 million to be paid in cash by 2022, contingent upon the achievement of certain revenue targets in fiscal years 2020 and 2021. NTS is a leading provider of commercial property tax payment services and specializes in identifying potential collateral loss related to unpaid property tax, homeowner's association fees, and inaccurate flood zone determinations. The NTS acquisition increases the Company's commercial property tax offerings and is expected to drive future growth in the US.

See Note 17 - Acquisitions of the Notes to Consolidated Financial Statements included in Item 8 - Financial Statements and Supplementary Data of Part II of this Annual Report on Form 10-K for further discussion.

Dividend

In December 2019, we announced the initiation of a quarterly cash dividend to common shareholders. CoreLogic paid a cash dividend of $0.22 per share of common stock in January 2020 and June 2020 to shareholders of record as of the close of business on January 10, 2020 and June 1, 2020, respectively. In July 2020, our Board announced a 50% increase in our cash dividend and declared a $0.33 per share cash dividend to common stockholders, which was paid in September 2020 and December 2020 to stockholders of record as of the close of business on September 1, 2020 and December 1, 2020, respectively. In January 2021, our Board of Directors declared a cash dividend of $0.33 per share of common stock to be paid in March 2021 to shareholders of record as of the close of business on March 1, 2021.

Financing Activities

In May 2019 we amended our credit agreement (as amended, the "Credit Agreement") with Bank of America, N.A., as the administrative agent, and other financial institutions. The Credit Agreement provides for a $1.8 billion five-year term loan facility (the "Term Facility"), and a $750.0 million five-year revolving credit facility (the "Revolving Facility"). The Term Facility matures, and the Revolving Facility expires, in May 2024. The Revolving Facility includes a $100.0 million multicurrency revolving sub-facility and a $50.0 million letter of credit sub-facility. The Credit Agreement also provides for the ability to increase the Term Facility and Revolving Facility by up to $300.0 million in the aggregate; however, the lenders are not obligated to do so. See Note 8 - Long Term Debt of the Notes to Consolidated Financial Statements included in Item 8 - Financial Statements and Supplementary Data of Part II of this Annual Report on Form 10-K for further discussion.

Technology Transformation

In September 2018, we announced the adoption of the Google Cloud Platform ("“GCP"”) as a foundational element of our ongoing technology transformation program to further expand infrastructure capabilities and drive efficiencies. We ~~expect~~successfully tocompleted ~~complete~~ the initial ~~deployment~~transformation ofphase, ~~GCP~~and will continue transitioning our technology over the ~~next~~foreseeable 12future ~~months~~on an opportunistic basis. ~~Once~~ ~~implemented,~~The ~~CoreLogic~~transition ~~plans~~to GCP allows us to leverage the capabilities of the cloud platform to achieve best-in-class system performance and reliability and to facilitate the deployment of unique business insights fueled by gold-standard data, information, and analytics. Additionally, we expect to realize ~~significant~~ cost efficiencies and enhanced security ~~upon~~as ~~implementation~~we continue the transition.

Our Data

Our data is the foundation of many of our products, platforms, and services, and can generally be categorized as property information, mortgage information, and consumer information. We obtain our data from a variety of sources, including but not limited to, data gathered from public sources, data contributed by our clients, and data obtained from other industry leading data aggregators.

We gather a variety of data from public sources, including electronic data and documents from federal, state, and local governments and enhance this information through advanced analytics, artificial intelligence, and machine learning, leveraging data we collect from non-public sources. This allows us to create comprehensive textual and geospatial views of each property within our coverage areas, including physical property characteristics, boundaries and tax values, current and historical ownership, voluntary and involuntary liens, tax assessments and delinquencies, replacement cost, property risk including environmental, flood, and hazard information, criminal data, building permits, local trends, and nationwide summary statistics.5

Specific agreements exist which govern data contributed to our consortium data assets by our clients. These contractual arrangements provide the necessary permissions to enable us to deliver solutions across several vertical markets using the client contributed data. We structure end-user agreements to consortium data solutions to acknowledge the specific uses of the data and to provide the required levels of data privacy and protection for the consortium contributors’ data. Consortium data

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~~includes~~We ~~loan~~gather ~~performance~~data ~~information~~from a variety of public sources, ~~appraisal~~including ~~information~~electronic data and documents from federal, state, and local governments and enhance this information ~~regarding~~through ~~property~~advanced ~~rental~~analytics, artificial intelligence, and ~~under~~machine learning ("AI/ML"), leveraging data we collect from non-~~banked~~public ~~loan~~sources. ~~applications~~This allows us to create comprehensive textual and geospatial views of each property within our coverage areas, including physical property characteristics, boundaries and ~~rental~~tax values, current and historical ownership, voluntary and involuntary liens, tax assessments and delinquencies, replacement cost, property risk including environmental, flood, and hazard information, building permits, local trends, and nationwide summary statistics.

WeSpecific ~~gather~~agreements ~~property~~exist ~~listing~~which ~~and~~govern ~~tenant/landlord rental~~data ~~information~~contributed ~~from~~to ~~Boards~~our ofconsortium ~~Realtors®,~~data ~~real~~assets ~~estate~~by ~~agents,~~our ~~brokers,~~clients. ~~landlords,~~These ~~and~~contractual ~~owners~~arrangements ofprovide ~~multi-tenant~~the ~~properties~~necessary permissions to enable us to deliver solutions across several vertical markets using the client contributed data. We ~~acquire~~structure ~~appraisal~~end-user agreements to consortium data solutions to acknowledge the specific uses of the data and ~~property~~to ~~valuation~~provide ~~from~~the ~~appraisers,~~required levels of data privacy and ~~license~~protection ~~consumer~~for ~~credit~~the ~~history~~consortium ~~information~~contributors’ ~~from~~data. ~~nationwide~~Consortium ~~credit~~data ~~reporting~~includes ~~agencies~~loan performance information and appraisal information.

We acquire appraisal and property valuations from appraisers.

Business Segments

We have organized our business into the following two segments: Property Intelligence & Risk Management Solutions ("PIRM") and Underwriting & Workflow Solutions ("UWS").

We believe that we hold the leading market position for many of our solutions, including:

• property tax processing, based on the number of loans under service;

• flood zone determinations, based on the number of flood zone certification reports issued;

•property ~~credit~~valuation and ~~income~~technology ~~verification~~platform ~~services to the US mortgage lending industry~~solutions, based on the number of ~~credit~~in-house ~~reports~~staff ~~issued~~appraisers and inquiries received; and

•multiple ~~property~~listing ~~valuation~~services ~~and technology platform solutions~~("MLS"), based on the number of ~~in-house~~active ~~staff~~desktops ~~appraisers~~using ~~and~~our ~~inquiries received; and~~technology.

•In ~~multiple~~addition ~~listing~~to ~~services~~our ~~("MLS")~~two reporting segments, ~~based~~we onalso have a corporate group, which bears costs and expenses not allocated to our segments. More detailed financial information regarding each of our business segments is included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations as well as Note 19 - Segment Information of the ~~number~~Notes to the Consolidated Financial Statements included in Item 8. Financial Statements and Supplementary Data of ~~active~~Part ~~desktops~~II ~~using~~of ~~our~~this ~~technology~~Annual Report on Form 10-K.

In addition to our two reporting segments, we also have a corporate group, which bears costs and expenses not allocated to our segments. More detailed financial information regarding each of our business segments is included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations as well as Note 18 - Segment Information of the Notes to the Consolidated Financial Statements included in Item 8. Financial Statements and Supplementary Data of Part II of this report.

Solutions

Property Intelligence & Risk Management Solutions

Our PIRM segment delivers unique housing market and property-level insights, predictive analytics, and risk management capabilities. We have also developed proprietary technology and software platforms to access, automate, and track this information, as well as assist our clients with decision-making and compliance tools in the real estate ~~industry,~~and insurance ~~industry, and the single and multifamily industry~~industries. We deliver this information directly to our clients in a standard format over the web, through hosted software platforms or in bulk data form. Our solutions include property insights and insurance and spatial solutions in North America, Western Europe, and Asia Pacific.

Our property insights combine our patented predictive analytics with our proprietary and contributed data to enable our clients to improve customer acquisition and retention, detect and prevent fraud, improve mortgage transaction cycle time and cost efficiency, identify real estate trends and neighborhood characteristics, track market performance, and increase market share. Our data is comprised of real estate information, incorporating crime data, site ~~inspection~~inspections, ~~neighborhood~~information about neighborhoods, document images, and other information from proprietary sources. We also offer verification of applicant income, identity, and employment services using Internal Revenue Service ("IRS") and Social Security Administration databases, as well as third-party employment data providers. Further, we maintain the leading market share of real estate listing software systems, ~~with~~which ~~provisioning~~we provide to more than 50% of all US and Canadian real estate agents. We also provide a full range of professional services to listing organizations and assist our clients in identifying revenue opportunities and improving member services.

Our insurance and spatial solutions provide property and casualty insurers, energy, and other markets the ability to more effectively locate, assess, and manage property-level assets and risks through location-based data, property content, proprietary workflow solutions, and analytics. InWe ~~addition~~maintain to the industry's first parcel-based geocoder and an industry-leading parcel database covering more than 150 million parcels across the US, we maintain critical and up-to-date information across multiple hazard databases including information on storm, land-based, fire, and even non-weather-related hazards.

~~Underwriting & Workflow Solutions~~6

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~~compliance~~database ~~regulations,~~covering ~~and~~more ~~understanding,~~than ~~evaluating~~150 million parcels across the US, as well as critical and ~~monitoring~~up-to-date ~~property~~information ~~values.~~across ~~Our~~multiple ~~UWS~~hazard ~~solutions~~databases ~~include~~including ~~property~~information ~~tax~~on ~~solutions~~storm, ~~valuation solutions~~land-based, ~~credit solutions~~fire, and ~~flood~~even ~~data~~non-weather-related ~~solutions in North America~~hazards.

Underwriting & Workflow Solutions

Our UWS segment provides comprehensive mortgage origination and monitoring solutions, including underwriting-related solutions and data-enabled valuations and appraisals. We have also developed proprietary technology and software platforms to access, automate, and track this information, as well as assist our clients with vetting and on-boarding prospects, meeting compliance regulations, and understanding, evaluating, and monitoring property values. Our UWS solutions include property tax solutions, valuation solutions, and flood data solutions in North America.

Our property tax solutions are built from aggregated property tax information from over 20,000 taxing authorities. We use this information to advise mortgage originators and servicers of the property tax payment status of loans in their portfolio and to monitor that status over the life of the loans. If a mortgage lender requires tax payments to be impounded on behalf of its borrowers, we can also monitor and oversee the transfer of these funds to the taxing authorities and provide the lender with payment confirmation.

Our valuations solutions represent property valuation-related, data-driven services, and analytics combined with collateral valuation workflow technologies, which assist our clients in assessing risk of loss using both traditional and alternative forms of property valuation, driving process efficiencies, and ensuring compliance with lender and governmental regulations. We have been building collateral risk management models for more than 20 years and provide collateral information technology and solutions that automate property appraisal ordering, tracking, documentation, and review for lender compliance with government regulations.

Our credit solutions have access to one of the largest consumer and business databases, which enables us to provide credit, income, and employment verification services to the mortgage and automotive industries. We provide comprehensive information about credit history, income verification, and home address history. We normalize our data to provide a broad range of advanced business information solutions designed to reduce risk and improve business performance.

Our flood data solutions provide flood zone determinations in accordance with the US Federal legislation passed in 1994, which requires that most mortgage lenders obtain a determination of the current flood zone status at the time each loan is originated and obtain applicable updates during the life of the loan. We provide flood zone determinations primarily to mortgage lenders.

Clients

Our clients are predominantly financial services institutions in the mortgage and insurance industries. We provide our solutions to national and regional mortgage lenders, servicers, brokers, credit unions, commercial banks, investment banks, fixed-income investors, real estate agents, MLS companies, ~~property management companies,~~ real estate investment trusts, property and casualty insurance companies, government agencies, and government-sponsored enterprises.

Our more significant client relationships tend to be long-term in nature, and we typically provide a number of different solutions to each client. Because of the depth of these relationships, we derive a significant portion of our aggregate revenue from our largest clients, with 2934.84%, 26.4%, and 32.0% of our ~~2019~~ operating revenues for the years ended December 31, 2020, 2019, and 2018, respectively, being generated by our ten largest clients. None of our clients individually accounted for greater than 10% of our operating revenues for the ~~year~~years ended December 31, 2020, 2019, and 2018.

Competition

We offer a diverse array of specialized products and services that compete directly and indirectly with similar products and services offered by national and local providers. We believe there is no single competitor who offers the same combination of products and services that we do. Therefore, we believe that we compete with a broad range of entities.

Our PIRM segment competes with entities that provide access to data or data-based analytics products and services as part of their product offerings, including Black Knight, Inc., which provides real estate information, analytics, valuation-related services, and other solutions; ATTOM Data, which provides public records data; ~~FAC~~First American Financial Corporation ("FAFC"), which provides real estate, home ownership and property data; as well as Verisk Analytics, Inc., which provides data and risk assessment in the insurance and financial services industries~~, as well as RealPage, Inc~~. ~~and Yardi Systems, Inc., which provide services in the multifamily residential industry.~~ We also compete with departments within financial institutions that utilize internal resources to provide similar analytics and services on a captive basis. We compete based on the breadth and quality of our data sets, the exclusive nature of some of our key data sets, the quality and effectiveness of our products, and the integration of our platforms into client systems. We believe the data we offer is distinguished by quality, the broad range of our data sources (including non-public sources), the volume of records we maintain, and our ability to provide data spanning a historical period of time that exceeds comparable data sets of most of our competitors.

Our UWS segment competes with third-party providers such as Black Knight, Inc. and Lereta LLC, which provide tax and flood solutions, as well as credit and screening solutions providers such as Equifax, Inc., Credit Plus, Kroll Factual Data, Clear Capital, Solidifi, and ServiceLink, which provide valuation-related services. For these services, we compete largely based on 7

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Our UWS segment competes with third-party providers such as Black Knight, Inc. and Lereta LLC, which provide tax and flood solutions, as well as Clear Capital, Solidifi, and ServiceLink, which provide valuation-related services. For these services, we compete largely based on the quality of the products and services we provide, our ability to provide scalable services at competitive prices, and our ability to provide integrated platforms. We also compete with departments within financial institutions that utilize internal resources to provide similar services on a captive basis. We generally compete with captive providers based on the quality of our products and services, the scalability of our services, cost efficiencies, and our ability to provide some level of risk mitigation.

Sales and Marketing

Our sales strategy is client-focused, and resources are primarily assigned based on client size and complexity. Several of our sales team members and subject matter experts specialize in specific solutions, products, and services. Each of our sales executives develops and maintains key relationships within each client’s business units and plays an important role in relationship management as well as developing new business. Our sales executives understand the current marketplace environment and demonstrate extensive knowledge of our clients’ internal operating structure and business needs. The depth and breadth of our relationships with our clients allows us to develop and implement solutions that are tailored to the specific needs of each client in a prompt and efficient manner.

Smaller clients, measured by revenue or geographic coverage, are primarily managed through our inside sales operations function which is responsible for working with mortgage and real estate brokers, smaller property and casualty insurance companies, fixed-income investors, appraisers, real estate agents, correspondents, and other lenders.

Several of our product and service lines have sales teams and subject matter experts who specialize in specific solutions, products, and services. These sales teams and subject matter experts work collaboratively with our sales executives and our inside sales operations to assist with client sales by combining our data, products, and data-enabled services to meet the specific needs of each client and may be assigned to assist with sales in targeted markets for certain categories of clients or for particular service groups.

Our marketing strategy is to accelerate growth by building trusted relationships with our clients and delivering superior value through unique property-related data, analytics, and data-enabled solutions. We use the most efficient methods available to successfully identify, target, educate, and engage potential and existing clients through their preferred channel of communication. Employing client-centric marketing initiatives and campaigns, we clearly articulate our value proposition to build awareness, familiarity and interest in our business solutions, demand for our products and services, as well as increase volume, quality, and velocity of sales opportunities. Our marketing activities include direct marketing, advertising, public relations, event marketing, digital marketing, social media, and other targeted activities.

Acquisitions and Divestitures

Historically, we have increased the scale of our existing businesses and entered new markets, products, and services through selective acquisitions that we believe strengthen our overall solution offerings and value proposition to clients. We continually evaluate our business mix and opportunistically seek to optimize our business portfolio through acquisitions and divestitures.

Intellectual Property

We own significant intellectual property rights, including patents, copyrights, trademarks, and trade secrets. We consider our intellectual property to be proprietary and we rely on a combination of statutory (e.g., copyright, trademark, trade secret, and patent) and contractual safeguards in an intellectual property enforcement program to protect our intellectual property rights.

We have more than 50 issued patents in the US covering business methods, software, and systems patents, principally relating to automated valuation, fraud detection, data gathering, flood detection, MLS technology, and property monitoring. We also have at least 19 patent applications pending inprincipally relating to these and other areas in the US. In addition, we have a number of issued patents and pending patent applications internationally, including in Canada and Australia. The protection of our proprietary technology is important to our success and we intend to continue to protect those intellectual property assets for which we have expended substantial research and development capital and which are material to our business.

In addition, we own more than 300 trademarks in the US and foreign countries, including the names of our products and services as well as our logos and tag lines, many of which are registered. Many of our trademarks, trade names, service marks, and logos are material to our business, as they assist our clients in identifying our products and services and the quality that stands behind them.

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We own more than 1,000 registered and unregistered copyrights in the US and foreign countries, covering computer programs, reports, and manuals. We also have other literary works, including marketing materials, handbooks, presentations, and website content that are protected under common law copyright. We believe our written materials are essential to our business as they provide our clients with insight into various areas of the financial and real estate markets in which we operate.

Our research and development activities focus primarily on the design and development of our analytical tools, software applications, and data sets. We expect to continue our practice of investing in the development of new software applications and systems in response to the market and client needs we identify through client input collected in meetings, phone calls, and web surveys. We also assess opportunities to integrate existing data sets to enhance our products' effectiveness.

In order to maintain control of our intellectual property, we enter into license agreements with our clients, granting rights to use our products and services, including our software and databases. We also audit our clients from time to time to ensure compliance with our agreements. This helps to maintain the integrity of our proprietary intellectual property and to protect the embedded information and technology contained in our solutions. As a general practice, employees, contractors, and other parties with access to our proprietary information enter into agreements that prohibit the unauthorized use or disclosure of our proprietary rights, information, and technology.

Information Technology

Information technology is a significant focus area, and we maintain a long-term strategic technology plan which is reassessed annually. Our existing technology infrastructure is a private, dedicated cloud-based computing environment hosted in primary and secondary technology centers owned and managed by the NTT Data Corporation ("NTT"). Additionally, we ~~have~~are ~~begun~~in the process of modernizing a number of our legacy solutions to take full advantage of the dynamic scaling offered by the Google Cloud Platform using the Pivotal Cloud Foundry ~~("PCF")~~ Platform as a Service ~~("PaaS")~~ capability to ensure we maintain the flexibility to operate our products and services on any public cloud platform in the future.

We maintain an ~~innovation~~Innovation ~~development~~Development ~~center~~Center ("IDC") where we use an Extreme Agile Development methodology to develop, enhance and expand our next generation cloud-agnostic IDC platform on which new products can be rapidly built, scaled, modified, and deployed. In addition, the IDC plays a leading role in research and development in the areas of employing hardware advancements, data and analytics, mobility, voice, and the application of ~~artificial intelligence and machine learning ("~~AI/ML"). We supplement the IDC with a number of strategic alliances.

Technology Operations

In conjunction with NTT and ~~Google~~GCP, we operate a computing technology environment intended to allow us to provide flexible systems at all times, enabling us to deliver increased capacity as needed or when client needs demand increased speed of delivery. Our current mainstream private, dedicated cloud computing environment hosted by NTT is designed to enable us to deliver secure and compliant data, analytics, and services to support client needs. We have also completed the development of an advanced cloud operating model that provides a fully automated, tightly controlled, and highly secured environment for the products and services we are, and increasingly will be, operating on GCP as we transition to the Google public cloud. This network of systems, combined with enterprise-level service operations, positions us as a leading property insights provider to the financial services market. Our platforms store, process, and deliver our data and proprietary technologies that are the foundation of our business and critical to the development of our solutions. Additionally, our unified network architecture allows us to operate multiple systems as a single resource capable of delivering subsets of our applications, data, and analytics as compelling combined solutions to our clients.

Security

Leveraging the National Institute of Standards and Technology (“NIST”) and the associated NIST Cybersecurity Framework, we have deployed a wide range of physical and digital security measures, along with a formal governance program to protect the security of our information technology infrastructure, personnel, and data. Our security team is responsible for establishing corporate information security policies, performing 24/7 security operations, maintaining information security awareness, and ensuring enterprise IT compliance. Both our technology managers and NTT’s technology infrastructure managers are Information Technology Infrastructure Library ~~("ITIL")~~ certified. NTT is contractually obligated to comply with our information security policies and procedures, and our new cloud operating model that we use for those products and services that have already been refactored to operate on GCP automatically enforces compliance with our information security policies. Our digital security framework for both our NTT and GCP computing environments provides layered protection designed to secure both active and inactive virtual machines in the data centers we use. This approach enables dedicated virtual machines to ~~regularly scan all of our systems. These measures help to detect and prevent intrusions, monitor firewall integrity, inspect logs, catch and quarantine malware,~~

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regularly scan all of our systems. These measures help to detect and prevent intrusions, monitor firewall integrity, inspect logs, catch and quarantine malware, and prevent data breaches. Our physical and digital security solutions run in tandem, enabling us to better identify suspicious activities and implement preventive measures.

Regulation

We are subject to a number of US federal, state and local, ~~and~~as well as foreign laws and regulations that involve various aspects of our businesses. Failure to satisfy those legal and regulatory requirements, or the adoption of new laws or regulations, could have a significant negative impact on our ability to provide certain products and services or could result in the imposition of fines or penalties or the incurrence of damages. USWe ~~federal,~~maintain ~~state~~a ~~and~~robust ~~local,~~corporate ~~and~~compliance ~~foreign~~program ~~laws~~responsible ~~and~~for ~~regulations~~ensuring ~~are~~compliance ~~evolving~~with ~~and can be subject to significant change. There are also a number of legislative proposals pending before the~~ US ~~Congress~~federal, ~~various~~ state, ~~legislative bodies~~local, and foreign ~~governments concerning consumer and data protection that could affect us. In addition, the application and interpretation of these~~ laws and regulations ~~are~~relating ~~often~~to uncertain. These laws are enforced by regulatory agencies or other enforcement bodies in the jurisdictions where we operate and, in some instances, also through private civil litigation. Among the more significant areas of regulation for our business ~~are the following:~~.

US federal, state and local, and foreign laws and regulations are evolving and can be subject to significant change. There are also a number of legislative proposals pending before the US Congress, various state legislative bodies, and foreign governments concerning consumer and data protection that could affect us. In addition, the application and interpretation of these laws and regulations are often uncertain. These laws are enforced by regulatory agencies or other enforcement bodies in the jurisdictions where we operate and, in some instances, also through private civil litigation. Among the more significant areas of regulation for our business are the following:

US Consumer Financial Regulations and Data Protection

Our US operations are subject to numerous laws and regulations governing the collection, protection and use of consumer data and other information, ~~and~~as ~~provide~~well ~~for~~as ~~sanctions for~~ the ~~misuse~~provision of ~~such~~certain ~~information~~services, orthat ~~unauthorized~~provide ~~access~~for tosanctions ~~data~~for violations. The laws and regulations that affect our US operation include, but are not limited to, the following:

• Fair Credit Reporting Act (“FCRA”). The FCRA governs the practices of consumer reporting agencies that are engaged in the business of collecting and analyzing certain types of information about consumers, including credit eligibility information. The FCRA also governs the submission of information to consumer reporting agencies, the access to and use of information provided by consumer reporting agencies, and the ability of consumers to access and dispute information held about them. Some of our services are subject to regulation under the FCRA. Violation of the FCRA can result in civil and criminal penalties and the FCRA contains an attorney fee shifting provision to provide an incentive for consumers to bring individual or class action lawsuits for violations of the FCRA. Regulatory enforcement of the FCRA is under the purview of the US Federal Trade Commission ("FTC"), the Consumer Financial Protection Bureau (“CFPB”), and state attorneys general, acting alone or in concert with one another. Many states have also enacted laws with requirements similar to the FCRA. Some of these state laws impose additional, or more stringent, requirements than the FCRA.

• Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”). The Dodd-Frank Act gave the CFPB supervisory authority over “larger participants” in the market for consumer financial services, as the CFPB defines by rule. In July 2012, the CFPB finalized its regulation regarding larger participants in the consumer reporting market. Under the regulation, certain of our credit services businesses are considered larger participants. As a result, the CFPB has the authority to conduct examinations of the covered credit services businesses and we expect that we will continue to be examined by the CFPB as part of this authority. In addition, the CFPB serves as the principal federal regulator of providers of consumer financial products and services. As such, the CFPB has significant rulemaking authority under existing federal statutes that regulate many of our products and services, as well as the authority to conduct examinations of certain providers of financial products and services, including our tax services business. The CFPB also has the authority to initiate an investigation of our other businesses if it believes that a federal consumer financial law is being violated. In addition to transferring authority under certain existing laws to the CFPB and providing it with examination and supervisory authority, the Dodd-Frank Act also prohibits unfair, deceptive or abusive acts or practices (“UDAAP”) with respect to consumer financial products and provides the CFPB with authority to enforce those provisions. The CFPB has stated that its UDAAP authority may allow it to find statutory violations even where a specific regulation does not prohibit the relevant conduct, or prior published regulatory guidance or judicial interpretation has found the activity to be in accordance with law.

• Gramm-Leach-Bliley Act ("GLBA"). The GLBA regulates the sharing of non-public personal financial information held by financial institutions and applies indirectly to companies that provide services to financial institutions. In addition to regulating information sharing, the GLBA requires that non-public personal financial information be safeguarded using physical, administrative, and technological means. Certain of the non-public personal information we hold is subject to protection under the GLBA.

• Privacy Laws. The privacy and protection of consumer information remains a developing area and we continue to monitor legislative and regulatory developments at the federal, state, and local levels. In addition to the GLBA, we expect that there will continue to be enhanced state and/or federal regulation in the area of financial and consumer data privacy, including regulation similar to the California Consumer Privacy Act (“CCPA”). Such regulation may impose additional registration10

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•Privacy Laws. The privacy and protection of consumer information is a developing area of regulation, and we continue to monitor legislative and regulatory developments at the federal, state, and local levels. In addition to the GLBA, we expect that there will continue to be enhanced state and/or federal regulation in the area of financial and consumer data privacy, including regulation similar to the California Consumer Privacy Act (“CCPA”). Such regulation may impose additional registration requirements and/or require us to make new disclosures to consumers about our data collection, use, and sharing practices and afford consumers new abilities to opt out of certain data sharing with third parties. Any such additional regulation could significantly impact some of our business practices.

• Data Security. ~~Federal~~In addition to the above, federal and state laws also impose requirements relating to the security of information held by us. For our businesses that involve the collection, processing, and distribution of personal public and non-public data, certain of their solutions and services are subject to regulation under US federal, state, and local laws ~~in the US~~ and, to a lesser extent, foreign countries. These laws impose requirements regarding the collection, protection, use, and distribution of some of the data we have, and provide for sanctions and penalties in the event of violations of these requirements. In addition, certain state laws may impose breach notice responsibilities in the event of the loss of data due to third-party security breaches, employee error, or other events resulting in persons gaining unauthorized access to our data (including, in some cases, for losses that are incurred through our clients’ errors or systems). Some of these laws require additional data protection measures over and above the GLBA data safeguarding requirements. If data within our system is compromised by a breach, we may be subject to provisions of various state security breach laws. All states have adopted data security breach laws that require notice be given to affected consumers in the event of a breach of personal information, and in some cases the provision of additional benefits such as free credit monitoring to affected individuals. In addition, the CCPA provides consumers with a private right of action under certain circumstances if their personal information is subject to a breach. If data within our system is compromised by a breach, we may be subject to provisions of these various state security breach laws.

• Real Estate Settlement Procedures Act (“RESPA”). ~~RESPA~~With isrespect ~~enforced~~to bycertain ~~the~~services ~~CFPB~~provided ~~and~~to our financial institution clients, RESPA generally prohibits the payment or receipt of fees or any other item of value for the referral of real estate-related settlement services. RESPA also prohibits fee shares or splits or unearned fees in connection with the provision of residential real estate settlement services, such as mortgage brokerage services and real estate brokerage services. Notwithstanding these prohibitions, RESPA permits payments for goods furnished or for services actually performed, so long as those payments bear a reasonable relationship to the market value of the goods or services provided. Our mortgage origination-related businesses that supply credit reports, flood and tax solutions, valuation products, and all other settlement services to residential mortgage lenders are structured and operated in a manner intended to comply with RESPA and related regulations. The CFPB may enforce RESPA. RESPA also provides a private right of action to consumers under certain circumstances.

• Real estate appraisals and automated valuation models (“AVMs”) are subject to federal and state regulation. The Dodd-Frank Act implemented rules and guidance thereunder, and inter-agency guidance jointly issued by the federal financial institution regulators have expanded regulation of these activities. Regulations address appraisals, AVMs, and other forms of property value estimates, which are subject to explicit and detailed regulations including licensing, pricing, and quality control requirements. In addition, creditors are required to disclose information to applicants about the purpose, and provide consumers with a free copy, of any appraisal, AVM or other estimate of a home's value developed in connection with a residential real estate mortgage loan application.

In addition to the foregoing ~~areas of regulation~~, ~~several of~~ our ~~other~~ businesses ~~are~~may be subject to or impacted by additional ~~regulation,~~laws ~~including~~and ~~our~~regulations ~~tenant~~applicable ~~screening~~to ~~business,~~their ~~which~~industry isor ~~subject~~geographic tolocation, ~~certain~~such ~~landlord-tenant~~as ~~laws~~our flood and insurance ~~agency laws~~businesses, and our ~~activities~~businesses inthat ~~foreign~~operate ~~jurisdictions~~in ~~are subject to the requirements of the Foreign Corrupt Practices Act (“FCPA”) and comparable~~ foreign ~~laws~~jurisdictions.

International Consumer Financial Regulations and Data Protection

We are subject to consumer and data protection laws and regulations in the foreign countries where we conduct business. We conduct business in several international jurisdictions, including Australia, New Zealand, Canada, United Kingdom, ~~and~~ various countries in Europe, and Brazil. Principal regulatory bodies and regulatory laws that impact our international operations include the Office of the Australian Information Commissioner, the agency with direct responsibility for administering the Australian Privacy Principles and Part IIIA of the Privacy Act 1988, and the Office of the Privacy Commissioner of New Zealand, which issued the Credit Reporting Privacy Code 2004. We are also subject to the European Union Data Protection Regulation, commonly known as GDPR, which places certain obligations on companies processing and controlling data on individuals in the European Union ("EU") and prohibits the transfer of personal information from the EU to other countries whose laws do not protect personal data to an adequate level of privacy or security. In Canada, we are subject to the Personal Information Protection and Electronic Documents Act of 2000, as well as substantially similar provincial laws enacted in Alberta, British Columbia, and Quebec. InWe ~~addition to the above-mentioned regulations, we~~ are also subject to athe ~~variety~~recently ofimplemented ~~international~~Brazilian ~~consumer~~General ~~protection,~~Data ~~privacy~~Protection Law, ~~data security and notification laws and regulations in each foreign jurisdiction in~~ which weis ~~operate that may relate to our business or affect the demand for our products and services.~~

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~~Compliance~~similar ~~with~~in ~~current~~many ~~and~~respects ~~future~~to ~~laws~~the ~~and~~GDPR. ~~regulations~~In ~~relating~~addition to ~~our~~the ~~businesses~~above-mentioned regulations, ~~including~~we are subject to a variety of international consumer protection, ~~laws~~privacy, ~~and~~data ~~regulations~~security and ~~international~~notification laws and regulations, ~~could~~in ~~have~~each aforeign ~~material~~jurisdiction ~~adverse~~in ~~effect~~which onwe usoperate ~~and~~that ~~activities~~may ~~related~~relate to ~~ongoing~~our ~~compliance~~business ~~will~~or ~~likely~~affect ~~increase~~the demand for our ~~compliance~~products ~~costs~~and services.

~~Employees~~Compliance with current and future laws and regulations relating to our businesses, including consumer protection laws and regulations and international regulations, could have a material adverse effect on us, and activities related to ongoing compliance will likely increase our compliance costs.

AsHuman ofCapital ~~December 31, 2019, we had approximately 5,100 employees, of which approximately 4,200 were employed in the US and 900 outside the US.~~Management

As of December 31, 2020, we had approximately 5,300 employees, of which approximately 4,400 were employed in the US and 900 outside the US. Our global workforce was approximately comprised of 2% executive management, 33% tactical management, and 65% operational contributors.

We believe the strength and quality of our workforce is one of the significant contributors to our success. This is largely attributed to our employees who strive every day to create a productive environment for our customers. Therefore, one of our core strategies is to invest in and support our employees to differentiate our brand, products, and services in the competitive global property information, analytics and data-enabled software platforms and services provider operating market. We recognize the diversity of customers, partners, and communities, and believe in creating an inclusive and equitable environment that represents a broad spectrum of backgrounds and cultures.

Inclusion and Diversity

We have a number of Employee Resource Groups (“ERGs”) that are voluntary, employee-led groups made up of individuals who join together based on common interests, backgrounds or demographic factors such as gender, race, or ethnicity. ERGs strengthen the culture of inclusion, improve employee relationships, provide support for existing employees and influence employee acquisition and employee retention. Our ERGs include groups comprised of women, veterans, the LGBTQ+ community, Latinos, Asians and Asian Americans, and African Americans.

Talent and Development

We invest in learning opportunities to help employees grow and build their careers through a multitude of training and development programs. These include tuition assistance programs, on-the-job learning formats, and external training including seminars, workshops, and an online platform.

Health, Safety and Wellness

The health, safety and wellness of our employees is essential to the success of our business. We provide our employees with access to a variety of health and wellness programs. Additionally, we offer rewards for employees who participate in a variety of well-being activities and health assessments during the year.

Employee Compensation and Benefits

We have demonstrated a history of investing in our workforce by offering competitive salaries and wages. We regularly monitor employee performance and offer various incentives to those employees who regularly meet or exceed expectations. To foster a stronger sense of ownership and align the interests of employees with shareholders, we have an employee stock purchase plan available to eligible employees under our equity incentive programs.

Employee Satisfaction

We regularly conduct anonymous surveys to seek feedback from our employees on a variety of topics, including but not limited to, confidence in company leadership, competitiveness of our compensation and benefits package, career growth opportunities and improvements on how we could make our company an employer of choice. The results are shared with our employees and reviewed by senior leadership, who analyze areas of progress or deterioration and prioritize actions and activities in response to this feedback to drive meaningful improvements in employee engagement. Further, we regularly review external rating sites to ensure the Company maintains a positive image among current and former employees. We work closely to evaluate human

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capital management issues such as employee retention, workplace safety, harassment and bullying, as well as to implement measures to mitigate these risks.

Available Information

We are required to file annual, quarterly and current reports, proxy statements, and other information with the US Securities and Exchange Commission ("SEC"). The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us, at http://www.sec.gov.

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the ~~Securities~~ Exchange Act ~~of 1934, as amended ("Exchange Act"),~~ are also available free of charge through the "Investors" page on our Internet site at http://www.corelogic.com as soon as reasonably practicable after such reports are electronically filed with or furnished to the SEC. The information on our website is not, and shall not be deemed to be, a part hereof or incorporated into this or any of our other filings with the SEC.

Item 1A. Risk Factors.

~~Risks~~Risk Related to ~~Our~~the ~~Business~~Proposed Merger

The consummation of the Merger is subject to approval of our stockholders as well as the satisfaction of other closing conditions, some or all of which may not be satisfied or waived in a timely manner or at all.

In February 2021, we entered into the Merger Agreement with the Acquirer and Acquisition Sub. Consummation of the Merger is subject to customary closing conditions, including (i) receipt of the Requisite Stockholder Approval, (ii) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and the expiration of applicable waiting periods or clearance of the Merger, as applicable, under the antitrust and foreign investment laws of certain other jurisdictions, (iii) absence of any law or order issued by certain governmental authorities of competent jurisdiction, prohibiting the Merger, and (iv) the absence of a material adverse effect on CoreLogic.

In addition, while the Merger is not subject to a financing condition, the Acquirer will need to obtain debt financing in order to satisfy its payment obligations and pay other costs and expenses related to the Merger. In connection with the execution of the Merger Agreement, the Acquirer has obtained a debt commitment letter from JPMorgan Chase Bank, N.A. for debt financing in an aggregate principal amount of up to $5.5 billion, on the terms and subject to the conditions set forth in the debt commitment letter.

We intend to pursue the satisfaction or waiver, as applicable, of each condition to the consummation of the Merger, including the receipt of the Requisite Stockholder Approval. However, no assurance can be given that such conditions to the consummation of the Merger will be satisfied or waived in a timely manner, or at all. We also cannot provide any assurance regarding whether CoreLogic will have to comply with any terms or conditions imposed by third parties in order to satisfy or waive the conditions to the consummation of the Merger. Similarly, we cannot provide any assurance that the Acquirer will be able to satisfy the conditions set forth in its debt commitment letter or otherwise procure sufficient financing to comply with its obligation to consummate the Merger. Many of the conditions to the consummation of the Merger are not within our control, and we cannot predict if or when these conditions will be satisfied or waived.

The failure to satisfy or obtain waiver of conditions to the consummation of the Merger in a timely manner could delay the consummation of the Merger and exacerbate the risks and uncertainties associated with the announcement and pendency of the Merger, which are discussed below under the headings “The announcement of the Merger Agreement and pendency of the Merger could negatively impact our business, financial condition and results of operations” and “While the Merger remains pending, we will be required to comply with various interim operating covenants that may constrain our business operations and to take certain actions that may divert our management’s focus from our ongoing business.”

In addition, if all of the conditions to the consummation of the Merger are not satisfied or waived, we may be unable to consummate the Merger at all. The risks and uncertainties associated with a failure to consummate the Merger are discussed below under the heading “Failure to consummate the Merger could adversely affect our stock price, business, financial condition and results of operation.”

Future litigation challenging the Merger could prevent the Merger from occurring or adversely affect our business, financial condition or results of operations.

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In connection with the announcement of the Merger Agreement, as is common in the context of mergers and acquisitions of publicly-traded companies, CoreLogic (along with our directors and officers) may attract lawsuits seeking to enjoin us from proceeding with or consummating the Merger, or seeking to have the Merger rescinded after its consummation. One of the conditions to the consummation of the Merger is the absence of any order issued by certain governmental authorities of competent jurisdiction prohibiting the Merger. If any future plaintiffs are successful in obtaining an injunction or other order prohibiting the Merger, we may be unable to consummate the Merger. The risks and uncertainties associated with a failure to consummate the Merger are discussed below under the heading “Failure to consummate the Merger could adversely affect our stock price, business, financial condition and results of operation.”

In addition, responding to any litigation targeting the Merger, even those without merit, will cause us to incur legal costs and expenses, which may negatively impact our financial condition. Responding to lawsuits may also divert the time and attention of our management away from our ongoing business operations and adversely affect our business and results of operations.

No lawsuits challenging the Merger have been filed as of February 23, 2021.

Failure to consummate the Merger could adversely affect our stock price, business, financial condition and results of operations.

As noted above, the various conditions to the consummation of the Merger may not be satisfied or waived in a timely manner, or at all. Some of these conditions are not within our control. We cannot provide assurance that any of the conditions to the consummation of the Merger will be satisfied or waived. Pursuant to the Merger Agreement, the Merger will not be consummated until all of the conditions are satisfied or waived.

In addition, either CoreLogic or the Acquirer may terminate the Merger Agreement in certain circumstances, including if (i) the Merger has not been consummated by August 9, 2021, (ii) any of certain governmental authorities of competent jurisdiction has issued a final non-appealable law or order prohibiting the Merger, (iii) the Requisite Stockholder Approval is not obtained at the stockholders’ meeting duly convened therefor, or (iv) the other party materially breaches, and does not cure, any of its representations or covenants in the Merger Agreement that would cause the related condition to such party’s obligation to consummate the Merger to not be satisfied, in each case subject to the terms and conditions set forth in the Merger Agreement. The terms and conditions, and other circumstances under which the Merger Agreement may be terminated in accordance with its terms are described in more detail in the Merger Agreement, which is attached as Exhibit 2.1 to the Current Report on Form 8-K we filed with the SEC on February 8, 2021.

If the Merger is not consummated for any reason, holders of our common stock will not receive the Merger Consideration for their shares in connection with the Merger. Instead, our common stock will continue to be listed and traded on the New York Stock Exchange and registered under the Exchange Act, and we will continue to file periodic reports with the SEC on account of our common stock. In addition, we would be subject to a number of risks and uncertainties, including but not limited to:

•the completion of the Merger on the anticipated terms and timing, including obtaining required stockholder and regulatory approvals, and the satisfaction of other conditions to the completion of the acquisition;

•the ability of Stone Point Capital Partners and Insight Partners to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the Merger;

•potential litigation relating to the Merger that could be instituted against Stone Point Capital Partners, Insight Partners, CoreLogic or their respective directors, managers or officers, including the effects of any outcomes related thereto;

•the risk that disruptions from the Merger will harm CoreLogic’s business, including current plans and operations;

•the ability of CoreLogic to retain and hire key personnel;

•potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Merger;

•continued availability of capital and financing and rating agency actions;

•legislative, regulatory and economic developments;

•potential business uncertainty, including changes to existing business relationships, during the pendency of the Merger that could affect CoreLogic’s financial performance;

•certain restrictions during the pendency of the Merger that may impact CoreLogic’s ability to pursue certain business opportunities or strategic transactions;

•unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or the COVID-19 pandemic, as well as management’s response to any of the aforementioned factors;

•the possibility that the Merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; and

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•the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger, including in circumstances requiring CoreLogic to pay a termination fee.

If the Merger is not consummated, the risk and uncertainties described above may materialize and adversely affect our business, financial condition or results of operations.

If the Merger Agreement is terminated, under certain conditions, we may be obligated to pay the Acquirer a substantial termination fee, which could require us to incur additional debt or reduce the amount of cash we have available to fund our operations.

If our Board (i) withdraws or changes its recommendation that our stockholders approve and adopt the Merger Agreement in a manner adverse to the Acquirer or Acquisition Sub, (ii) fails to include its recommendation in the proxy statement filed by CoreLogic to solicit proxies in connection with the Merger, (iii) approves or recommends a competing acquisition proposal, or (iv) fails to recommend against a competing acquisition proposal under certain circumstances, then the Acquirer will have the right to terminate the Merger Agreement (before the Requisite Stockholder Approval is received) and receive a termination fee in the amount of $165 million (the “CoreLogic Termination Fee”) from CoreLogic, subject to the terms and conditions set forth in the Merger Agreement.

In addition, subject to the terms and conditions set forth in the Merger Agreement, we would be required to pay the Acquirer the CoreLogic Termination Fee if prior to receiving the Requisite Stockholder Approval we terminate the Merger Agreement, and with the authorization of our Board, we enter into an Alternative Acquisition Agreement with respect to a Superior Proposal (as each term is defined in the Merger Agreement).

We would also be required to pay the Acquirer the CoreLogic Termination Fee, subject to the terms and conditions set forth in the Merger Agreement, if (i) a third party makes a Competing Proposal (as defined in the Merger Agreement) to us or our stockholders after February 4, 2021, (ii) the Merger Agreement is subsequently terminated by either us or the Acquirer because we did not obtain the Requisite Stockholder Approval or by the Acquirer because we knowingly and intentionally breached any covenant or agreement under the Merger Agreement, which breach would give rise to the failure of any conditions to our obligations to effect the Merger, and any such Competing Proposal was not withdrawn at least five business days prior to the event that gave rise to such termination, and (iii) within one year of such termination, we consummate a transaction involving a Competing Proposal or enter into an Alternative Acquisition Agreement providing for the consummation of a Competing Proposal (which is subsequently consummated).

If we are required to pay the CoreLogic Termination Fee, we may be required to incur additional debt or use funds that we would otherwise have been able to use for general corporate expenses, capital expenditures or for other purposes.

The announcement of the Merger Agreement and pendency of the Merger could negatively impact our business, financial condition and results of operations.

Our business could experience material disruptions due to the announcement of our entry into the Merger Agreement and during the pendency of the Merger. Our current and prospective employees, including certain key personnel, may experience uncertainty regarding their future roles with CoreLogic or desire different employment in anticipation of the consummation of the Merger. As a result, we may not be able to retain such employees, find adequate replacements for any employees we are unable to retain, or otherwise recruit new employees to join CoreLogic. The uncertainty caused by the pendency of the Merger could also negatively impact our employees’ performance. If the announcement or pendency of the Merger causes us to lose and be unable to replace our employees, impairs our ability to attract new employees, or negatively affects the performance of our employees, our business, financial condition and results of operations could suffer.

In addition, third parties, including our lenders, vendors and customers, may experience uncertainty regarding our business relationships due to the announcement of our entry into the Merger Agreement and during the pendency of the Merger. As a result, such third parties may seek to terminate or renegotiate our existing business relationships in connection with the potential Merger. Such disruptions to our business relationships could negatively impact our business, financial condition and results of operations.

The announcement of the Merger Agreement may also cause regulators to apply additional scrutiny to our business, potentially increasing our regulatory burden, including costs of compliance. If we are required to expend additional employee time or other resources to address such additional scrutiny or increased regulatory burden, our business, financial condition and results of operations could be negatively impacted.

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While the Merger remains pending, we will be required to comply with various interim operating covenants that may constrain our business operations and to take certain actions that may divert our management’s focus from our ongoing business.

Pursuant to the Merger Agreement, during the period between February 4, 2021 and the earlier to occur of (i) the consummation of the Merger or (i) the termination of the Merger Agreement (the “Interim Operating Period”), we agreed to use reasonable best efforts to conduct our business in the ordinary course of business and to not engage in certain types of actions, subject to certain terms, limitations and exceptions. In particular, among other things, we agreed to refrain from taking certain actions without the Acquirer's consent, including (i) making acquisitions and capital expenditures above certain thresholds, (ii) incurring indebtedness above a certain threshold, (iii) granting equity awards other than as specified in the Merger Agreement, (iv) entering into, amending or terminating certain material contracts, and (v) declaring or paying dividends to stockholders, in each case subject to the terms, limitations and exceptions set forth in the Merger Agreement. Complying with these obligations could limit our ability to operate our business as previously conducted, to pursue strategic transactions, or to otherwise exploit business opportunities as they arise. Our management will be primarily responsible for ensuring that CoreLogic complies with such obligations during the Interim Operating Period, and this additional responsibility may divert the focus of our management away from our ongoing business operations.

In addition, our management will also need to take certain other actions during the Interim Operating Period in connection with the proposed Merger, including, among other things, convening a meeting of our stockholders for the purpose of considering and voting on the Merger, filing a proxy statement, in both preliminary and definitive form, in connection with our solicitation of proxies from our stockholders for such meeting, using reasonable best efforts to obtain all necessary consents and approvals required in connection with the Merger and to satisfy the other conditions to the consummation of the Merger, addressing any litigation brought against CoreLogic in connection with the Merger, and responding to questions we may receive from our stockholders, employees, vendors and other interested stakeholders regarding the Merger. Taking these actions could require our management to expend time and resources, reducing the time and resources our management could otherwise direct towards our ongoing business operations. If our management is unable to expend the necessary time and resources on our business, our results of operations could be negatively impacted.

The Merger Agreement contains provisions that could make it difficult for a third party to make a superior acquisition proposal.

The Merger Agreement contains certain customary restrictions on our ability to solicit proposals from third parties for an acquisition of CoreLogic during the Interim Operating Period. In addition, subject to certain customary “fiduciary out” exceptions, the Board is required to recommend that our stockholders vote in favor of the approval of the Merger, the Merger Agreement and the transactions contemplated thereby.

As discussed in further detail above under the heading “If the Merger Agreement is terminated, under certain conditions, we may be obligated to pay the Acquirer a substantial termination fee, which could require us to incur additional debt or reduce the amount of cash we have available to fund our operations,” we would also be required to pay the Acquirer the CoreLogic Termination Fee under certain conditions in connection with the termination of the Merger Agreement.

These provisions might discourage an otherwise-interested third party from considering or proposing an acquisition of CoreLogic, including proposals that may be deemed to offer greater value to our stockholders than the Merger Consideration of $80.00 per share. Furthermore, even if a third party elects to propose an acquisition, the requirement that we must pay a termination fee to accept any such proposal may cause that third party to offer a lower price to our stockholders than such third party might otherwise have offered.

Actions of activist shareholders or other parties may impair our ability to consummate the Merger or otherwise negatively impact our business.

Recently, we were the target of a proxy contest by Senator and Cannae in connection with their Unsolicited Proposal to acquire us. While Senator and Cannae ultimately terminated their offer, they initiated a proxy contest in July 2020 that resulted in the removal of three members of our Board and the appointment of three of Senator and Cannae’s nominees to our Board in November 2020. Additionally, on February 12, 2021, Pentwater Capital Management LP ("Pentwater") submitted the nomination of Matthew Halbower, Chief Executive Officer of Pentwater, for election to the Company's Board and announced that Pentwater may begin a consent solicitation to remove existing members of the Board in certain circumstances.

Future actions taken by these or other activist shareholders could impair our ability to satisfy conditions to the consummation of the Merger, including receiving the Requisite Stockholder Approval, or otherwise preclude us from consummating the Merger. Such activist shareholders could also take actions that disrupt our business, divert the time and attention of management and our

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employees away from our business operations, cause us to incur substantial additional expense, create perceived uncertainties among current and potential customers, clients, suppliers, employees and other constituencies as to our future direction as a consequence thereof, which may result in lost sales or other business arrangements and the loss of potential business opportunities, and make it more difficult to attract and retain qualified personnel and business partners.

Actions that our Board has taken, and may take in the future, in response to any offer or other related actions by Senator and Cannae, Pentwater, or any other offer or proposal by activist stockholders, may result in litigation against us, which could also be a significant distraction for our management and employees and may require us to incur significant costs or otherwise result in an adverse effect on the Company. In addition, actual or perceived actions of activist stockholders may cause significant fluctuations in the trading price of our common stock that do not necessarily reflect the underlying fundamentals and prospects of our business.

Risks Related to Information Technology and Data Access and Security

A cyber-based attack, data corruption, network security breach, or inability to secure the electronic transmission of sensitive data could have a material adverse effect on our business and reputation.

We are highly dependent on information technology networks and systems, including the Internet, to securely process, transmit, and store electronic information. We have experienced cyber-based attacks and security breaches of varying degrees to our infrastructure, including physical or electronic break-ins, computer viruses, attacks by hackers, spoofed or manipulated electronic communications and similar breaches, which have in the past, and may in the future, create system disruptions, shutdowns or unauthorized disclosure of confidential information, including non-public personal information and consumer data, or loss of other company assets. Unauthorized access, including through use of fraudulent schemes such as "phishing"," could jeopardize the security of information stored in our systems. In addition, malware or viruses could jeopardize the security of information stored or used in a user's computer. Insider or employee cyber and security threats are also a significant concern. Despite our physical security, implementation of technical controls and contractual precautions to identify, detect, and prevent the unauthorized access to and alteration and disclosure of our data, we cannot protect the systems that access our services and databases from all compromises or disruptions, whether as a result of criminal conduct, distributed denial of service attacks or other advanced persistent attacks by malicious actors, including hackers, nation states and criminals, breaches due to employee error or malfeasance, or other disruptions. Several highly publicized data incidents and cyberattacks have heightened consumer awareness of this issue and may embolden individuals or groups to target our systems. Cyber attackers are also developing increasingly sophisticated systems and means to not only attack systems, but also to evade detection or to obscure their activities. If we are unable to protect against, mitigate, or timely respond to cyber-based attacks or other security or privacy breaches, our operations could be disrupted, or we may suffer loss of reputation, financial loss, lawsuits, or other regulatory restrictions or penalties.

Data security and integrity concerns have caused a growing number of legislative and regulatory bodies to impose consumer notification and other requirements in the event that consumer information is accessed by unauthorized persons and additional regulations regarding the use, access, accuracy, and security of such data are possible. In the US, federal and state laws provide for a regulatory landscape of disparate notification regimes and, therefore, regulatory compliance in the event of unauthorized access would be expensive and difficult. Failure to comply with these regulations could subject us to regulatory scrutiny and additional liability through federal or state enforcement, reputational harm, or private class actions. Likewise, our clients are increasingly imposing more stringent contractual obligations on us relating to our information security protections. If we are unable to maintain protections and processes at a level commensurate with that required by our clients, it could negatively affect our relationships with those clients or increase our operating costs.

Our 11use and collection of personal information exposes us to increased regulatory and compliance costs as well as possible litigation, liability, and reputational damage.

We acquire, store, use, and provide many types of consumer data and related services, and our databases include certain public and non-public personal information concerning consumers. Public concern is high with regard to the collection, use, accuracy, correction, and sharing of personal information, including Social Security numbers, dates of birth, financial information, and other behavioral data. In addition, many consumer advocates, privacy advocates, legislatures, and government regulators believe that existing laws and regulations do not adequately protect consumer privacy and have become increasingly concerned with the collection and use of personal information. Highly publicized data incidents have resulted in significantly increased legislative and regulatory activity at the federal and state levels as lawmakers and regulators continue to propose a wide range of further restrictions on the collection, dissemination or commercial use of personal information, information security standards, and data security incident disclosure standards.

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Because our databases include certain public and non-public personal information concerning consumers, we are subject to government regulation and potential adverse publicity concerning our use of consumer data. The consumer data we acquire, store, use, and provide subject us to regulation under the FCRA, the GLBA, the CCPA, the Driver's Privacy Protection Act, and various other federal, state, and local laws and regulations. Such data may also be subject to data privacy laws in international jurisdictions, including Australia, New Zealand, Canada, the United Kingdom, and certain countries in Europe. These jurisdictions have imposed increasingly stringent requirements for data collection, including restrictions on cross-border data transfers. These laws and regulations are designed to protect the privacy of consumers and to prevent the unauthorized access and misuse of personal information in the marketplace. The CCPA, for example, which became effective January 1, 2020, imposes new obligations on certain companies doing business in California with respect to the personal information of California residents. This includes new notice and privacy policy requirements, and new obligations to respond to requests to know and access to personal information, to delete personal information, and to say no to the sale of personal information. We expect that there will continue to be enhanced state and/or federal regulation in the area of financial and consumer data privacy, including regulations similar to the GDPR and the CCPA that give consumers more control over their data. Compliance with these laws imposes significant regulatory burdens and costs on us. Further, a growing number of legislative and regulatory bodies have adopted consumer notification and other requirements in the event that consumer information is accessed by unauthorized persons and additional regulations regarding the use, access, accuracy, and security of such data are possible. In the US, state laws provide for disparate notification regimes. In addition, if our practices or products are deemed to be an invasion of privacy, whether or not consistent with current or future regulations and industry practices, we may be subject to public criticism, private class actions, reputational harm, or claims by regulators, which could disrupt our business and expose us to increased liability. Our failure to comply with these laws, or any future laws or regulations of a similar nature, could result in substantial regulatory penalties, litigation expense, and loss of revenue.

We rely on the ability to access data from external sources at reasonable terms and prices.

We rely extensively upon data from a variety of external sources to maintain our proprietary and non-proprietary databases, including data from third-party suppliers, various government and public record sources and data contributed by our clients. Our data sources could cease providing or reduce the availability of their data to us, increase the price we pay for their data, or limit our use of their data for a variety of reasons, including legislatively or judicially-imposed restrictions on use. If a significant supplier is no longer able or is unwilling to provide us with certain data, or if our public record sources of data become unavailable or too expensive, we may need to find alternative sources. If we are unable to identify and contract with suitable alternative data suppliers and efficiently and effectively integrate these data sources into our service offerings, we could experience service disruptions, increased costs, and reduced quality and availability of our services. Moreover, some of our data suppliers compete with us in certain product offerings, which may make us vulnerable to unpredictable price increases from them, and they may elect to stop providing data to us. Significant price increases could have a material adverse effect on our operating margins and our financial position, in particular if we are unable to arrange for substitute replacement sources of data on favorable economic terms. There can be no assurance that we would be able to obtain data from alternative sources if our current sources become unavailable. Loss of such access or the availability of data in the future on commercially reasonable terms or at all may reduce the quality and availability of our services and products, which could have a material adverse effect on our business, financial condition, and results of operations.

~~Some~~Further, because some of our data suppliers face similar regulatory requirements as we do ~~and,~~with ~~consequently~~respect to their data, ~~they~~their compliance with laws and regulations protecting the privacy of consumers and the unauthorized access and misuse of personal information may cause them to cease to be able to provide data to us or may substantially increase the fees they charge us for this data, which may make it financially burdensome or impossible for us to acquire data that is necessary to offer our products and services. Many consumer advocates, privacy advocates, and government regulators ~~believe that existing laws and regulations do not adequately protect privacy or ensure the accuracy of consumer-related data. As a result, such advocates and regulators~~ are also seeking further restrictions on the dissemination or commercial use of personal information to the public and private sectors as well as contemplating requirements relative to data accuracy and the ability of consumers to opt to have their personal data removed from databases such as ours and those provided by our data suppliers. Any future laws, regulations, or other restrictions limiting the dissemination or use of personal information may reduce the quality and availability of the data necessary for our products and services, which could have a material adverse effect on our business, financial condition, and results of operations.

Systems interruptions may impair the delivery of our products and services.

We depend on reliable, stable, efficient, and uninterrupted operation of our technology network, systems, and data centers to provide service to our clients. System interruptions may impair the delivery of our products and services, resulting in a loss of clients and a corresponding loss in revenue. ~~Our~~Historically, our technology infrastructure ~~runs~~has run primarily in a private dedicated cloud-based environment hosted in NTT's technology center in Quincy, WA. ~~and~~In fiscal 2020, we ~~are~~successfully incompleted the ~~process~~initial phase of ~~transitioning~~our transformation to a cloud-based environment hosted by GCP, and will continue transitioning our technology over the foreseeable future on an opportunistic basis. We cannot be sure that certain systems interruptions or events beyond our control, including issues with NTT's technology center or our third-party network and infrastructure providers, inincluding ~~connection with our upgrading or changing key systems, or the transition to the~~ GCP, will not interrupt or terminate the delivery of our products and services to our clients. These interruptions also may interfere with our suppliers' ability to provide necessary data to us and our employees' ability to attend to work and perform their responsibilities. Any of these possible outcomes could result in a loss of clients or a loss in revenue, which could have a material adverse effect on our business or results of operations.

~~We are subject to significant government regulations.~~18

Our business is subject to various federal, state, local, and foreign laws and regulations. See Item 1. Business - “Regulation” in this Form 10-K for a summary of the material US and foreign consumer and data protection laws and regulations to which we are subject. These laws and regulations are complex, change frequently and may become more stringent over time. Our failure to comply with applicable laws and regulations could restrict our ability to provide certain services or result in the imposition of fines and penalties, substantial regulatory and compliance costs, litigation expense, adverse publicity, and loss of revenue. We incur, and expect to continue to incur, significant expenses in our attempt to ensure compliance with these laws.

Public concern is high with regard to the collection, use, accuracy, correction, and sharing of personal information, including Social Security numbers, dates of birth, financial information, and other behavioral data. In addition, many consumer advocates, privacy advocates, legislatures, and government regulators believe that existing laws and regulations do not adequately protect consumer privacy and have become increasingly concerned with the collection and use of personal information. Highly publicized data incidents have resulted in significantly increased legislative and regulatory activity at the federal and state levels as lawmakers and regulators continue to propose a wide range of further restrictions on the collection, dissemination or commercial use of personal information, information security standards, data security incident disclosure standards. Because our databases include certain public and non-public personal information concerning consumers, we are

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~~subject~~in toconnection ~~government~~with ~~regulation and potential adverse publicity concerning~~ our ~~use of consumer data. We acquire~~upgrading, ~~store~~transitioning, ~~use,~~or ~~and~~changing ~~provide~~key ~~many types of consumer data and related services~~systems, ~~some~~will ofnot ~~which~~interrupt ~~are~~or ~~subject~~terminate ~~to regulation under~~ the ~~FCRA,~~delivery ~~the~~of ~~GLBA,~~our ~~the~~products ~~CCPA~~ and ~~the~~services ~~Driver's Privacy Protection Act and,~~ to aour ~~lesser extent, various other federal, state, and local laws and regulations~~clients. These ~~laws~~interruptions ~~and~~also ~~regulations~~may ~~are~~interfere ~~designed~~with toour ~~protect~~suppliers' ~~the~~ability ~~privacy of consumers and~~ to ~~prevent~~provide ~~the~~necessary ~~unauthorized~~data access and misuse of personal information in the marketplace. The CCPA, for example, which became effective January 1, 2020, imposes new obligations on certain companies doing business in California with respect to ~~the~~us ~~personal information of California residents. This includes new notice~~ and ~~privacy~~our ~~policy~~employees' ~~requirements,~~ability ~~and new obligations~~ to ~~respond~~attend to ~~requests~~work ~~to know~~ and ~~access~~perform totheir ~~personal~~responsibilities. ~~information,~~Any ~~to delete personal information, and to say no to the sale~~ of ~~personal~~these ~~information.~~possible Weoutcomes ~~expect~~could ~~that~~result ~~there will be enhanced state and/or federal regulation~~ in ~~the~~a ~~area~~loss of ~~financial~~clients ~~and~~or ~~consumer data privacy, including regulations similar to the GDPR,~~ a ~~data~~loss ~~protection and privacy law~~ in ~~the European Union that became effective in 2018~~revenue, ~~and~~which ~~the~~could ~~CCPA.~~have ~~Compliance~~a ~~with~~material ~~these~~adverse ~~laws~~effect ~~may impose significant regulatory burdens and costs~~ on us. Further, a growing number of legislative and regulatory bodies have adopted consumer notification and other requirements in the event that consumer information is accessed by unauthorized persons and additional regulations regarding the use, access, accuracy, and security of such data are possible. In the US, state laws provide for disparate notification regimes. In addition, if our practices or products are deemed to be an invasion of privacy, whether or not consistent with current or future regulations and industry practices, we may be subject to public criticism, private class actions, reputational harm, or claims by regulators, which could disrupt our business ~~and expose us to increased liability. Our failure to comply with these laws,~~ or ~~any~~results ~~future laws or regulations~~ of ~~a similar nature, could result in substantial regulatory penalties, litigation expense, and loss of revenue~~operations.

~~Our~~Risks ~~businesses~~Related ~~are subject~~ to anGovernment increasing degree of compliance oversight by regulators and by our clients. Specifically, the CFPB has authority to enact rules affecting the business of consumer reporting agencies and also to supervise, conduct examinations of, and enforce compliance with federal consumer financial protection laws and regulations with respect to certain “larger participants” that offer consumer financial products and services. Two of our credit businesses-CoreLogic Credco and Teletrack-are subject to the CFPB non-bank supervision program and the CFPB or other regulatory bodies could attempt to assert authority over other products or services. The CFPB and the prudential financial institution regulators such as the Office of the Comptroller of the Currency (“OCC”) also have the authority to examine us in our role as a service provider for certain services, including for tax services, to large financial institutions. In addition, several of our largest bank clients are subject to consent orders with the OCC and/or are parties to the National Mortgage Settlement, both of which require them to exercise greater oversight and perform more rigorous audits of their key vendors such as us. The CFPB may pursue administrative proceedings or litigation to enforce the laws and rules subject to its jurisdiction. In these proceedings the CFPB can obtain cease and desist orders, which can include orders for restitution to consumers or rescission of contracts, as well as other types of affirmative relief, and monetary penalties ranging from $5,000 per day for ordinary violations and up to $1.0 million per day for knowing violations.Regulation

We are subject to significant government regulations.

Our businesses are also subject to an increasing degree of compliance oversight by regulators and by our clients. Specifically, the CFPB has authority to enact rules affecting the business of consumer reporting agencies and also to supervise, conduct examinations of, and enforce compliance with federal consumer financial protection laws and regulations with respect to certain “larger participants” that offer consumer financial products and services. Two of our credit businesses, CoreLogic Credco and Teletrack, are subject to the CFPB non-bank supervision program, and the CFPB or other regulatory bodies could attempt to assert authority over other products or services. The CFPB and the prudential financial institution regulators such as the Office of the Comptroller of the Currency (“OCC”) also have the authority to examine us in our role as a service provider for certain services, including for tax services, to large financial institutions. In addition, several of our largest bank clients are subject to consent orders with the OCC and/or are parties to the National Mortgage Settlement, both of which require them to exercise greater oversight and perform more rigorous audits of their key vendors such as us. The CFPB may pursue administrative proceedings or litigation to enforce the laws and rules subject to its jurisdiction. In these proceedings the CFPB can obtain cease and desist orders, which can include orders for restitution to consumers or rescission of contracts, as well as other types of affirmative relief, and monetary penalties ranging from $5,000 per day for ordinary violations and up to $1.0 million per day for knowing violations.

These laws and regulations as well as laws and regulations in the various states or in other countries could limit our ability to pursue business opportunities we might otherwise consider engaging in, impose additional costs or restrictions on us, result in significant loss of revenue, impact the value of assets we hold, or otherwise significantly adversely affect our business. Any failure by us to comply with applicable laws or regulations could also result in significant liability to us, including liability to private plaintiffs as a result of individual or class action litigation, or may result in the cessation of our operations or portions of our operations or impositions of fines and restrictions on our ability to carry on or expand our operations. Our operations could also be negatively affected by changes to laws and regulations and enhanced regulatory oversight of our clients and us. These changes may compel us to change our prices, may restrict our ability to implement price increases, and may limit the manner in which we conduct our business or otherwise may have a negative impact on our ability to generate revenues, earnings, and cash flows. If we are unable to adapt our products and services to conform to the new laws and regulations, or if these laws and regulations have a negative impact on our clients, we may experience client losses or increased operating costs, and our business and results of operations could be negatively affected.

~~Our~~Risks ~~revenue~~Related isto ~~affected~~Our ~~by the strength of the economy, interest rate environment and the housing market generally.~~Operations

A significant portion of our revenue is generated from solutions we provide to the mortgage, consumer lending, and real estate industries and, as a result, a weak economy or housing market or adverse changes in the interest rate environment may adversely affect our business. A large portion of our client base suffers when financial markets experience volatility, illiquidity, and disruption, which has occurred in the past and which could reoccur, and any future disruptions of the financial markets presents considerable risks to our business and revenue. The volume of mortgage origination and residential real estate transactions is highly variable. Reductions in these transaction volumes have had, and will continue to have, a direct impact on certain portions of our revenues and may materially adversely affect our business. Negative economic conditions or increasing interest rate environments has resulted, and may continue to result, in fluctuations in volumes, pricing, and operating margins for our services. If our clients in the mortgage consumer lending and real estate industries experience economic hardship, in

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particular if these clients go bankrupt or otherwise exit certain businesses, it may negatively impact our revenue, earnings, and liquidity.

We rely on our top ten clients for a significant portion of our revenue.

Our ten largest clients generated approximately 2934.84% of our operating revenues for the year ended December 31, ~~2019~~2020, although none of our largest clients individually accounted for greater than 10% of our operating revenues for that period. We expect that a limited number of our clients will continue to represent a significant portion of our revenues for the foreseeable future, and that our concentration of revenue may continue to be significant or increase. These clients face continued pressure in the current economic and regulatory climate. Many of our relationships with these clients are long-standing and are important to our future operating results, but there is no guarantee that we will be able to retain or renew existing agreements or maintain our relationships on acceptable terms or at all. In addition, in response to increased regulatory oversight, clients in the mortgage lending industry may have internal policies that require them to use multiple vendors or service providers, thereby causing a diversification of revenue among many vendors. Deterioration in or termination of any of these relationships, including through vendor diversification policies or merger or consolidation among our clients, could significantly reduce our revenue and could adversely affect our business, financial condition, and results of operations. In addition, certain of our businesses have higher client concentration than our company as a whole. As a result, these businesses may be disproportionately affected by declining revenue from, or loss of, a significant client.

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vendor diversification policies or merger or consolidation among our clients, could significantly reduce our revenue and could adversely affect our business, financial condition, and results of operations. In addition, certain of our businesses have higher client concentration than our company as a whole. As a result, these businesses may be disproportionately affected by declining revenue from, or loss of, a significant client.

We operate in a competitive business environment that is impacted by technology advancements or new product development.

The markets for our products and services are intensely competitive. Our competitors vary in size and in the scope and breadth of the services they offer. We compete for existing and new clients against both third parties and the in-house capabilities of our clients. Many of our competitors have substantial resources. Some have widely-used technology platforms that they seek to use as a competitive advantage to drive sales of other products and services. In addition, we expect that the markets in which we compete will continue to attract new competitors and new technologies. These competitors and new technologies may be disruptive to our existing technology or service offerings, resulting in operating inefficiencies and increased competitive pressure. In order to compete with current and future technologies, we must continuously improve our network operating systems, programming tools, programming languages, operating systems, data matching, data filtering, and other database technologies. These improvements, as well as changes in client preferences or regulatory requirements, may require changes in the technology used to gather and process our data and deliver our services. Our future success will depend, in part, upon our ability to internally develop and implement new and competitive technologies, respond to changing client needs and regulatory requirements, and transition clients and data sources successfully to new interfaces or other technologies.

In addition, many of our products and services compete within markets characterized by frequent new product and service introductions and changing industry standards. Without the timely introduction of new products and services, our products and services could become commercially obsolete over time, in which case our revenue and operating results would suffer. The success of our new products and services will depend on several factors, including our ability to properly identify client needs; innovate and develop new technologies, services, and applications; successfully commercialize new products and services in a timely manner; produce and deliver our products in sufficient volumes on time; differentiate our offerings from competitor offerings; price our products competitively, including taking into account changes in sales and use tax laws; and anticipate our competitors’ development of new products, services, or technological innovations.

We cannot provide assurance that there will be market demand for our future product offerings or that we will successfully implement new technologies, cause clients or data furnishers to implement compatible technologies or adapt our technology to evolving client, regulatory and competitive requirements. We also cannot guarantee that we will be able to effectively allocate capital to new product development to create competitive products, as compared to our peers and new market entrants. Failure to launch new and differentiated products will have an adverse effect on our growth and our business. If we fail to respond, or fail to cause our clients or data furnishers to respond, to changes in technology, regulatory requirements or client preferences, the demand for our services, the delivery of our services or our market reputation could be adversely affected.

Our reliance on outsourcing arrangements subjects us to risk and may disrupt or adversely affect our operations.

We have outsourced various business process and information technology services to third parties, including the technology infrastructure management services agreement we entered into with NTT, the cloud services agreement we entered into with GCP, and the outsourcing arrangements we entered into with a subsidiary of Cognizant Technology Solutions, ~~and~~ an affiliate of EPAM Systems, and affiliates of Tata Consultancy Services. Although we have service-level arrangements with our providers, we do not ultimately control their performance, which may make our operations vulnerable to their performance failures. In addition, the failure to adequately monitor and regulate the performance of our third-party vendors could subject us to additional risk. Reliance on third parties also makes us vulnerable to changes in the vendors’ business, financial condition, and other matters outside of our control, including their violations of laws or regulations which could increase our exposure to liability or otherwise increase the costs associated with the operation of our business. The failure of our outsourcing partners to perform as expected or as contractually required could result in significant disruptions and costs to our operations and to the services we provide to our clients, which could materially and adversely affect our business, client relationships, financial condition, operating results, and cash flow.

Certain 14outsource arrangements contemplate the utilization of lower-cost labor outside the US in countries such as India, Poland, Ukraine, Mexico, and the Philippines. It is possible that the countries where our outsourcing vendors are located may be subject to higher degrees of political and social instability than the US and may lack the infrastructure to withstand political unrest, natural disasters, health crises, or other events impacting the local workforce. Such disruptions could impact our ability to deliver our products and services on a timely basis, if at all, and to a lesser extent could decrease efficiency and increase our costs. Fluctuations of the US dollar in relation to the currencies used and higher inflation rates experienced in these countries may also reduce the savings we planned to achieve. Furthermore, the practice of utilizing labor based in foreign countries has

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~~business,~~come ~~financial~~under ~~condition,~~increased ~~and~~scrutiny ~~other~~in ~~matters~~the ~~outside~~US, ofand ~~our~~as ~~control~~a result, ~~including~~many ~~their violations~~ of ~~laws~~our orclients ~~regulations~~may ~~which~~require ~~could~~us ~~increase our exposure~~ to ~~liability~~use orlabor ~~otherwise~~based ~~increase~~in the ~~costs associated with the operation of our business~~US. ~~The~~We ~~failure~~may ofnot ~~our~~be ~~outsourcing~~able ~~partners~~ to ~~perform~~pass ason ~~expected~~the orincreased ~~as contractually required could result in significant disruptions and~~ costs toof ~~our~~higher-priced ~~operations~~US-based ~~and~~labor to ~~the services we provide to~~ our clients, which ultimately could ~~materially~~have ~~and~~an ~~adversely~~adverse ~~affect~~effect on our ~~business, client relationships, financial condition, operating~~ results, ~~and~~of ~~cash flow~~operations.

~~Certain~~In ~~outsource~~addition, ~~arrangements contemplate~~ the ~~utilization of lower-cost labor outside the~~ US inor ~~countries such as India, Poland, Ukraine, Mexico, and~~ the ~~Philippines.~~foreign ~~It is possible that the~~ countries ~~where~~in ~~our~~which ~~outsourcing~~we ~~vendors~~have ~~are~~service ~~located~~provider ~~may~~arrangements beor ~~subject~~operate tocould ~~higher~~adopt ~~degrees~~new oflegislation ~~political~~or ~~and~~regulations ~~social~~that ~~instability~~would ~~than~~adversely ~~the~~affect USour ~~and~~business ~~may~~by ~~lack~~making ~~the~~it ~~infrastructure~~difficult, tomore ~~withstand~~costly ~~political unrest~~ or ~~natural~~impossible ~~disasters.~~for ~~Such~~us ~~disruptions could impact our ability~~ to ~~deliver~~continue our ~~products~~foreign ~~and~~activities ~~services~~as oncurrently abeing ~~timely~~conducted. ~~basis~~Furthermore, ifin atmany ~~all~~foreign countries, ~~and~~particularly toin athose ~~lesser~~with ~~extent~~developing ~~could~~economies, ~~decrease~~it ~~efficiency~~is ~~and~~common ~~increase~~to ~~our~~engage ~~costs.~~in ~~Fluctuations~~business ofpractices ~~the~~that USare ~~dollar~~prohibited inby ~~relation~~laws ~~to the currencies used~~ and ~~higher~~regulations ~~inflation~~applicable ~~rates~~to ~~experienced~~us, insuch ~~these~~as ~~countries may also reduce~~ the ~~savings~~Foreign weCorrupt ~~planned~~Practices toAct ~~achieve~~("FCPA"). ~~Furthermore,~~Any ~~the~~violations ~~practice~~ of ~~utilizing~~the ~~labor~~FCPA ~~based~~or inlocal ~~foreign~~anti-corruption ~~countries~~laws ~~has~~by ~~come under increased scrutiny in the US and~~us, asour asubsidiaries ~~result,~~or ~~many of~~ our ~~clients~~local ~~may~~agents ~~require~~could ushave toan ~~use~~adverse ~~labor~~effect ~~based in the US. We may not be able to pass~~ on ~~the increased costs of higher-priced US-based labor to~~ our ~~clients,~~business ~~which~~and ~~ultimately~~reputation ~~could~~and ~~have~~result anin ~~adverse~~substantial ~~effect~~financial onpenalties ~~our~~or ~~results~~other ~~of operations~~sanctions.

InThe ~~addition,~~extent ~~the~~to USwhich or the ~~foreign~~COVID-19 ~~countries in which we have service provider arrangements or operate could adopt new legislation or regulations that would adversely affect our business by making it difficult~~pandemic, ~~more costly~~ or impossible for us to continue our foreign activities as currently being conducted. Furthermore, in many foreign countries, particularly in those with developing economies, it is common to engage in business practices that are prohibited by laws and regulations applicable to us, such as the ~~FCPA.~~perception ~~Any violations~~ of ~~the~~its ~~FCPA or local anti-corruption laws by us~~effects, ~~our~~will ~~subsidiaries~~impact or our ~~local~~business ~~agents~~depends ~~could have an adverse effect~~ on ~~our~~future ~~business~~developments ~~and~~that ~~reputation~~are ~~and~~highly ~~result in substantial financial penalties or other sanctions~~uncertain.

~~Our~~The ~~acquisition~~global coronavirus ("COVID-19") pandemic and ~~integration~~the mitigation efforts by governments to attempt to control its spread have adversely impacted the global economy, leading to business disruptions and volatility in the global capital markets. Many of our clients, and therefore certain of our businesses ~~may~~and ~~involve~~revenues, ~~increased~~are ~~expenses~~sensitive to negative changes in general economic conditions. With respect to the housing market in particular, although the current interest rate environment is conducive to mortgage activity, other market factors, including availability of funds for mortgage loans, housing supply, employment levels, actions by the Federal Reserve, and ~~may~~the ~~not~~overall ~~produce~~state of the ~~desired~~US ~~financial~~economy, could adversely impact sales of new and existing homes and other activities relevant to the markets we serve. Further deteriorations in economic conditions as a result of the COVID-19 pandemic or ~~operating~~otherwise, ~~results~~has led to, and may continue to lead to, a decline in demand for certain of our products and services and has, and may continue to, negatively impact our business.

WeAs ~~have~~a ~~acquired~~result ~~and~~of ~~expect~~business todisruptions ~~continue~~caused toby ~~acquire~~COVID-19, onwe anexperienced ~~opportunistic~~temporary ~~basis,~~slowdowns ~~companies,~~in ~~businesses~~service from some of our service providers, ~~products~~such ~~and~~as ~~services.~~domestic ~~These~~county ~~activities~~records ~~may~~offices ~~increase~~and certain of our ~~expenses,~~international ~~and~~suppliers during the ~~expected~~transition ~~results~~to a work-from-home environment. Further, ~~synergies~~decreased morale resulting from ongoing work-from-home, social distancing measures and ~~growth~~other ~~from~~restrictions ~~these~~implemented ~~initiatives~~in response to COVID-19 have, and may ~~not~~continue ~~materialize~~to, asmake ~~planned~~it more difficult to motivate and retain qualified employees. ~~While~~We ~~management~~cannot ~~believes~~predict ~~that~~the ~~acquisitions~~extent ~~will~~of ~~improve~~the ~~our~~impact ~~competitiveness~~of the COVID-19 pandemic and ~~profitability~~its resulting economic impact, nobut ~~assurance~~it ~~can~~could behave ~~given~~a ~~that~~material ~~acquisitions~~adverse ~~will~~effect beon ~~successful~~our orbusiness, ~~accretive~~financial toposition, ~~earnings~~results of operations, and cash flows. For example, we may experience operational issues or financial losses due to a ~~description~~number of ~~our~~factors, ~~recent~~including ~~acquisitions,~~increased ~~see~~cyber ~~Note~~fraud 17risk related to COVID-19, ~~Acquisitions~~continued volatility in mortgage transactions, disruptions to operations as a result of ~~the~~issues ~~Notes~~with our outsource providers or data sources, and concerns related to the ~~Consolidated~~ability ~~Financial~~to ~~Statements~~collect ~~included~~payments inon ~~Item~~a 8timely basis from clients. The adverse effect of the COVID-19 ~~Financial~~pandemic ~~Statements~~on our business and ~~Supplementary~~financial ~~Data~~results may also have the effect of heightening many of the other risks described in this “Risk Factors” section and elsewhere in this Annual Report on Form 10-K. The extent to which the COVID-19 pandemic impacts our business, financial condition, results of operations, or cash flows will depend on future developments, which are highly uncertain and challenging to predict, including new information that may emerge concerning the severity of the virus, the impact of mutated variants, uncertainties surrounding the timing of vaccine rollouts, public acceptance and usage of vaccines and the effectiveness of vaccines in limiting the spread of COVID-19.

We ~~may~~ have ~~difficulty~~substantial ~~integrating~~investments ~~our~~in ~~completed~~recorded orgoodwill ~~any future acquisitions into our operations, including implementing controls, procedures,~~ and ~~policies.~~other Ifintangible ~~we fail to properly integrate acquired businesses~~assets, ~~products, technologies,~~ and personnel, it could impair relationships with employees, clients and strategic partners, distract management attention from our core businesses, result in control failures and otherwise disrupt our ongoing business and harm our results of operations. We also may not be able to retain key management and other critical employees after an ~~acquisition.~~extended ~~Although~~economic ~~part~~downturn ofor ~~our~~troubled ~~business~~mortgage ~~strategy~~market ~~may~~could ~~include~~cause ~~growth~~these ~~through~~investments ~~strategic acquisitions, we may not be able~~ to ~~identify~~become ~~suitable acquisition candidates, obtain the capital necessary to pursue acquisitions or complete acquisitions on satisfactory terms in the future~~impaired.

InGoodwill ~~addition,~~was we$2.3 billion ~~have~~as ~~substantial~~of ~~investments~~December in31, ~~recorded~~2020. ~~goodwill~~Other asintangible aassets, ~~result~~net ofwere ~~prior~~$320.9 million. ~~acquisitions,~~Goodwill and another indefinite-lived intangible assets are assessed for impairment ofat ~~these~~least ~~investments~~annually ~~would~~or ~~require~~whenever achanges ~~write-down~~in circumstances indicate that ~~would~~the ~~reduce~~carrying ~~our~~amount ~~net~~may ~~income~~not be recoverable. ~~Goodwill~~Intangible isassets with finite useful lives are assessed for impairment ~~annually~~whenever events or ~~sooner~~changes ifin circumstances indicate athat ~~possible~~the ~~impairment~~carrying amount may not be recoverable. Factors that ~~could~~may ~~lead~~indicate tothe ~~impairment~~carrying value of our intangible assets, including goodwill, may not be recoverable include, but are not limited to, significant under-performance relative to historical or projected future ~~operating~~ results of operations, a significant decline in our stock price and market capitalization, and negative industry or economic trends, including a troubled mortgage market. However, if there is an extended economic downturn in the future, the carrying amount of our goodwill or other intangible assets may no longer be recoverable, and we may be required to record an impairment charge. In the event that the ~~book~~carrying value of goodwill or other intangible assets is impaired, any such impairment would be charged against earnings in the period of impairment., ~~Possible~~which ~~future~~could ~~impairment of goodwill may~~ have a material adverse effect on our ~~business, financial condition, and~~ results of operations.

We operate our business in international markets.

In ~~2019~~2020, we derived approximately 1011% of our revenues from our operations outside of the US and we intend to continue to expand our international operations. We expect to continue to add personnel internationally to expand our abilities to deliver differentiated services to our international clients. Expansion into international markets may require significant resources and management's attention and will subject us to new regulatory, economic, and political risks. There can be no assurance that our products or services will be accepted in any particular international market and we cannot provide assurance that our international expansion efforts will be successful. The results of our operations and our growth rate could be adversely affected by a variety of factors arising out of international commerce, some of which are beyond our control, including currency rate fluctuations, foreign laws and regulatory requirements, trade protection measures, increased data privacy and consumer

1521

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differentiated services to our international clients. Expansion into international markets may require significant resources and management's attention and will subject us to new regulatory, economic, and political risks. There can be no assurance that our products or services will be accepted in any particular international market or that our international expansion efforts will be successful. The results of our operations and our growth rate could be adversely affected by a variety of factors arising out of international commerce, some of which are beyond our control, including currency rate fluctuations, foreign laws and regulatory requirements, trade protection measures, increased data privacy and consumer protection regulations, difficulty in staffing and managing widespread operations, restrictions on the import and export of technologies, political and economic conditions in foreign countries, and reduced protection for intellectual property rights.

Risks Related to Intellectual Property

We could infringe on the proprietary rights of others.

As we continue to develop and expand our products and services, we may become increasingly subject to infringement claims from third parties such as non-practicing entities, software providers, and suppliers of data. Likewise, if we are unable to maintain adequate controls over how third-party software and data are used, we may be subject to claims of infringement. Any claims, whether with or without merit, could:

• be expensive and time-consuming to defend;

• cause us to cease making, licensing or using applications that incorporate the challenged intellectual property;

• require us to redesign our applications, if feasible;

• divert management's attention and resources;

• require us to enter into royalty or licensing agreements in order to obtain the right to use necessary technologies; and

• subject us to significant damages, penalties, fines, and costs associated with an adverse judgment or settlement.

We rely upon intellectual property rights to protect our, proprietary technology and information.

Our success depends, in part, upon our intellectual property rights. We rely primarily on a combination of patents, copyrights, trade secrets, and trademark laws and nondisclosure and other contractual restrictions on copying, distribution and creation of derivative products to protect our proprietary technology and information. This protection is limited, and our intellectual property could be used by others without our consent. In addition, patents may not be issued with respect to our pending or future patent applications, and our patents may not be upheld as valid or may not prevent the development of competitive products. Any infringement, disclosure, loss, invalidity of, or failure to protect our intellectual property could negatively impact our competitive position, and ultimately, our business. Moreover, litigation may be necessary to enforce or protect our intellectual property rights, to protect our trade secrets, or to determine the validity and scope of the proprietary rights of others. Such litigation could be time-consuming, result in substantial costs and diversion of resources and could harm our business, financial condition, results of operations, and cash flows.

Risks Related to Our Indebtedness

Our level of indebtedness could adversely affect our financial condition and prevent us from complying with our covenants and obligations under our outstanding debt instruments.

As of December 31, ~~2019~~2020, our total debt was approximately $1.79 billion, and we had unused commitments of approximately $~~750~~450.0 million under our Revolving Facility. Subject to the limitations contained in the Credit Agreement governing our credit facilities and our other debt instruments, we may incur additional debt from time to time to finance working capital, capital expenditures, investments or acquisitions, or for other general corporate purposes. If we do so, the risks related to our level of debt could increase. Specifically, our level of debt could have important consequences to us, including increasing our vulnerability to adverse economic and industry conditions and compromising our flexibility to capitalize our business opportunities and to plan for, or react to, competitive pressures and changes in our business or market conditions.

The Credit Agreement governing our credit facilities imposes operating and financial restrictions on our activities. These restrictions include the financial covenants in our credit facilities, which require ongoing compliance with certain financial tests and ratios, including a minimum interest coverage ratio and maximum leverage ratio, and could limit or prohibit our ability to, among other things:

• create, incur or assume additional debt;

• create, incur or assume certain liens;

• redeem and/or prepay certain subordinated debt we might issue in the future;

~~• pay dividends on our stock or repurchase stock;~~22

• make certain investments and acquisitions, including joint ventures;

• enter into or permit to exist contractual limits on the ability of our subsidiaries to pay dividends to us;

• enter into new lines of business;

• engage in consolidations, mergers and acquisitions;

• engage in specified sales of assets; and

• enter into transactions with affiliates.

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~~beneficial~~•pay todividends ~~us.~~on ~~Our~~our ~~failure~~stock ~~to comply with these restrictions could result in an event of default which, if not cured~~ or ~~waived,~~repurchase ~~could result in the acceleration of substantially all our debt.~~stock;

•make certain investments and acquisitions, including joint ventures;

•enter into or permit to exist contractual limits on the ability of our subsidiaries to pay dividends to us;

•enter into new lines of business;

•engage in consolidations, mergers and acquisitions;

•engage in specified sales of assets; and

•enter into transactions with affiliates.

These restrictions on our ability to operate our business could negatively impact our business by, among other things, limiting our ability to take advantage of financing, merger and acquisition, or other corporate opportunities that might otherwise be beneficial to us. Our failure to comply with these restrictions could result in an event of default which, if not cured or waived, could result in the acceleration of substantially all our debt.

We may not be able to generate sufficient cash to service all of our indebtedness.

Our ability to make scheduled payments on or refinance our debt obligations depends on our financial condition and operating performance, which are subject to prevailing economic and competitive conditions and to certain financial, business, legislative, regulatory, and other factors beyond our control. We may be unable to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal, premium, if any, and interest on our indebtedness. Our inability to generate sufficient cash flows to satisfy our debt obligations, or to refinance our indebtedness on commercially reasonable terms or at all, would materially and adversely affect our financial position and results of operations. If we cannot make scheduled payments on our debt, we will be in default; ~~and~~ the lenders under our credit facilities could declare all outstanding principal and interest to be due and payable and could terminate their revolving commitments to loan money and foreclose against the assets securing their borrowings, and we could be forced into bankruptcy or liquidation.

WeRisks ~~may~~Related ~~not be able~~ to ~~attract~~Business ~~and retain qualified management personnel.~~Acquisitions

WeOur ~~rely~~acquisition ~~on skilled management personnel~~ and ~~our~~integration ~~success depends on our ability to attract, train, and retain a sufficient number~~ of ~~such~~businesses ~~individuals.~~may Ifinvolve ~~our~~increased ~~attrition~~expenses ~~rate increases, our operating efficiency~~ and ~~productivity~~ may ~~decrease. We compete for talented individuals~~ not ~~only~~produce ~~with~~the ~~other~~desired ~~companies in our industry, but also with companies in other industries, such as software services, engineering services, and~~ financial services companies, and there is a limited pool of individuals who have the skills and training needed to grow our company, especially in the increasingly-regulated environment in which we operate. Increased attrition or ~~competition~~operating ~~for qualified management could have an adverse effect on our ability to expand our business and product offerings, as well as cause us to incur greater personnel expenses and training costs~~results.

We ~~share~~have ~~responsibility~~acquired ~~with~~and ~~First~~expect ~~American~~to ~~for~~continue ~~certain~~to ~~income~~acquire, ~~tax~~on ~~liabilities~~an ~~for~~opportunistic ~~tax~~basis, ~~periods~~companies, ~~prior~~businesses, toproducts and ~~including~~services. These activities may increase our expenses, and the ~~date~~expected results, synergies, and growth from these initiatives may not materialize as planned. While management believes that acquisitions will improve our competitiveness and profitability, no assurance can be given that acquisitions will be successful or accretive to earnings. For a description of our recent acquisitions, see Note 17 - Acquisitions of the ~~Separation~~Notes to the Consolidated Financial Statements included in Item 8 - Financial Statements and Supplementary Data of Part II of this Annual Report on Form 10-K.

~~Under~~We ~~the~~may ~~Tax~~have ~~Sharing~~difficulty ~~Agreement,~~integrating byour ~~and~~completed ~~between~~or ~~FAC~~any ~~and~~future ~~FAFC,~~acquisitions ~~dated~~into asour ofoperations, ~~June~~including 1implementing controls, ~~2010~~procedures, weand ~~entered~~policies. ~~into~~If inwe ~~connection~~fail ~~with~~to ~~the~~properly ~~Separation~~integrate ~~transaction~~acquired businesses, weproducts, ~~are~~technologies, ~~generally~~and ~~responsible~~personnel, ~~for~~it ~~taxes~~could ~~attributable~~impair torelationships ~~our~~with ~~business~~employees, ~~assets~~clients and ~~liabilities~~strategic ~~and~~partners, ~~FAFC~~distract ismanagement ~~generally~~attention ~~responsible~~from ~~for~~our ~~all~~core ~~taxes~~businesses, ~~attributable~~result toin ~~members~~control offailures ~~the FAFC group of companies~~ and ~~the~~otherwise ~~assets,~~disrupt ~~liabilities,~~our orongoing ~~businesses~~business ofand ~~the~~harm ~~FAFC~~our ~~group~~results of ~~companies~~operations. ~~Generally,~~We ~~any~~also ~~liabilities~~may ~~arising~~not ~~from~~be ~~tax~~able ~~adjustments~~ to ~~consolidated~~retain ~~tax~~key ~~returns~~management ~~for~~and ~~tax~~other ~~periods~~critical ~~prior~~employees toafter ~~and~~an ~~including~~acquisition. ~~the~~Although ~~date~~part of ~~the~~our ~~Separation~~business ~~will~~strategy bemay ~~shared~~include ingrowth ~~proportion~~through tostrategic ~~each~~acquisitions, ~~company's~~we ~~percentage~~may ofnot ~~the~~be ~~tax~~able ~~liability~~to ~~for~~identify ~~the~~suitable ~~relevant~~acquisition ~~year (or partial year with respect to 2010)~~candidates, ~~unless~~obtain the ~~adjustment~~capital isnecessary ~~attributable~~ to ~~either~~pursue ~~party,~~acquisitions inor ~~which~~complete ~~case~~acquisitions ~~the~~on ~~adjustment~~satisfactory ~~will~~terms ~~generally~~in ~~be for~~ the ~~account of such party~~future. In addition, towe ~~this~~have ~~potential~~substantial ~~liability~~investments ~~associated~~in ~~with~~recorded ~~adjustments~~goodwill ~~for~~as ~~prior~~a ~~periods,~~result ifof ~~FAFC~~prior ~~were~~acquisitions, toand ~~fail~~an toimpairment ~~pay~~of ~~any~~these ~~tax~~investments ~~liability~~would itrequire isa ~~required~~write-down tothat ~~pay~~would ~~under~~reduce ~~the~~our ~~Tax~~net ~~Sharing~~income. ~~Agreement,~~See we“We ~~could~~have besubstantial ~~legally~~investments ~~liable~~in ~~under~~recorded ~~applicable~~goodwill ~~tax~~and ~~law~~other ~~for~~intangible ~~such~~assets, ~~tax liabilities~~ and ~~required~~an toextended ~~make~~economic ~~additional~~downturn ~~tax~~or ~~payments.~~troubled ~~Accordingly,~~mortgage ~~under~~market ~~certain~~could ~~circumstances,~~cause wethese ~~may~~investments ~~be obligated~~ to ~~pay~~become ~~amounts in excess of our agreed-upon share of tax liabilities~~impaired.”

IfRisks ~~certain~~Related ~~transactions, including internal transactions, undertaken in anticipation of the Separation are determined~~ to beTakeover ~~taxable for US federal income tax purposes, we, our stockholders that are subject to US federal income tax and FAFC will incur significant US federal income tax liabilities.~~Attempts

InThe ~~connection~~shareholder ~~with~~rights ~~the~~plan ~~Separation~~adopted we received a private letter ruling from the IRS to the effect that, among other things, certain internal transactions undertaken in anticipation of the Separation will qualify for favorable treatment under the US Internal Revenue Code of 1986, as amended (the ‘‘Code’’), and the contribution by ~~us of certain assets of the financial services businesses to FAFC and the pro-rata distribution to~~ our ~~shareholders~~Board of ~~the~~Directors common stock of FAFC will, except for cash received in lieu of fractional shares, qualify as a tax-free transaction for US federal income tax purposes under Sections 355 and 368(a)(1)(D) of the Code. In addition, we received opinions of tax counsel to similar effect. The ruling and opinions relied on certain facts, assumptions, representations and undertakings from us and FAFC regarding the past and future conduct of the companies' respective businesses and other matters. If any of these facts, assumptions, representations or undertakings is incorrect or not otherwise satisfied, we and our stockholders may ~~not~~impair be able to rely on the ruling or the opinions of tax counsel and could be subject to significant tax liabilities. Notwithstanding the private letter ruling and opinions of tax counsel, the IRS could determine on audit that the Separation is taxable if it determines that any of these facts, assumptions, representations or undertakings were not correct or have been violated or if it disagrees with the conclusions in the opinions that were not covered by the private letter ruling, or for other reasons, including as a ~~result~~takeover ~~of certain significant changes in the stock ownership of us or FAFC after the Separation~~attempt. ~~If the Separation is determined to be taxable for US federal and state income tax purposes, we and our stockholders that are subject to income tax could incur significant income tax liabilities.~~

On 17July 6, 2020, our Board of Directors adopted the Rights Agreement.

Pursuant to the Rights Agreement, on July 6, 2020, our Board of Directors declared a dividend distribution of one right (a “Right”) for each outstanding share of our common stock to shareholders of record on July 17, 2020. Each Right entitles its holder to purchase from us, when exercisable and subject to adjustment, a unit (“Unit”) consisting of one one-thousandth of a

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Inshare ~~addition,~~of ~~under~~Series ~~the~~A ~~terms~~Junior ofParticipating ~~the~~Preferred ~~Tax Sharing Agreement~~Stock, inpar ~~the~~value ~~event~~$0.00001 aper ~~transaction~~share, ~~were~~at ~~determined~~an toexercise beprice ~~taxable and such determination were the result~~ of ~~actions~~$308.00 ~~taken~~per ~~after~~Unit (the ~~Separation~~“purchase ~~by us or FAFC, the party responsible for such failure would be responsible for all taxes imposed on us or FAFC as a result thereof~~price”).

~~Moreover,~~Under the ~~Tax~~Rights ~~Sharing~~ Agreement, the Rights will generally ~~provides~~be exercisable only in the event that ~~each~~a ~~party~~person ~~thereto~~or isgroup ~~responsible~~of ~~for~~affiliated ~~any~~or ~~taxes~~associated ~~imposed~~persons on(such ~~the~~person or group being an “Acquiring Person”), other ~~party~~than ascertain aexempt ~~result~~persons, acquires beneficial ownership of ~~the~~ten ~~failure~~percent (10%) or more of the ~~distribution~~outstanding toshares ~~qualify~~of asour acommon ~~tax-free~~stock ~~transaction~~(or ~~under~~twenty ~~the~~percent ~~Code~~(20%) ifor ~~such~~more ~~failure~~of isthe ~~attributable~~outstanding toshares ~~post-Separation~~of ~~actions~~our ~~taken~~common bystock or in ~~respect~~the case of ~~the~~passive ~~responsible~~institutional ~~party~~investors orreporting ~~its~~beneficial ~~stockholders~~ownership on Schedule 13G). In such case, ~~regardless~~subject ofto ~~when~~certain exceptions specified in the ~~actions~~Rights ~~occur~~Agreement, ~~after~~each holder of a Right (other than the ~~Separation~~Acquiring Person, whose Rights would become null and ~~the~~void) ~~other~~will ~~party~~have ~~consents~~the right to ~~such~~receive, ~~actions~~upon orpayment ~~such~~of ~~party~~the ~~obtains~~purchase aprice, ~~favorable~~common ~~letter~~stock ~~ruling~~(or, in certain circumstances, other securities, cash, or ~~opinion~~other assets of ~~tax~~the ~~counsel~~Company) ashaving ~~described~~a ~~above~~value equal to two (2) times the purchase price.

In ~~connection~~the ~~with~~event ~~the~~that, ~~Separation~~at any time after a person or group has become an Acquiring Person, we(i) ~~entered~~the ~~into~~Company is acquired in a ~~number~~merger ofor ~~agreements~~other ~~with~~business ~~FAFC~~combination ~~setting~~transaction ~~forth~~in ~~rights~~which ~~and~~the ~~obligations~~Company ofis not the ~~parties~~continuing ~~post-Separation.~~or Insurviving ~~addition~~corporation, ~~certain~~(ii) ~~provisions~~the ofCompany ~~these~~engages ~~agreements~~in ~~provide~~a ~~protection~~merger toor ~~FAFC~~other business combination transaction in which the ~~event~~Company is the continuing or surviving corporation and the shares of acommon ~~change~~stock of ~~control~~the Company are changed or exchanged or (iii) fifty percent (50%) or more of usthe Company’s assets, ~~which~~cash ~~could~~flow ~~reduce~~or ~~the~~earning ~~likelihood~~power is sold or transferred, each holder of a ~~potential~~Right ~~change~~(other than the Acquiring Person, whose Rights would become null and void) would thereafter have the right to receive, upon payment of ~~control~~the ~~that~~purchase ~~our~~price, ~~stockholders~~common ~~may~~stock ~~consider~~of ~~favorable~~the acquiring company having a value equal to two (2) times the purchase price.

InOur ~~connection~~Board ~~with the Separation, we and FAFC entered into a number~~ of ~~agreements~~Directors ~~that~~may ~~set~~redeem ~~forth~~the ~~certain~~Rights ~~rights~~for ~~and~~$0.001 ~~obligations~~per ofRight, ~~the~~subject ~~parties~~to ~~post-Separation~~adjustment, ~~including~~at ~~the~~any ~~Separation~~time ~~and~~until ~~Distribution Agreement,~~ the ~~Tax~~earlier ~~Sharing~~of ~~Agreement,~~10 ~~and~~business ~~the~~days ~~Restrictive~~following ~~Covenants~~a ~~Agreement.~~public Weannouncement ~~possess~~that ~~certain~~an ~~rights~~Acquiring ~~under~~Person ~~those~~has ~~agreements,~~become ~~including~~such ~~without~~or ~~limitation~~the ~~indemnity~~expiration ~~rights~~of ~~from~~the ~~certain~~Rights ~~liabilities allocated to FAFC~~Agreement. The ~~failure~~Rights ofwill ~~FAFC~~expire toon ~~perform~~July ~~its~~6, ~~obligations~~2021, ~~under~~unless the ~~agreements~~Rights ~~could~~are ~~have~~earlier ~~an adverse effect on our financial condition~~redeemed, ~~results~~exchanged ofor ~~operations and cash flows~~terminated.

InThe ~~addition,~~Rights ~~the Separation and Distribution~~ Agreement ~~gives~~is ~~FAFC~~intended ~~the right~~ to ~~purchase~~enable ~~the~~all ~~equity or assets~~ of our ~~entity~~stockholders orto ~~entities~~realize ~~directly or indirectly owning~~ the ~~real~~value ~~property~~of ~~databases~~their ~~that~~investment wein ~~currently own upon~~ the ~~occurrence~~Company, ofensure ~~certain~~that ~~triggering~~all ~~events.~~stockholders ~~The~~receive ~~triggering~~fair ~~events~~treatment, ~~include~~and ~~the~~provide ~~direct~~our orBoard ~~indirect purchase~~ of ~~the~~Directors ~~databases~~and bystockholders awith ~~title~~adequate ~~insurance~~time ~~underwriter~~to ~~(or~~make ~~its~~informed ~~affiliate)~~decisions. orThe anRights ~~entity~~Agreement ~~licensed~~is asnot aintended ~~title~~to ~~insurance~~prevent ~~underwriter, including~~ a ~~transaction~~takeover ~~where~~of athe ~~title~~Company ~~insurance~~and ~~underwriter~~should ~~(or~~not ~~its~~interfere ~~affiliate)~~with ~~acquires~~any ~~25%~~merger or ~~more~~other ofbusiness ~~us.~~combination ~~The~~approved ~~purchase~~by ~~right~~our ~~expires~~Board ~~June~~of ~~1, 2020~~Directors. ~~Until~~However, the ~~expiration~~overall effect of the ~~purchase~~Rights ~~right,~~Agreement ~~this~~may ~~provision~~render ~~could~~it ~~have~~more ~~the~~difficult ~~effect of limiting~~ or ~~discouraging~~discourage ana ~~acquisition~~merger, oftender usoffer or ~~preventing~~other abusiness ~~change~~combination ofinvolving ~~control~~the Company that ~~our~~is ~~stockholders~~not ~~might~~supported ~~consider~~by ~~favorable.~~our ~~Likewise,~~Board ifof aDirectors, ~~triggering~~even ~~event~~if ~~occurs,~~such ~~the~~a ~~loss~~transaction ofwould ~~ownership~~be ofbeneficial to our ~~real~~stockholders. ~~property~~These ~~database~~deterrents could ~~have~~adversely aaffect ~~material~~the ~~adverse~~price ~~effect~~of on our ~~financial~~common ~~condition, business, and results of operations~~stock.

On February 4, 2021, in connection with the execution of the Merger Agreement, we entered into the Rights Agreement Amendment in order to (i) render the Rights Agreement inapplicable to the Merger and the transactions contemplated by the Merger Agreement, (ii) ensure that in connection with the transactions contemplated by the Merger Agreement, none of the Acquirer, Acquisition Sub, or any of their “Affiliates” or “Associates” (each as defined in the Rights Agreement) shall be deemed to be or become an “Acquiring Person” (as defined below) and (iii) provide that the “Expiration Date” (as defined in the Rights Agreement) shall occur immediately prior to the Effective Time.

General Risk Factors

Our revenue is affected by the strength of the economy, interest rate environment and the housing market generally.

We may not be able to attract, train, motivate, and retain qualified personnel and senior management.

We rely on skilled and qualified, high-performing personnel, and our success depends on our ability to attract, train, motivate, and retain a sufficient number of such individuals. If we are unsuccessful in further developing and implementing recruitment,

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retention, and other initiatives to manage and develop our human capital, including in the areas of diversity and inclusion and training and development, our attrition rate may increase, and our operating efficiency and productivity may decrease. We compete for talented individuals not only with other companies in our industry, but also with companies in other industries, such as software services, engineering services, and financial services companies, and there is a limited pool of individuals who have the skills and training needed to grow our company, especially in the increasingly-regulated environment in which we operate. Increased attrition or competition for qualified personnel could have an adverse effect on our ability to expand our business and product offerings, as well as cause us to incur greater personnel expenses and training costs.

In addition, our success and growth depend, in large part, upon the efforts of our senior management team, who have extensive market knowledge and relationships, and exercise substantial influence over our operational, financing, and strategic activities. Members of our senior management team have national and/or regional industry reputations that attract business opportunities and assist us in negotiations with customers, suppliers, regulators, and other industry participants. The loss of services of one or more members of our senior management team, or our inability to attract and retain similarly qualified personnel, could adversely affect our business, diminish our investment opportunities and weaken our business relationships, which could have a material adverse effect on us.

Item 1B. Unresolved Staff Comments

None.

Item 2. Properties

As of December 31, ~~2019~~2020, our real estate portfolio of approximately 1.1 million square feet is comprised of leased property throughout 2019 states in the US totaling approximately ~~1.0~~931,000 ~~million~~ square feet, with approximately another ~~170~~150,000 square feet in the aggregate in Australia, Brazil, Bulgaria, Canada, France, Germany, India, New Zealand, and the United Kingdom. Our properties range in size from a small number of properties under 1,000 square feet to our large operations center in Irving, Texas totaling approximately 328,000 square feet. The lease governing our Irving, Texas property expires in March 2032. Our corporate headquarters are located in Irvine, California, where we occupy approximately 123,000 square feet, and the lease governing the property expires in July ~~2021~~2028. In addition, we have total land holdings of approximately 40 acres located in Texas and Mississippi.

All properties are primarily used as offices, and the agreements governing the properties have varying expiration dates. The office facilities we occupy are, in all material respects, in good condition and adequate for their intended use.

Item 3. Legal Proceedings

For a description of our legal proceedings, see Note 14 - Litigation and Regulatory Contingencies and our discussion of discontinued operations within Note 2 - Significant Accounting Policies and Note 18 - Discontinued Operations of the Notes to Consolidated Financial Statements included in Item 8 - Financial Statements and Supplementary Data of Part II of this Annual Report on Form 10-K, which disclosures are incorporated by reference in response to this item.

Item 4. Mine Safety Disclosures

Not applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Common Stock Market Prices and Dividends

Our common stock is listed on the New York Stock Exchange and trades under the symbol "CLGX". The approximate number of record holders of our common stock on February 24 22, ~~2020~~2021 was 2,~~375~~302.

In December 2019, we announced the ~~Board~~initiation of ~~Directors~~a ~~initiated~~quarterly ~~and~~cash ~~declared~~dividend to common shareholders. CoreLogic paid a cash dividend of $0.22 per share, ~~which~~of ~~was~~common ~~paid~~stock onin January ~~24,~~ 2020. Weand ~~expect~~June 2020 to ~~make~~shareholders ~~regular~~of ~~quarterly~~record ~~dividend~~as ~~payments~~of ~~for~~ the ~~foreseeable~~close ~~future. The~~of ~~timing,~~business ~~declaration~~on ~~and~~January ~~payment~~10, of2020 ~~future~~and ~~dividends~~June 1, ~~however~~2020, ~~falls~~respectively. ~~within~~In ~~the~~July ~~discretion~~2020, ofour ~~the~~ Board of Directors ~~and~~announced ~~will~~a ~~depend~~50% ~~upon~~increase ~~many~~in ~~factors,~~our ~~including~~cash ~~the~~dividend ~~Company’s financial condition~~ and ~~earnings,~~declared ~~the~~a ~~capital~~$0.33 ~~requirements~~per ofshare ~~our~~cash ~~businesses,~~dividend ~~restrictions~~to ~~imposed~~common ~~by applicable law~~stockholders, ~~and~~which ~~any~~was ~~other~~paid ~~factors~~in ~~the~~September ~~Board~~2020 ~~of Directors deems relevant from time to time.~~

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and December 2020 to stockholders of record as of the close of business on September 1, 2020 and December 1, 2020, respectively. In January 2021, our Board of Directors declared a cash dividend of $0.33 per share of common stock to be paid in March 2021 to shareholders of record as of the close of business on March 1, 2021.

Pursuant to the Merger Agreement, we agreed to refrain from declaring or paying any dividends during the Interim Operating Period, subject to the terms, limitations and exceptions set forth in the Merger Agreement. In addition, to the extent the Merger is consummated, subject to the terms and conditions set forth in the Merger Agreement, shares of our common stock will be converted into the right to receive the Merger Consideration, and the holders of such common stock will not be entitled to receive any dividend payments or other distributions with respect to such common stock after the Effective Time.

Unregistered Sales of Equity Securities

During the quarter ended December 31, ~~2019~~2020, we did not issue any shares of our common stock in any transaction that was not registered under the Securities Act of 1933, as amended.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

In ~~October~~July ~~2018~~2020, ~~the~~our Board ofcanceled ~~Directors~~all prior repurchase authorizations and established a new share repurchase authorization of up to $~~500~~1.0 ~~million~~billion. As of December 31, ~~2019~~2020, we ~~have~~had $~~391~~500.30 million in value of shares (inclusive of commissions and fees) available to be repurchased under the plan. ~~The~~Pursuant ~~stock~~to ~~repurchase~~the ~~plan~~Merger ~~has~~Agreement, nowe ~~expiration~~agreed ~~date~~to ~~and~~refrain ~~repurchases~~from ~~may~~repurchasing beshares ~~made~~of inour common stock during the ~~open~~Interim ~~market~~Operating Period, insubject ~~privately~~to ~~negotiated~~the ~~transactions~~terms, orlimitations ~~pursuant~~and toexceptions aset ~~Rule~~forth ~~10b5-1~~in ~~plan.~~the Merger Agreement.

~~Under~~The ~~our~~following ~~Credit~~table ~~Agreement,~~summarizes our ~~stock~~ repurchase ~~capacity~~activity is restricted to $150.0 million per fiscal year, with the ability to undertake an additional amount of repurchases in such fiscal year provided that, on a pro forma basis after giving effect to the stock repurchase, our total covenant leverage ratio does not exceed 3.50 to 1.00. While we continue to preserve the capacity to execute share repurchases under our ~~existing~~Board-approved ~~share~~stock repurchase ~~authorization,~~plan ~~going~~for ~~forward we will strive to pursue a balanced approach to capital allocation and will consider~~ the ~~repurchase~~three ofmonths ~~shares~~ended ~~of our common stock~~December 31, ~~retirement of outstanding debt, and the pursuit of strategic acquisitions on an opportunistic basis.~~2020:

The following table summarizes our repurchase activity under our Board-approved stock repurchase plan for the three months ended December 31, 2019:


Issuer Purchases of Equity Securities
Period	Total Number of Shares Purchased	Average Price Paid per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
October 1 to October 31, 2020	1,961,894	$	69.72	1,961,894	$	863,216,748
November 1 to November 30, 2020	2,970,739	$	77.72	2,970,739	$	632,319,184
December 1 to December 31, 2020	1,691,818	$	78.20	1,691,818	$	500,012,691
Total	6,624,451	$	—	6,624,451

Issuer Purchases of Equity Securities
Period	Total Number of Shares Purchased	Average Price Paid per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
October 1 to October 31, 2019	368,200	$	40.72	368,200	$	401,364,478
November 1 to November 30, 2019	256,800	$	39.23	256,800	$	391,289,906
December 1 to December 31, 2019	—	$	—	—	$	391,289,906
Total	625,000	$	—	625,000

(1)Calculated inclusive of commissions.

~~(1) Calculated inclusive of commissions.~~26

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Stock Performance Graph

The following performance graph and related information shall not be deemed “soliciting material” or “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that it is specifically incorporated by reference into such filing.

The following graph compares the yearly percentage change in the cumulative total stockholder return on our common stock with corresponding changes in the cumulative total returns of the Russell 2000 Index and ~~two~~a peer group ~~indices~~index. The comparison assumes an investment of $100 at the close of business on December 31, ~~2014~~2015 and reinvestment of dividends. This historical performance is not indicative of future performance.

The ~~2018~~2020 Peer Group, which was used by the Board's Compensation Committee for ~~2018~~2020 compensation decisions, consisted of: ~~Black~~Altisource ~~Knight~~Portfolio ~~Inc~~Solutions S.A., ~~Broadridge~~Black ~~Financial~~Knight ~~Solutions,~~ Inc., CSG Systems International Inc., ~~Dun & Bradstreet Corporation,~~ Equifax, Inc., Euronet Worldwide, Inc., Fair Isaac Corporation, Fidelity National Financial, Inc., Fidelity National Information Services, Inc., First American Financial Corporation, Fleetcor Technologies, Inc., Gartner, Inc., Global Payments, Inc., Jack Henry & Associates, Inc., ~~Paychex,~~MGIC Inc., TeraData Corporation, and Verisk Analytics, Inc. In 2019, the Compensation Committee adopted the 2019 Peer Group for use in 2019 compensation decisions, modifying the 2018 Peer Group to add Altisource Portfolio Solutions S.A., Fidelity National Information Services, Inc., Mgic Investment Corporation, Mr. Cooper Group, Inc., Pennymac Financial Services, Inc., Radian Group, Inc., Realogy Holdings Corporation, ~~and~~Verisk ~~Zillow Group as well as remove Broadridge Financial Solutions~~Analytics, Inc., ~~Dun~~and &Zillow ~~Bradstreet Corporation~~Group, ~~Paychex,~~ Inc., ~~and Teradata Corporation.~~ The ~~2019~~ Peer Group ~~more~~ accurately and appropriately reflects our business and the industries in which we compete.

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Item 6. Selected Financial Data

The selected consolidated financial data for the five-year period ended December 31, ~~2019~~2020 has been derived from the consolidated financial statements. The selected consolidated financial data should be read in conjunction with the consolidated financial statements and notes thereto, “Item 1—Business—Corporate Events—~~Acquisitions”~~Discontinued ~~and “Item 7—Management’s Discussion and Analysis of Financial Condition and Consolidated Results of~~ Operations~~.” The consolidated statements of operations data for the years ended December 31~~, ~~2016 and 2015 and the consolidated balance sheet data as of December 31, 2017, 2016, and 2015 have been derived from financial statements not included herein.~~”

(in thousands, except per share amounts)	For the Year Ended December 31,
Income Statement Data:	2019			2018			2017			2016			2015
Operating revenue	$	1,762,235		$	1,788,378		$	1,851,117		$	1,952,557		$	1,528,110
Operating income	$	165,536		$	222,618		$	238,618		$	277,940		$	202,924
Equity in earnings/(losses) of affiliates, net of tax	$	555		$	1,493		$	(1,186	)	$	496		$	13,720
Amounts attributable to CoreLogic:
Income from continuing operations, net of tax	$	66,850		$	122,451		$	149,534		$	109,946		$	128,400
(Loss)/income from discontinued operations, net of tax	(17,470		)	(587		)	2,315			(1,466		)	(556		)
Gain/(loss) from sale of discontinued operations, net of tax	—			—			313			(1,930		)	—
Net income attributable to CoreLogic	$	49,380		$	121,864		$	152,162		$	106,550		$	127,844
Balance Sheet Data:
Assets of discontinued operations	$	6,286		$	629		$	383		$	662		$	681
Total assets	$	4,158,657		$	4,168,990		$	4,077,413		$	3,907,534		$	3,673,716
Total debt	$	1,666,560		$	1,779,176		$	1,753,570		$	1,602,047		$	1,336,674
Total equity	$	951,210		$	1,000,498		$	1,007,876		$	1,002,984		$	1,049,490
Dividends declared per common share of stock	$	0.22		$	—		$	—		$	—		$	—
Amounts attributable to CoreLogic:
Basic income/(loss) per share:
Income from continuing operations, net of tax	$	0.84		$	1.51		$	1.79		$	1.26		$	1.44
(Loss)/income from discontinued operations, net of tax	(0.22		)	(0.01		)	0.03			(0.02		)	(0.01		)
Gain/(loss) from sale of discontinued operations, net of tax	—			—			—			(0.02		)	—
Net income attributable to CoreLogic	$	0.62		$	1.50		$	1.82		$	1.22		$	1.43
Diluted income/(loss) per share:
Income from continuing operations, net of tax	$	0.83		$	1.49		$	1.75		$	1.23		$	1.42
(Loss)/income from discontinued operations, net of tax	(0.22		)	(0.01		)	0.03			(0.02		)	(0.01		)
Gain/(loss) from sale of discontinued operations, net of tax	—			—			—			(0.02		)	—
Net income attributable to CoreLogic	$	0.61		$	1.48		$	1.78		$	1.19		$	1.41
Weighted average shares outstanding
Basic	79,885			80,854			83,499			87,502			89,070
Diluted	81,021			82,275			85,234			89,122			90,564

“Item 1—Business—Corporate Events—Discontinued Operations,” “Item 1—Business—Corporate Events—Acquisitions” and “Item 7—Management’s Discussion and Analysis of Financial Condition and Consolidated Results of Operations.” The consolidated statements of operations data for the years ended December 31, 2017 and 2016 and the consolidated balance sheet data as of December 31, 2018, 2017, and 2016 have been derived from financial statements not included herein.


(in thousands, except per share amounts)	For the Year Ended December 31,
Income Statement Data:	2020		2019		2018		2017		2016
Operating revenue	$	1,642,375	$	1,440,873	$	1,436,370	$	1,484,985	$	1,576,243
Operating income	$	330,982	$	122,035	$	157,370	$	173,662	$	193,034
Equity in earnings/(losses) of affiliates, net of tax	$	1,859	$	556	$	1,493	$	(1,186)	$	496
Amounts attributable to CoreLogic:
Income from continuing operations, net of tax	$	264,250	$	33,770	$	74,010	$	109,486	$	57,518
Income from discontinued operations, net of tax	34,363		15,610		47,854		42,363		50,962
Gain/(loss) from sale of discontinued operations, net of tax	2,742		—		—		313		(1,930)
Net income attributable to CoreLogic	$	301,355	$	49,380	$	121,864	$	152,162	$	106,550

Balance Sheet Data:
Assets of discontinued operations	$	202,417	$	201,986	$	192,372	$	191,460	$	197,501
Total assets	$	4,283,222	$	4,159,281	$	4,169,221	$	4,077,414	$	3,907,532
Total debt	$	1,871,233	$	1,666,560	$	1,779,176	$	1,753,570	$	1,602,047
Total equity	$	723,262	$	951,210	$	1,000,498	$	1,007,876	$	1,002,984
Dividends declared per common share of stock	$	0.88	$	0.22	$	—	$	—	$	—
Amounts attributable to CoreLogic:
Basic income per share:
Income from continuing operations, net of tax	$	3.36	$	0.42	$	0.92	$	1.31	$	0.66
Income from discontinued operations, net of tax	0.44		0.20		0.59		0.51		0.58
Gain/(loss) from sale of discontinued operations, net of tax	0.03		—		—		—		(0.02)
Net income attributable to CoreLogic	$	3.83	$	0.62	$	1.51	$	1.82	$	1.22
Diluted income per share:
Income from continuing operations, net of tax	$	3.28	$	0.42	$	0.90	$	1.28	$	0.65
Income from discontinued operations, net of tax	0.43		0.19		0.58		0.50		0.57
Gain/(loss) from sale of discontinued operations, net of tax	0.03		—		—		—		(0.02)
Net income attributable to CoreLogic	$	3.74	$	0.61	$	1.48	$	1.78	$	1.20
Weighted average shares outstanding
Basic	78,542		79,885		80,854		83,499		87,502
Diluted	80,495		81,021		82,275		85,234		89,122

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Item 7. Management’s Discussion and Analysis of Financial Condition and Consolidated Results of Operations

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K and certain information incorporated herein by reference contain forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements included or incorporated by reference in this Annual Report, other than statements that are purely historical, are forward-looking statements. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “should,” “would,” “could,” “may,” and similar expressions also identify forward-looking statements. The forward-looking statements include, without limitation, statements regarding our future operations, financial condition and prospects, operating results, revenues and earnings, liquidity, our estimated income tax rate, unrecognized tax positions, amortization expenses, impact of recent accounting pronouncements, our cost management program, our acquisition strategy and growth plans, expectations regarding our recent acquisitions, dividends, share repurchases, the level of aggregate US mortgage originations, and the reasonableness of the carrying value related to specific financial assets and liabilities.

Our expectations, beliefs, objectives, intentions, and strategies regarding future results are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from results contemplated by our forward-looking statements. These risks and uncertainties include, but are not limited to:

•the potential impact of, and any potential developments related to, the proposed Merger;

•the potential impact of, and any potential developments related to, activist shareholder activity;

•compromises in the security or stability of our data and systems, including from cyber-based attacks, the unauthorized transmission of confidential information or systems interruptions, which could impair the delivery of our products and services;

•changes in applicable government legislation, regulations and the level of regulatory scrutiny affecting our clients or us, including with respect to consumer financial services and the use of public records and consumer data;

•reliance on our top ten clients for a significant portion of our revenue and profit;

•intense competition in the market against third parties and the in-house capabilities of our clients;

•risks related to the outsourcing of services and international operations;

•potential impairment of our substantial goodwill and other intangible assets;

•the potential impact that the COVID-19 pandemic, or the perception of its effects, may have on our business;

•our ability to protect proprietary technology rights and avoid infringement of others’ proprietary technology rights;

•the level of our indebtedness, our ability to service our indebtedness and the restrictions in our various debt agreements;

•our ability to realize the anticipated benefits of certain acquisitions and the timing thereof;

•the impact of our adoption of a shareholder rights plan;

•difficult or uncertain conditions in the mortgage and consumer lending industries and the economy generally; and

•our ability to attract and retain qualified personnel.

We urge you to carefully consider risks and uncertainties and review the additional disclosures we make concerning risks and uncertainties that may materially affect the outcome of our forward-looking statements and our future business and operating results, including those made in Item 1A, “Risk Factors” in this 10-K, as such risk factors may be amended, supplemented, or superseded from time to time by other reports we file with the SEC. We assume no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of the filing of this Annual Report on Form 10-K.

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Business Overview

We are a leading global property information, analytics, and data-enabled software platforms, and services provider operating in North America, Western Europe, and Asia Pacific. Our combined data from public, contributory, and proprietary sources provides detailed coverage of property, mortgages, other encumbrances, property risk and replacement cost, ~~consumer credit, tenancy,~~ location, hazard risk, and related performance information. We have more than one million users who rely on our data and predictive decision analytics to reduce risk, enhance transparency, and improve the performance of their businesses.

We offer our clients a comprehensive national database covering real property and mortgage information, judgments and liens, building and replacement costs, parcel and geospatial data, ~~criminal background records, eviction information, non-prime lending records, credit information,~~ and tax information, among other data types. Our structured property-specific data consisting of over 150 million parcel records covers over 99% of the US, includes both residential and commercial real estate data and is enriched by over 1one billion historical sales, mortgage, and pre-foreclosure transactions. Our consortium data covers loan -level mortgage performance, appraisal, as well as mortgage application data and is in excess of 300 million records. We are also the industry's first parcel-based geocoder and have developed a proprietary spatial database covering more than 150 million parcel polygons across the US. We believe the quality of the data we offer is distinguished by our broad range of data sources and our experience in aggregating, organizing, normalizing, processing, and delivering data to our clients.

With our data as a foundation, we have built strong analytics capabilities and a variety of value-added business services to meet our clients’ needs for property tax processing, property valuation, ~~mortgage and automotive credit reporting, tenancy screening,~~ hazard risk, property risk and replacement cost, flood plain location determination, other geospatial data, analytics, and related services.

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Overview of Business Environment and Company Developments

Merger Agreement

In February 2021, CoreLogic entered into the Merger Agreement with the Acquirer and Acquisition Sub, providing for the Merger, subject to the terms and conditions set forth therein. The Acquirer and Acquisition Sub are affiliates of Stone Point Capital Partners and Insight Partners.

In the event the Merger is completed, except as otherwise provided in the Merger Agreement, each share of common stock issued and outstanding immediately prior to the Effective Time would be converted into the right to receive the Merger Consideration. Consummation of the Merger is subject to customary closing conditions, including, among other things, receipt of the Requisite Stockholder Approval. The consummation of the Merger is not subject to a financing condition, and the Acquirer has obtained equity and debt financing commitments for the purpose of financing the Merger and the other transactions contemplated by the Merger Agreement.

Either we or the Acquirer may terminate the Merger Agreement in certain circumstances, including if (i) the Merger shall not have been consummated on or before 5:00 p.m. (New York City time) on August 9, 2021, (ii) any of certain governmental authorities of competent jurisdiction has issued a final non-appealable law or order prohibiting the Merger, (iii) the Requisite Stockholder Approval is not obtained at the stockholders’ meeting duly convened therefor or (iv) the other party materially breaches, and does not cure, any representation or covenant that would cause the related condition to the other party’s obligation to consummate the Merger not to be satisfied, in each case subject to certain limitations set forth in the Merger Agreement. If we terminate the Merger Agreement because (i) the Acquirer or Acquisition Sub materially breaches, and does not cure, any representation or covenant that would cause any conditions to our obligation to consummate the Merger not to be satisfied or (ii) all conditions to the Merger have been and continue to be satisfied (subject to customary exceptions) and the Acquirer fails to consummate the Merger after receiving written notification from us, we would be entitled to receive a termination fee from the Acquirer of $330 million. If the Merger Agreement is terminated by us or the Acquirer under other certain circumstances specified in the Merger Agreement, we would be obligated to pay a termination fee of $165 million to the Acquirer. See the risk factor titled “If the Merger Agreement is terminated, under certain conditions, we may be obligated to pay the Acquirer a substantial termination fee, which could require us to incur additional debt or reduce the amount of cash we have available to fund our operations” under “Risk Factors” in Item 1A of Part I of this Annual Report on Form 10-K for further information about the termination fee we may be obligated to pay. Please refer to Note 21 - Subsequent Events - Proposed Merger of the Notes to Consolidated Financial Statements included in Item 8 - Financial Statements and Supplementary Data of Part II of this Annual Report on Form 10-K for further information.

On February 16, 2021, the Board received an unsolicited acquisition proposal from CoStar to acquire the Company in an all-stock transaction. The Board is carefully reviewing the proposal in consultation with outside legal counsel and financial advisors. The Merger Agreement remains in full force and effect, and the Board has not withdrawn or modified its recommendation that the stockholders of CoreLogic vote in favor of the approval of the Merger, the Merger Agreement and the transactions contemplated hereby.

Rights Agreement Amendment

In February 2021, in connection with the execution of the Merger Agreement, CoreLogic also entered into the Rights Agreement Amendment with Equiniti Trust Company, in order to (i) render the Rights Agreement inapplicable to the Merger and the transactions contemplated by the Merger Agreement, (ii) ensure that in connection with the transactions contemplated by the Merger Agreement, none of the Acquirer, Acquisition Sub, or any of their “Affiliates” or “Associates” (each as defined in the Rights Agreement) shall be deemed to be or become an “Acquiring Person” (as defined below) and (iii) provide that the “Expiration Date” (as defined in the Rights Agreement) shall occur immediately prior to the Effective Time.

Unsolicited Proposal and Proxy Contest Proposals

In June 2020, we received the Unsolicited Proposal from Senator and Cannae to acquire the Company for $65.00 per share in cash, which initial proposal was increased by Senator and Cannae on September 2020 by $1.00 per share to $66.00 per share in cash. Our Board, in consultation with its independent financial and legal advisors, unanimously determined to reject the Unsolicited Proposal, as it significantly undervalues the Company, raises serious regulatory concerns and is not in the best interests of the Company and its stockholders. In July 2020, we received written notification from the FTC that it is conducting an investigation (“FTC Investigation”) of the proposed acquisition of the Company by Senator and Cannae and requesting that we produce information in connection with that investigation. In August 2020, we received a Civil Investigative Demand from

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the FTC in connection with the FTC Investigation into Senator and Cannae, requesting that the Company produce additional information in connection with that investigation.

In July 2020, in connection with the Unsolicited Proposal, Senator and Cannae issued a press release announcing the Proxy Contest Proposals. Although our Board opposed the actions being pursued by Senator and Cannae because they believed these proposals were not in the best interests of the Company’s stockholders, in August 2020, the Board of Directors determined to call a special meeting to provide stockholders the opportunity to vote and express their views. The Board of Directors set the special meeting for November 2020, with a record date of September 18, 2020. The Special Meeting resulted in the removal of three members of our Board and the appointment of three of Senator and Cannae's nominees to our Board, each with a term expiring at the Company's 2021 annual meeting of stockholders.

In October 2020, we issued a press release confirming that we are engaging with third parties that have indicated interest in a potential acquisition of the Company at a value at or above $80 per share. In November 2020, we issued a press release announcing that our Board would conduct a thorough strategic review (the “Strategic Review”) to maximize shareholder value. This Strategic Review ultimately culminated in our entry into the Merger Agreement with the Acquirer and Acquisition Sub on February 4, 2021. Our Board, including each of the directors elected at the November special meeting, has unanimously approved the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement. However, the consummation of the Merger is subject to customary closing conditions, including, among other things, receipt of the Requisite Stockholder Approval. In addition, our Board continues to review the unsolicited acquisition proposal from CoStar, consistent with its fiduciary duties and the terms of the Merger Agreement.

These events have required us, and will continue to require us, to incur significant legal and advisory fees and expenses, and require significant time and attention by management and our Board of Directors. For a further discussion of risks, uncertainties and other factors relating to the Unsolicited Proposal, the Proxy Contest Proposals, the FTC Investigation and the Merger Agreement that could impact our business and operating results, see the section entitled “Risk Factors” in Item 1A of Part I of this Annual Report on Form 10-K.

In connection with the Unsolicited Proposal, Proxy Contest Proposals and related strategic transaction process, we have incurred expenses of approximately $54.0 million for year ended December 31, 2020.

COVID-19

The global COVID-19 pandemic and the mitigation efforts by governments to attempt to control its spread have adversely impacted the global economy, leading to disruptions and volatility in the global financial markets. Most states and many countries have issued policies intended to stop or slow the further spread of the disease. Our first priority remains ensuring the safety and health of our employees, clients, and others with whom we partner in conducting our business. We have deployed risk-mitigation activities, safety practices, and business continuity strategies so that we can continue offering our clients consistent service offerings while continuing to protect our employees.

The volume of US mortgage loan originations serves as a key market driver for more than half of our business. We believe the volume and related volatility of real estate and mortgage transactions is primarily affected by real estate prices, the availability of funds for mortgage loans, mortgage interest rates, housing supply, employment levels, actions by the Federal Reserve, and the overall state of the US economy. Mortgage interest rates are extremely low by historical standards, and are resulting in higher demand for refinance activity, while the purchase market has been adversely impacted by reduced construction and sales of new and existing homes, and more recently, the COVID-19 pandemic and resulting economic instability. For the year ended December 31, 2020, our continuing operations experienced unfavorable business and revenue impacts of approximately $18.7 million related to the COVID-19 pandemic, exclusive of the increased mortgage refinance volumes. We have also incurred COVID-19 related expenses of approximately $3.0 million for year ended December 31, 2020. As of December 31, 2020, the impact we have experienced as a result of the COVID-19 pandemic has not had a significant impact on our financial condition, cash flows, control environment, or any related disclosures.

We will continue to monitor our business trends, financial condition, and liquidity, and are taking steps to manage our operating cash flows, by prioritizing our investments, and evaluating our capital needs and activities. Our liquidity as of December 31, 2020 consisted primarily of $167.4 million of cash and cash equivalents, and $450.0 million of unused committed capacity under our revolving credit facility, and we are in compliance with all financial covenants.

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Business Environment

The volume of US mortgage loan originations serves as a key market driver for more than half of our business. We believe the volume of real estate and mortgage transactions is primarily affected by real estate prices, the availability of funds for mortgage loans, mortgage interest rates, housing supply, employment levels, and the overall state of the US economy. We believe mortgage origination unit volumes increased by approximately 1040% to 45% in ~~2019~~2020 relative to ~~2018~~2019, primarily due to ~~significantly~~ higher mortgage refinance volumes ~~in the second half of 2019,~~ resulting from lower interest rates which favorably impacted overall mortgage unit volumes. Going forward, we expect ~~2020~~2021 mortgage unit volumes to bemodestly ~~flat~~decline relative to ~~2019~~2020 levels as lower interest rates are expected to enable higher refinance volumes through at least the first half of ~~2020~~2021. Mortgage purchase volumes continue to be impacted by multiple factors such as tight inventory supply, insufficient supply of new housing stock, and affordability, all of which we expect to continue for the foreseeable future.

We generate the majority of our revenues from clients with operations in the US residential real estate, mortgage origination, and mortgage servicing markets. Approximately 2934.84%, 3126.34%, and 3832.70% of our operating revenues for the years ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018, respectively, were generated from our ten largest clients who consist of some of the largest US mortgage originators and servicers. None of our clients individually accounted for 10.0% or more of our operating revenues for the years ended December 31, 2020, 2019 and 2018. One of our clients, Bank of America, accounted for 11.1% of our operating revenues for the year ended December 31, 2017. Although both of our business segments report revenue from this client, on a relative basis, UWS has higher customer concentration.

~~Dividend~~While the majority of our revenues are generated in the US, foreign exchange translation impacted our financial results from our international operating revenues unfavorably by $0.5 million, $9.8 million and $3.5 million for the years ended December 31, 2020, 2019 and 2018, respectively.

InCapital December 2019, we announced the initiation of a quarterly cash dividend to common shareholders. CoreLogic paid a cash dividend of $0.22 per share of common stock on January 24, 2020 to shareholders of record on the close of business January 10, 2020. Return

~~Business~~In ~~Exits~~July &2020, ~~Transformation~~our Board of Directors authorized the repurchase up to $1.0 billion of outstanding shares of our common stock. The authorization has no expiration date and supersedes our previous share repurchase authorization. As of December 31, 2020, we had $500.0 million in value of shares (inclusive of commissions and fees) available to be repurchased under the share repurchase authorization. Pursuant to the Merger Agreement, we agreed to refrain from repurchasing shares of our common stock during the Interim Operating Period, subject to the terms, limitations and exceptions set forth in the Merger Agreement.

In December ~~2018~~2019, we announced ~~our~~the ~~intent~~initiation toof ~~exit~~ a ~~loan~~quarterly ~~origination~~cash ~~software~~dividend ~~unit~~to ~~and~~common ~~its~~shareholders. ~~remaining~~CoreLogic ~~legacy~~paid ~~default~~a ~~management~~cash ~~related~~dividend ~~platforms,~~of as$0.22 ~~well~~per asshare ~~accelerate~~of ~~our~~common ~~AMC~~stock ~~transformation~~in ~~program.~~January We2020 ~~believe~~and ~~these~~June ~~actions~~2020 ~~will~~to ~~expand~~shareholders ~~our~~of ~~overall~~record ~~profit~~as ~~margins~~of ~~and~~the ~~provide~~close ~~for~~of ~~enhanced~~business ~~long-term~~on ~~organic~~January ~~growth~~10, ~~trends~~2020 and June 1, 2020, respectively. In ~~September~~July ~~2019~~2020, weour ~~divested~~Board ~~our~~of ~~default~~Directors ~~management~~announced ~~related~~a ~~platforms~~50% ~~and~~increase ~~received~~in ~~proceeds~~our ofcash dividend and declared a $30.833 ~~million.~~per ~~For~~share ~~the~~cash ~~year~~dividend ~~ended~~to ~~December~~common 31stockholders, ~~2019,~~which ~~operating~~was ~~revenues~~paid ~~decreased~~in bySeptember ~~$61.9~~2020 ~~million~~and ~~attributable~~December 2020 to stockholders of record as of the ~~aforementioned~~close of business ~~exists~~on ~~and~~September ~~strategic~~1, ~~transformation~~2020 ~~compared~~and toDecember ~~2018.~~1, We2020, ~~also~~respectively. ~~recorded~~In ~~non-cash~~January ~~impairment~~2021, ~~charges~~our Board of ~~$47.8~~Directors ~~million~~declared ~~and~~a ~~severance~~cash ~~expense~~dividend of $50.333 ~~million~~per share of common stock to be paid in ~~2019~~March ~~relating~~2021 to ~~the~~shareholders ~~AMC~~of ~~transformation~~record ~~program~~as ~~which~~of ~~concluded~~the inclose ~~December~~of ~~2019~~business on March 1, 2021.

~~Acquisitions~~Discontinued Operations

~~During~~In ~~2019~~July 2020, we ~~completed~~announced ~~the~~our ~~acquisition~~intention ofto ~~NTS~~exit ~~for~~our ~~total~~reseller ~~net~~operations ~~cash~~focused ofon ~~approximately~~mortgage ~~$13~~credit and borrower verification and multi-family tenant screening.2 ~~million~~Although market leaders in their respective business areas, ~~which~~these ~~was~~reseller ~~paid~~businesses are not compatible with ~~available~~our ~~cash~~long-term strategic imperatives. ~~This~~The ~~acquisition~~divestiture ~~included~~of ~~contingent~~these ~~consideration~~operations ofis upexpected to $7improve the Company's revenue growth trends and revenue mix, and significantly enhance profit margins.5 ~~million~~As toa beresult ~~paid~~of this strategic decision, the businesses have been reflected in ~~cash~~our byconsolidated ~~2022~~financial statements as discontinued operations for all periods presented. In October 2020, ~~contingent~~we ~~upon~~sold ~~the~~a ~~achievement~~portion of ~~certain~~our ~~revenue~~multi-family ~~targets~~tenant screening business, which resulted in ~~fiscal~~a ~~years~~gain on the sale of discontinued operations of $2.7 million, net of tax. For the year ended December 31, 2020, these business generated revenues of $374.3 million and operating income of $46.6 million. In February 2021, we sold the remainder of our multi-family tenant screening business for $51.2 ~~See~~million. Please refer to Note 1718 - ~~Acquisitions~~Discontinued Operations of the Notes to Consolidated Financial Statements included in Item 8 - Financial Statements and Supplementary Data of Part II of this Annual Report on Form 10-K for further ~~discussion~~information.

~~Financing~~Business ~~Activities~~Exits & Transformation within Continuing Operations

In ~~May~~December ~~2019~~2018, we ~~amended~~announced ~~the~~our ~~Credit~~intent ~~Agreement~~to ~~with~~exit ~~Bank~~a ofloan ~~America,~~origination ~~N.A.,~~software asunit ~~the administrative agent~~ and ~~other~~its ~~financial~~remaining ~~institutions.~~legacy ~~The~~default ~~Credit~~management ~~Agreement~~related ~~provides~~platforms, ~~for~~as awell ~~$1.8~~as ~~billion~~accelerate ~~five-year~~our ~~Term~~AMC ~~Facility~~transformation program, ~~and~~which aactions ~~$750.0~~were ~~million~~focused ~~five-year~~on ~~Revolving~~expanding ~~Facility.~~our ~~The~~overall ~~Term~~profit ~~Facility~~margins ~~matures,~~ and ~~the~~providing ~~Revolving~~for ~~Facility~~enhanced ~~expires,~~long-term inorganic ~~May~~growth ~~2024~~trends. ~~The~~In ~~Revolving~~September ~~Facility~~2019, ~~includes~~we adivested ~~$100.0~~our ~~million~~default ~~multicurrency~~management ~~revolving~~related ~~sub-facility~~platforms and areceived ~~$50.0~~proceeds ~~million letter~~ of ~~credit~~$3.8 ~~sub-facility~~million. ~~The~~For ~~Credit Agreement also provides for~~ the ~~ability~~year toended ~~increase~~December ~~the~~31, ~~Term~~2019, ~~Facility~~operating ~~and~~revenues ~~Revolving~~decreased ~~Facility~~ by ~~up to~~ $~~300~~61.09 million inattributable ~~the aggregate; however, the lenders are not obligated~~ to ~~do so. See Note 8 - Long Term Debt of~~ the ~~Notes~~aforementioned tobusiness ~~Consolidated~~exits ~~Financial Statements included in Item 8 - Financial Statements~~ and ~~Supplementary~~strategic ~~Data of this Annual Report on Form 10-K for further discussion.~~

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~~Technology~~transformation ~~Transformation~~compared to 2018. We also recorded non-cash impairment charges of $47.8 million and severance expense of $5.3 million in 2019 relating to the AMC transformation program which concluded in December 2019.

In September 2018, we announced the adoption of the GCP as a foundational element of our ongoing technology transformation program to further expand infrastructure capabilities and drive efficiencies. We expect to complete the initial deployment of GCP over the next 12 months. Once implemented, CoreLogic plans to leverage the capabilities of the cloud platform to achieve best-in-class system performance and reliability and to facilitate the deployment of unique business insights fueled by gold-standard data, information, and analytics. Additionally, we expect to realize significant cost efficiencies and enhanced security upon implementation.Acquisitions

~~Productivity~~In &January ~~Cost~~2020, ~~Management~~we acquired the remaining 66% of Location for $11.5 million, subject to certain working capital adjustments. Location is included as a component of our PIRM segment. See Note 17 - Acquisitions of the Notes to Consolidated Financial Statements included in Item 8 - Financial Statements and Supplementary Data of Part II of this Annual Report on Form 10-K for further discussion.

In line with our on-going commitment to operational excellence and margin expansion, we achieved our cost reduction target of $20.0 million in 2019. Savings were realized through the reduction of operating costs, selling, general and administrative costs, outsourcing certain business process functions, consolidation of facilities, and other operational improvements.

Unless otherwise indicated, the Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report on Form 10-K relate solely to the discussion of our continuing operations.

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Consolidated Results of Operations

Year Ended December 31, ~~2019~~2020 Compared to Year Ended December 31, ~~2018~~2019

Operating Revenues

Our consolidated operating revenues were $1.86 billion for the year ended December 31, ~~2019~~2020, aan ~~decrease~~increase of $26201.15 million when compared to ~~2018~~2019, and consisted of the following:

(in thousands, except percentages)	~~2019~~			~~2018~~2020			~~$ Change~~		2019		~~% Change~~		$ Change		% Change
PIRM	$	~~712,057~~		$	~~705~~681,~~284~~912		$	~~6,773~~	$	663,016	~~1.0~~	%	$	18,896	2.9	%
UWS	~~1,062,864~~			1972,~~093,846~~831			~~(30,982~~		)787,368		~~(2.8~~	)	185,463		23.6
Corporate and eliminations	~~(12,686~~		)	(1012,~~752~~368)		)	~~(1,934~~		(9,511)		~~18.0~~		(2,857)		30.0
Operating revenues	$	~~1,762,235~~		$	1,~~788~~642,~~378~~375		$	~~(26,143~~	)$	1,440,873	~~(1.5~~	)%	$	201,502	14.0	%

Our PIRM segment revenues increased by $618.89 million, or 12.09%, when compared to ~~2018~~2019. ~~Acquisition~~Excluding acquisition activity ~~contributed~~of $463.25 million ~~in 2019. Excluding acquisition activity~~, the ~~decrease~~increase of $3915.4 million was primarily due to ~~lower~~higher ~~property~~revenues ~~insights~~ of $2731.50 million asfrom ~~well~~property asinsights ~~lower~~and insurance and spatial solutions ~~revenues~~due ofto ~~$4.2~~increased ~~million~~market ~~attributable~~volumes, tomarket-share ~~lower~~gains ~~volumes~~and pricing. ~~Property~~This ~~insights~~increase ~~included~~was ~~unfavorable~~partially ~~foreign~~offset ~~exchange~~by ~~translation~~the impact of COVID-19 totaling $915.81 million ~~and~~across ~~weaker~~our ~~market~~solution ~~conditions~~groups. inAdditionally, ~~Australia~~included ~~which~~within ~~negatively~~our ~~impacted~~property insights revenues byis ~~$8.9~~unfavorable ~~million.~~foreign ~~Other~~exchange ~~revenues~~of ~~decreased by~~ $70.75 million.

Our UWS segment revenues ~~decreased~~increased by $31185.05 million, or 223.86%, when compared to ~~2018~~2019. ~~Acquisition~~Excluding acquisition activity ~~contributed~~of $133.29 million ~~in 2019. Excluding acquisition activity~~, the ~~decrease~~increase of $44181.25 million was primarily due to ~~lower~~higher ~~credit~~property tax solutions revenues of $21194.86 million ~~attributable~~and tohigher ~~lower~~flood ~~volumes.~~data ~~Additionally, our valuation~~ solutions ~~and other~~ revenues ~~reflect the impact~~ of ~~our business exits and transformation initiatives which lowered our segment revenues by approximately~~ $6141.91 million, ~~offset~~both byprimarily ~~higher~~related ~~market volumes of $24.9 million. Refer~~ to ~~"Business~~increased ~~Exits~~market &volumes, ~~Transformation"~~market-share ~~for~~gains, ~~further~~and ~~details~~pricing. ~~Further,~~These ~~tax~~increases ~~solutions~~were ~~was~~partially ~~also~~offset ~~impacted~~ by alower ~~discrete~~valuation ~~prior~~solutions ~~year benefit of accelerated~~ revenue ~~recognition~~ of ~~approximately~~ $2346.76 million. ~~These~~due ~~decreases~~to ~~were~~the ~~partially~~impacts ~~offset~~of byour ~~higher~~AMC ~~market~~transformation ~~volumes~~program, ~~which~~and ~~increased~~lower ~~flood~~other ~~data solutions~~ revenues byof $117.46 million ~~and~~due ~~tax~~to ~~solutions~~business ~~revenue~~exits byand ~~$3.2~~the ~~million.~~adverse impact of COVID-19.

Our corporate and eliminations revenues were comprised of intercompany revenue eliminations between our operating segments.

Cost of Services (exclusive of depreciation and amortization)

Our consolidated cost of services was $~~880~~597.10 million for the year ended December 31, ~~2019~~2020, a decrease of $4135.31 million, or 4.5.6%, when compared to ~~2018~~2019. Acquisition activity contributed $265.85 million of additional cost in ~~2019~~2020. Excluding acquisition activity, the decrease of $6840.16 million was primarily due to ~~lower~~favorable ~~operating~~product ~~revenues~~mix due to the impact of our AMC transformation program and ~~favorable~~business ~~product~~exits, ~~mix~~offset by higher operating revenues.

Selling, General and Administrative Expense

Our consolidated selling, general and administrative expenses were $~~480~~537.96 million for the year ended December 31, ~~2019~~2020, an increase of $3673.38 million, or 815.29%, when compared to ~~2018~~2019. ~~Acquisition~~Excluding acquisition activity ~~contributed an increase~~ of $234.69 million ~~in 2019. Excluding acquisition activity~~, the increase of $1268.79 million was primarily due to higher ~~productivity-~~costs from the Unsolicited Proposal, Proxy Contest Proposals, and related ~~investments~~strategic transaction process of $1654.80 million, higher ~~severance~~other ~~expense~~external services costs of $424.78 million, and $0.6 million in compensation, primarily due to higher ~~personnel-related~~variable compensation costs ofrelating ~~$7.1~~to ~~million~~operating performance, partially offset by lower ~~outsourced~~travel ~~services~~costs of $139.08 million, and lower other expenses of $20.97 million.

Depreciation and Amortization

Our consolidated depreciation and amortization expense was $~~187~~174.74 million for the year ended December 31, ~~2019~~2020, a decrease of $40.37 million, or 20.24%, when compared to ~~2018~~2019. Excluding acquisition activity of $61.6 million, the decrease of $102.93 million is primarily due to assets that were fully impaired ~~during the current year~~.

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Impairment Loss

Our consolidated impairment loss totaled $472.93 million for the year ended December 31, ~~2019~~2020, ana ~~increase~~decrease of $4045.25 million, or 95.2%, when compared to ~~2018~~2019, ~~representing~~primarily ~~current~~due ~~year~~to prior write-offs of client lists of $32.3 million, software of $12.3 million, and licenses of $3.3 million related to the transformation of our AMC business ~~in 2019~~, offset by ~~prior~~current year impairment charges related to software ofand ~~$7.7~~operating ~~million~~lease assets.

Operating Income

Our consolidated operating income was $~~165~~331.50 million for the year ended December 31, ~~2019~~2020, aan ~~decrease~~increase of $57208.19 million, or 25171.62%, when compared to ~~2018~~2019, and consisted of the following:

(in thousands, except percentages)	~~2019~~			~~2018~~2020			~~$ Change~~		2019		~~% Change~~		$ Change		% Change
PIRM	$	~~71,834~~		$	8690,~~784~~931		$	~~(14,950~~	)$	53,607	~~(17.2~~	)%	$	37,324	69.6	%
UWS	~~220,421~~			~~239~~431,~~219~~690			~~(18,798~~		)194,654		~~(7.9~~	)	237,036		121.8
Corporate and eliminations	~~(126,719~~		)	(~~103~~191,~~385~~639)		)	~~(23,334~~		(126,226)		~~22.6~~		(65,413)		51.8
Operating income	$	~~165,536~~		$	~~222~~330,~~618~~982		$	~~(57,082~~	)$	122,035	~~(25.6~~	)%	$	208,947	171.2	%

Our PIRM segment operating income ~~decreased~~increased by $1537.03 million, or 1769.26%, for the year ended December 31, ~~2019~~2020, when compared to ~~2018~~2019. ~~Excluding~~Acquisitions ~~acquisition~~lowered ~~activity~~operating ofincome by $1.70 million primarily due to investments in data and technology capabilities and the amortization of acquisition-related intangible assets. Excluding acquisition activity, operating income ~~decreased~~increased by $1338.3 million and margins ~~decreased~~increased by ~~120~~547 basis points primarily due to ~~lower~~higher ~~operating revenues~~revenue, ~~partially~~favorable ~~offset~~product bymix, and the impact of our ongoing operational efficiency programs.

Our UWS segment operating income ~~decreased~~increased by $18237.80 million, or 7121.98%, when compared to ~~2018~~2019. ~~Excluding~~Acquisitions ~~acquisition-related~~lowered ~~activity~~operating ofincome by $43.16 million, ~~operating~~due ~~income~~to ~~decreased~~investments ~~$22.9~~in ~~million~~data and ~~margins~~technology ~~decreased~~capabilities byand ~~127~~the ~~basis~~amortization ~~points~~of ~~primarily~~acquisition-related ~~due~~intangible toassets. ~~our~~Excluding ~~AMC~~acquisition ~~transformation~~activity, ~~and~~operating aincome ~~prior~~increased ~~year~~by ~~benefit~~$240.6 ofmillion ~~accelerated~~and ~~revenue~~margins ~~recognition~~increased by 20 percentage points, ~~partially~~primarily ~~offset~~impacted by ~~higher~~lower ~~market~~impairment ~~volumes~~loss, ~~favorable~~higher revenues, improved product mix from business exits and AMC transformation, and the impact of our ongoing operational efficiency programs.

~~Corporate~~Our corporate and eliminations ~~had~~losses anincreased ~~unfavorable~~by ~~variance of~~ $2365.34 million, or 2251.68%, compared to 2019, primarily due to higher ~~investments~~costs inassociated ~~data~~with the Unsolicited Proposal, Proxy Contest Proposals, and ~~technology~~related ~~capabilities~~strategic transaction process.

Total Interest Expense, Net

Our consolidated total interest expense, net, was $7669.2 million for the year ended December 31, ~~2019~~2020, ana ~~increase~~decrease of $27.20 million, or 39.02%, when compared to ~~2018~~2019. The ~~increase~~decrease was primarily due to ~~higher~~lower ~~average~~interest ~~outstanding~~rates ~~principal~~as ~~balances~~well inas ~~the~~lower ~~current~~average ~~year~~outstanding principal balances. See Note 8 - Long-Term Debt for further discussion.

Tax Indemnification Release

In ~~the current year~~2019, we recorded a $13.4 million loss related to the release of a tax indemnification receivable due to the expiration of the statutes of limitations in our principal state jurisdictions. Associated state tax reserves of $15.3 million were also released and recognized as income tax benefit through the provision for income taxes.

Gain/(Loss)~~/Gain~~ on Investments and Other, Net

Our consolidated ~~loss~~gain on investments and other, net, was $042.52 million for the year ended December 31, ~~2019~~2020, ana ~~unfavorable~~favorable variance of $1843.52 million when compared to ~~2018~~2019. The ~~variance~~gain ~~was~~on ~~primarily~~investments ~~due~~and other, net in 2020 is comprised of a gain of $37.3 million from the sale of equity method investments, a gain of $3.4 million related to supplemental benefit plans, gains of $1.5 million related to other merger and acquisition activity, ~~totaling~~and other gains of $171.4 million. These gains are offset by an impairment of an equity method investment of $1.4 million,. aThe $1.0 million loss on investments and other, net in 2019 is comprised of a $6.6 million loss related to a fair value adjustment on an equity investment, and $1.5 million of unamortized debt issuance cost write-offs due to financing activities in May 2019. The aforementioned items were partially offset by ~~current year~~ realized gains on our supplemental benefit plans of $65.4 million, gains of $1.0 million related to merger and acquisition activity, and other gains of $0.7 million.

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Provision/(Benefit) for Income Taxes

Our consolidated provision/(benefit) for income taxes from continuing operations before equity in earnings of affiliates and income taxes was a provision of $941.26 million and a benefit of $451.78 million for the years ended December 31, ~~2019~~2020 and ~~2018~~2019, respectively. Our effective income tax rate was 12a provision of 13.27% and 27a benefit of 5.47% for the years ended December 31, ~~2019~~2020 and ~~2018~~2019, respectively. The ~~decrease~~items which gave rise to the change in the effective income tax rate ~~was~~are primarily ~~due to~~ the tax benefit associated with the ~~reversal~~close of ~~state~~an ~~tax~~IRS ~~reserves~~Examination ~~due to the expiration of the statute of limitations~~ in ~~our~~2020 ~~principal state jurisdictions~~ and a prior year one-time ~~charge~~benefit ~~for~~related ~~the~~to ~~transitions tax in connection with~~ the ~~Tax~~release ~~Cuts~~of ~~and~~state ~~Jobs~~tax ~~Act~~reserves.

~~Loss~~Equity ~~from~~in ~~Discontinued~~Earnings ~~Operations~~of Affiliates, ~~Net~~net of ~~Tax~~tax

Our consolidated ~~loss~~equity ~~from~~in ~~discontinued~~earnings ~~operations~~of affiliates, net of tax was $171.5 9 million for the year ended December 31, ~~2019~~2020, ~~primarily~~a ~~reflecting~~favorable avariance of $231.0 3 million ~~legal~~when ~~settlement,~~compared ~~prior~~ to ~~an associated tax benefit, resulting from an appellate court decision~~2019. ~~The~~We ~~net~~had ~~loss~~equity ofinterests ~~$0.6 million~~ in ~~2018~~various ~~results~~affiliates ~~primarily~~which ~~from~~had ~~legal~~higher ~~losses.~~earnings ~~See Note~~in 2the -current ~~Significant~~period ~~Accounting~~compared ~~Policies for~~to ~~further~~prior ~~information~~year.

Income 27from Discontinued Operations, Net of Tax

Our consolidated income from discontinued operations, net of tax was $34.4 million for the year ended December 31, 2020, a favorable variance of $18.8 million, or 120.1%, when compared to 2019. This is primarily due to higher income from our reseller business related to increased market volumes and a prior year loss principally related to a $23.0 million legal settlement. See Note 2 - Significant Accounting Policies for further information.

Gain from Sale of Discontinued Operations, Net of Tax

Our consolidated gain from sale of discontinued operations, net of tax was $2.7 million for the year ended December 31, 2020 due to the sale of a component of our multi-family tenant screening business.

Table of Contents

Year Ended December 31, ~~2018~~2019 Compared to Year Ended December 31, ~~2017~~2018

Operating Revenues

Our consolidated operating revenues were $1.84 billion for the year ended December 31, ~~2018~~2019, aan ~~decrease~~increase of $624.75 million when compared to ~~2017~~2018, and consisted of the following:

(in thousands, except percentages)	~~2018~~			~~2017~~2019			~~$ Change~~		2018		~~% Change~~		$ Change		% Change
PIRM	$	~~705,284~~		$	~~703~~663,~~032~~016		$	~~2,252~~	$	646,804	~~0.3~~	%	$	16,212	2.5	%
UWS	~~1,093,846~~			1787,~~157,432~~368			~~(63,586~~		)796,550		~~(5.5~~	)	(9,182)		(1.2)
Corporate and eliminations	~~(10,752~~		)	(9,~~347~~511)		)	~~(1,405~~		(6,984)		~~15.0~~		(2,527)		36.2
Operating revenues	$	~~1,788,378~~		$	1,~~851~~440,~~117~~873		$	~~(62,739~~	)$	1,436,370	~~(3.4~~	)%	$	4,503	0.3	%

Our PIRM segment revenues increased by $216.32 million, or 02.35%, when compared to ~~2017~~2018. Acquisition activity contributed $2146.82 million in ~~2018~~2019. Excluding acquisition activity, the decrease of $1930.50 million was primarily due to lower property insights revenues of $625.58 million ~~from~~as ~~lower~~well ~~volumes,~~as lower insurance and spatial solutions revenues of $64.92 million. ~~from~~Property ~~lower~~insights ~~weather~~included ~~event-related revenues, the impact of~~ unfavorable foreign exchange translation of $39.58 million ~~within~~and ~~property~~weaker ~~insights,~~market ~~and~~conditions ~~lower~~in ~~other~~Australia which negatively impacted revenues ofby $28.69 million.

Our UWS segment revenues decreased by $639.62 million, or 51.52%, when compared to ~~2017~~2018. Acquisition activity contributed $3713.72 million in ~~2018~~2019. Excluding acquisition activity, the decrease of $~~101~~22.34 million was primarily due to lower valuation solutions revenues of $8537.90 million, ~~credit~~due ~~solutions~~to ofour ~~$9.6~~business ~~million,~~exits ~~flood~~and ~~data~~transformation ~~solutions~~initiatives ofwhich ~~$4.2~~lowered ~~million,~~our ~~and~~segment ~~other~~ revenues ofby approximately $161.69 million, ~~mainly~~offset ~~driven~~ by ~~lower~~higher ~~mortgage~~ market ~~unit~~ volumes ~~and~~of ~~the~~$24.9 ~~impact~~million. ofFurther, ~~planned~~property ~~vendor~~tax ~~diversification~~solutions ~~from~~was ~~key~~also ~~appraisal~~impacted ~~management~~by ~~clients.~~a Wediscrete ~~also~~prior ~~recorded~~year ~~the~~ benefit of accelerated revenue recognition of approximately $23.7 million. ~~resulting~~These ~~from~~decreases ~~the~~were ~~amendment~~partially ofoffset aby ~~long-term~~higher ~~contract~~market involumes, ~~property~~which ~~tax~~increased flood data solutions, ~~which~~revenues ~~was~~by ~~entirely~~$11.4 ~~offset~~million byand ~~lower~~property ~~mortgage~~tax ~~market~~solutions ~~unit~~revenue ~~volumes~~by $3.2 million.

Our corporate and eliminations revenues were comprised of intercompany revenue eliminations between our operating segments.

Cost of Services (exclusive of depreciation and amortization)

Our consolidated cost of services was $~~921~~632.41 million for the year ended December 31, ~~2018~~2019, a decrease of $5330.42 million, or 54.56%, when compared to ~~2017~~2018. Acquisition activity contributed $2226.38 million of additional cost in ~~2018~~2019. Excluding acquisition activity, the decrease of $7556.79 million was primarily due to ~~lower~~favorable ~~operating~~product ~~revenues~~mix due to the impact of our AMC transformation program and business exits.

Selling, General and Administrative Expense

Our consolidated selling, general and administrative expenses was $~~444~~463.68 million for the year ended December 31, ~~2018~~2019, aan ~~decrease~~increase of $1535.29 million, or 38.34%, when compared to ~~2017~~2018. Acquisition activity contributed an increase of $2523.46 million in ~~2018~~2019. Excluding acquisition activity, the ~~decrease~~increase of $4012.63 million was primarily ~~related~~due to ~~our~~higher ~~ongoing operational efficiency programs, which reduced our personnel~~productivity-related ~~expenses~~investments byof $3616.08 million~~. In addition~~, wehigher ~~incurred~~severance ~~lower~~expense ~~legal settlement costs~~ of $144.09 million, and ~~other~~higher ~~expenses~~personnel-related costs of $118.56 million., ~~The decrease was~~ partially offset by ~~higher~~lower outsourced services of $2012.95 million, ~~for initiatives~~ and ~~investments~~lower onother ~~data~~expenses ~~and~~of ~~technology capabilities~~$5.5 million.

Depreciation and Amortization

Our consolidated depreciation and amortization expense was $~~192~~175.01 million for the year ended December 31, ~~2018~~2019, ana ~~increase~~decrease of $146.20 million, or 83.03%, when compared to ~~2017~~2018. ~~The~~Excluding ~~increase~~acquisition ~~was~~activity of $6.6 million, the decrease of $12.6 million is primarily due to ~~acquisitions~~assets that were fully impaired.

Impairment Loss

Our consolidated impairment loss ~~increased~~totaled $747.78 million for the year ended December 31, 2019, and increase of $40.1 million when compared to ~~2017~~2018, ~~which~~representing ~~was~~write-offs ~~due~~of client lists of $32.3 million, software of $12.3 million and licenses of $3.3 million related to the transformation of our AMC business in 2019, offset by impairment charges ofrelated to software of $7.7 million in 2018.

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Operating Income

Our consolidated operating income was $~~222~~122.60 million for the year ended December 31, ~~2018~~2019, a decrease of $1635.03 million, or 622.75%, when compared to ~~2017~~2018, and consisted of the following:

(in thousands, except percentages)	~~2018~~			~~2017~~2019			~~$ Change~~		2018		~~% Change~~		$ Change		% Change
PIRM	$	~~86,784~~		$	8953,~~129~~607		$	~~(2,345~~	)$	59,395	~~(2.6~~	)%	$	(5,788)	(9.7)	%
UWS	~~239,219~~			~~233~~194,~~366~~654			~~5,853~~		201,351		~~2.5~~		(6,697)		(3.3)
Corporate and eliminations	~~(103,385~~		)	(83126,~~877~~226)		)	~~(19,508~~		(103,376)		~~23.3~~		(22,850)		22.1
Operating income	$	~~222,618~~		$	~~238~~122,~~618~~035		$	~~(16,000~~	)$	157,370	~~(6.7~~	)%	$	(35,335)	(22.5)	%

Our PIRM segment operating income decreased by $25.38 million, or 29.67%, when compared to ~~2017~~2018. ~~Acquisition-related~~Excluding acquisition activity ~~lowered~~of ~~operating income by~~ $61.7 million ~~in 2018 primarily due to investments on data and technology capabilities and the amortization of acquisition-related intangible assets. Excluding acquisition activity~~, operating income ~~increased~~decreased by $4.41 million and operating margins ~~increased~~decreased ~~101~~by 151 basis points primarily due to lower ~~legal~~operating ~~settlement costs of $14.0 million~~revenues, partially offset by ~~lower~~the ~~operating~~impact ~~revenues~~of our ongoing operational efficiency programs.

Our UWS segment operating income ~~increased~~decreased by $56.97 million, or 23.53%, when compared to ~~2017~~2018. Excluding acquisition-related activity of $64.1 million, operating income decreased $010.28 million ~~primarily~~and ~~due~~margins todecreased ~~lower~~by ~~mortgage~~660 ~~market~~basis ~~unit~~points ~~volumes,~~primarily ~~unfavorable~~due ~~product~~to ~~mix~~our ~~and~~business ~~higher~~exits ~~impairment~~and ~~charges~~AMC ontransformation ~~software~~and ofprior ~~$7.7~~year ~~million.~~benefit ~~The~~of ~~decrease~~accelerated ~~was~~revenue recognition, partially offset by ~~the~~higher ~~benefit~~market ofvolumes, ~~accelerated~~favorable ~~revenue~~product ~~recognition~~mix ~~resulting~~and ~~from~~ the ~~amendment~~impact of ~~a long-term contract in~~ our ~~property~~ongoing ~~tax~~operational ~~solutions~~efficiency ~~operations~~programs. ~~Operating margins increased 197 basis points compared to 2017.~~

Corporate and eliminations had an unfavorable variance of $1922.59 million, or 2322.31%, primarily due to higher investments on data and technology capabilities.

Total Interest Expense, Net

Our consolidated total interest expense, net was $7476.02 million for the year ended December 31, ~~2018~~2019, an increase of $122.2 million, or 193.70%, when compared to ~~2017~~2018. The increase was primarily due to higher average outstanding principal balances ~~and interest rates~~ in ~~2018~~2019.

Gain/(Loss)~~/Gain~~ on Investments and Other, Net

Our consolidated ~~gain~~loss on investments and other, net was $181.01 million for the year ended December 31, ~~2018~~2019, aan ~~favorable~~unfavorable variance of $2519.98 million when compared to ~~2017~~2018. The variance iswas primarily due to ~~higher~~merger ~~2018~~and ~~gains~~acquisition ~~including~~activity totaling $1318.34 million, ~~related~~a toloss ~~the purchase~~ of ~~the remaining interest of an equity-method investment,~~ $36.36 million ~~from~~related ~~the~~to ~~disposition~~a offair avalue ~~long-term~~adjustment on an equity investment, and $1.75 million ~~from the sale~~ of ~~a non-core business. Additionally, in 2017 we wrote-off~~ unamortized debt issuance ~~costs~~cost ofwrite-offs ~~$1.8~~due ~~million~~to ~~in conjunction with~~ financing activities asin ~~well~~May ~~as impaired equity method investments for $3~~2019.8 ~~million,~~The ~~representing~~aforementioned ~~other-than~~items ~~temporary~~were ~~losses~~partially inoffset ~~value~~by ~~due~~realized togains on our ~~expected~~supplemental ~~inability~~benefit toplans ~~recover~~of ~~the~~$6.7 ~~carrying~~million ~~amount~~in ~~of the investments~~2019.

~~Provision~~Tax ~~for~~Indemnification ~~Income Taxes~~Release

~~Our~~In ~~consolidated~~2019, ~~provision~~we ~~for~~recorded ~~income taxes from continuing operations was~~ a $4513.7 4 million ~~and~~loss ~~$18.2~~related ~~million~~to ~~for~~ the ~~years~~release ~~ended~~of ~~December 31,~~a ~~2018 and 2017, respectively. Our effective income~~ tax ~~rate~~indemnification ~~was~~receivable ~~27.4% and 10.8% for the years ended December 31, 2018 and 2017, respectively. The increase in the effective income tax rate was primarily~~ due to the ~~enactment~~expiration of the ~~Tax~~statutes ~~Cuts~~of ~~and~~limitations ~~Jobs Act ("TCJA"), which resulted~~ in aour ~~one-time~~principal ~~charge~~state ~~for~~jurisdictions. ~~the~~Associated ~~transition~~state tax inreserves ~~2018~~ of $1215.53 million ~~and~~were aalso ~~2017~~released ~~provisional~~and ~~benefit~~recognized ofas ~~$38.0~~income ~~million~~tax ~~for~~benefit ~~remeasuring~~through ~~of deferred taxes. The increase was partially offset by~~ the ~~lower~~provision for income ~~tax rate in effect under TCJA~~taxes.

~~Loss~~Provision/(Benefit) ~~from~~for ~~Discontinued~~Income ~~Operations, Net of Tax~~Taxes

Our consolidated ~~loss~~provision/(benefit) for income taxes from ~~discontinued~~continuing operations, ~~net~~before equity in earnings of ~~tax~~affiliates and income taxes was a benefit of $01.8 million and a provision of $29.6 million for the ~~year~~years ended December 31, 2019 and 2018, anrespectively. ~~unfavorable~~Our ~~variance~~effective income tax rate was a benefit of $25.97% ~~million,~~and ~~when~~a ~~compared~~provision toof ~~2017~~29.0% for the years ended December 31, ~~due~~2019 and 2018, respectively. The change in effective income tax rate was primarily due to the tax benefit associated with the reversal of state tax reserves due to the expiration of the statute of limitations in our principal state jurisdictions in 2019 and a ~~legal~~prior ~~settlement~~year ~~gain~~one-time charge for the transitions tax in ~~2017~~connection with the Tax Cuts and Jobs Act in 2018.

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Equity in Earnings of Affiliates, net of tax

Our consolidated equity in earnings of affiliates, net of tax was $0.6 million for the year ended December 31, 2019, an unfavorable variance of $0.9 million when compared to 2018. We had equity interests in various affiliates which had lower earnings in 2019 compared to 2018.

Income (loss) from Discontinued Operations, Net of Tax

Our consolidated income/(loss) from discontinued operations, net of tax was $15.6 million for the year ended December 31, 2019, an unfavorable variance of $32.2 million, when compared to 2018. This is primarily due to lower income from our reseller businesses related to decreased market volumes, market-share losses, and pricing as well as a $23.0 million legal settlement, prior to an associated tax benefit, resulting from an appellate court decision.

Liquidity and Capital Resources

Cash and cash equivalents totaled $~~105~~167.24 million and $85104.32 million as of December 31, ~~2019~~2020 and ~~2018~~2019, respectively, representing an increase of $1963.93 million. As of December 31, ~~2019~~2020, our cash balances held in foreign jurisdictions totaled $3967.86 million and are primarily related to our international operations. We plan to maintain significant cash balances outside the US for the foreseeable future.

Restricted cash of $10.54 million and $1310.05 million at December 31, ~~2019~~2020 and ~~2018~~2019, respectively, is comprised of deposits that are pledged for various letters of credit/bank guarantees secured by us, escrow accounts due to acquisitions and divestitures as well as short-term investments within our deferred compensation plan trust.

Cash Flow

Operating Activities. Cash provided by operating activities reflects net income adjusted for certain non-cash items and changes in operating assets and liabilities. Total cash provided by operating activities was $~~364~~535.28 million, $~~355~~364.12 million and $~~385~~355.91 million for the years ended December 31, ~~2019~~2020, ~~2018~~2019, and ~~2017~~2018, respectively. ~~The~~Cash ~~increase in cash~~ provided by discontinued operating activities ~~in 2019 relative to 2018~~ was ~~primarily~~$44.6 ~~due~~million, to$16.9 ~~favorable~~million ~~changes~~and in$49.3 ~~working~~million ~~capital~~for ~~offset~~the byyears ~~lower~~ended ~~net~~December 31, ~~income~~2020, ~~from~~2019, ~~continuing~~and ~~operations~~2018, asrespectively. ~~adjusted~~The ~~for~~increase ~~non-cash~~in ~~activities, and increased~~ cash ~~used~~provided inby ~~discontinued~~ operations ~~principally~~were ~~related~~primarily due to ~~the~~higher ~~impact~~net ofincome aas ~~2019~~adjusted ~~legal~~for ~~settlement.~~non-cash ~~See Note~~activities 2and -favorable ~~Significant~~changes ~~Accounting~~in ~~Policies for~~working ~~further~~capital ~~information~~items.

The ~~decrease~~increase in cash provided by operating activities in ~~2018~~2019 relative to ~~2017~~2018 was primarily due to ~~unfavorable~~favorable changes in working capital ~~and~~offset aby ~~2017~~lower ~~favorable~~net ~~legal~~income ~~settlement~~from ~~within~~continuing ~~our~~and discontinued operations, ~~partially~~as ~~offset~~adjusted byfor ~~higher~~non-cash ~~net~~activities, ~~income~~and ~~from~~increased ~~continuing~~cash used discontinued operations, asprincipally ~~adjusted~~related ~~for~~to ~~non~~the impact of a 2019 legal settlement. Please refer to Note 18 -~~cash~~ ~~activities~~Discontinued Operations of the Notes to Consolidated Financial Statements included in Item 8 - Financial Statements and Supplementary Data of Part II of this Annual Report on Form 10-K for further information.

Investing Activities. Total cash used in investing activities consisted primarily of capital expenditures, acquisitions, and dispositions. Cash used in investing activities was approximately $65.7 million, $135.8 million, and $308.9 million for the years ended December 31, 2020, 2019, and 2018, respectively. Cash used in discontinued investing activities was $~~268~~12.91 million, $16.8 million, and $13.2 million for the years ended December 31, ~~2019~~2020, ~~2018~~2019, and ~~2017~~2018, respectively.

Cash used in investing activities from continuing operations during ~~2019~~2020 was primarily related to investments in property and equipment and capitalized data of $9157.67 million and $4041.04 million, respectively. Additionally, we paid net cash of $1312.30 million primarily related to the ~~NTS~~Location acquisition and made other investments of $01.73 million. These outflows were partially offset by proceeds from investments of $551.64 million asand ~~well~~net ascash received from the sale of a discontinued operation of $47.1 5 million. Cash used in ~~proceeds~~discontinued ~~from~~investing ~~the~~activities ~~sale~~consisted of acapital ~~business-line~~expenditures.

Cash used in investing activities from continuing operations during ~~2018~~2019 was primarily related to ~~net~~investments ~~cash~~in ~~paid~~property ~~for~~and ~~acquisitions,~~equipment ~~including~~and ~~eTech~~capitalized ~~for~~data of $2179.23 million, aand ~~la mode for~~ $~~120~~35.35 million, ~~HomeVisit for $12~~respectively.6 ~~million~~Additionally, ~~and~~we ~~Symbility~~paid ~~for~~net cash of $6613.03 million. ~~Further,~~primarily werelated ~~had~~to ~~investments~~the inNTS ~~property~~acquisition and ~~equipment~~made ~~and~~other ~~capitalized~~investments ~~data~~ of $620.37 million. ~~and~~These ~~$35.1~~outflows ~~million,~~were ~~respectively,~~partially offset by proceeds from the sale of investments of $45.76 million, ~~and~~as well as $34.21 million in proceeds from the sale of a business-line. Cash used in discontinued investing activities consisted of capital expenditures.

Cash used in investing activities from continuing operations during ~~2017~~2018 was primarily related to net cash paid for acquisitions, including ~~Mercury~~eTech ~~Network~~Solutions Limited for $21.2 million, ~~LLC~~a la mode technologies for $~~153~~120.03 million, ~~Myriad~~Breakaway ~~Development~~Holdings, ~~Inc.~~LLC for $2212.06 million, and ~~Clareity~~Symbility ~~Security~~Solutions Inc., ~~LLC~~ for $1566.0 million. Further, we had investments in property and equipment and ~~capitalized data of $40.5 million and $35.0 million, respectively, and purchases of investments of $5.9 million.~~

For the year ending December 31, 2020, we anticipate investing between $90 million and $110 million in capital expenditures for property and equipment and capitalized data. Capital expenditures are expected to be funded by a combination of existing cash balances, cash generated from operations, or additional borrowings under our Revolving Facility.40

Financing Activities. Total cash used in financing activities was $211.2 million, $82.7 million, and $73.4 million for the years ended December 31, 2019, 2018, and 2017, respectively.

Net cash used in financing activities during 2019 was primarily comprised of repayment of long-term debt of $1.9 billion, share repurchases of $86.7 million, debt issuance costs of $9.6 million partially offset by proceeds from debt issuance of $1.8 billion, and net settlements from share-based compensation related transactions of $0.1 million.

Net cash used in financing activities during 2018 was primarily comprised of repayment of long-term debt of $173.2 million and share repurchases of $109.1 million, partially offset by proceeds from debt issuance of $191.3 million and net settlements from share-based compensation related transactions of $8.3 million.

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~~Net~~capitalized ~~cash~~data ~~used~~of in$53.6 ~~financing~~million ~~activities~~and ~~during~~$30.6 ~~2017~~million, ~~was~~respectively. ~~primarily~~These ~~comprised~~outflows ofwere ~~repayment~~partially ofoffset ~~long-term~~by ~~debt~~proceeds ~~of $1.8~~from ~~billion,~~the ~~share~~sale ~~repurchases~~of investments of $~~207.~~4.9 million, ~~debt~~as ~~issuance~~well ~~costs~~as of $~~14.~~3.2 million~~, and~~ ~~net~~in ~~settlements~~proceeds from ~~share-based~~the ~~compensation~~sale ~~related~~of ~~transactions~~a ~~of $4~~business-line.4 ~~million,~~Cash ~~partially~~used ~~offset~~in bydiscontinued ~~proceeds~~investing ~~from~~activities ~~debt~~consisted ~~issuance~~ of ~~$2.0~~ ~~billion~~capital expenditures.

For the year ending December 31, 2021, we anticipate investing between $90 million and $110 million in capital expenditures for property and equipment and capitalized data. Capital expenditures are expected to be funded by a combination of existing cash balances, cash generated from operations, or additional borrowings under our Revolving Facility. Pursuant to the Merger Agreement, we agreed to refrain from, or seek the Acquirer's consent for, making capital expenditures in excess of certain thresholds during the Interim Operating Period, subject to the terms, limitations and exceptions set forth in the Merger Agreement.

Financing Activities. Total cash used in financing activities was $409.5 million, $211.2 million, and $82.7 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Net cash used in financing activities during 2020 was primarily comprised of repayment of long-term debt of $103.2 million, share repurchases of $509.3 million, payment of cash dividends of $85.7 million, and net settlements from share-based compensation related transactions of $11.3 million partially offset by proceeds from debt issuance of $300.0 million.

Net cash used in financing activities during 2019 was primarily comprised of repayment of long-term debt of $1.9 billion, share repurchases of $86.7 million, and debt issuance costs of $9.6 million, partially offset by proceeds from debt issuance of $1.8 billion and net settlements from share-based compensation related transactions of $0.1 million.

Financing and Financing Capacity

We had total debt outstanding of $1.79 billion and $1.87 billion as of December 31, ~~2019~~2020 and ~~2018~~2019, respectively. Our significant debt instruments are described below.

Credit Agreement. In May 2019, we amended our Credit Agreement. The Credit Agreement provides for a $1.8 billion Term Facility and a $750.0 million Revolving Facility. The Term Facility matures, and the Revolving Facility expires, in May 2024. The Revolving Facility includes a $100.0 million multicurrency revolving sub-facility and a $50.0 million letter of credit sub-facility. The Credit Agreement also provides for the ability to increase the Term Facility and/or Revolving Facility by up to $300.0 million in the aggregate; however, the lenders are not obligated to do so.

At December 31, ~~2019~~2020, we had borrowing capacity of $~~750~~450.0 million under the Revolving Facility and were in compliance with all of our financial maintenance covenants under the Credit Agreement. However, if we have a significant increase in our outstanding debt or if our EBITDA (as defined by our Credit Agreement) decreases significantly, we may be unable to incur additional indebtedness and the lenders may be unwilling to permit us to amend the financial or restrictive covenants described above to provide additional flexibility. See Note 8 -Long Term Debt for further discussion.

During the year ended December 31, ~~2019~~2020, we ~~made~~did ~~repurchases~~not ofmake ~~$5.1~~any ~~million~~repurchases on our debentures~~, exclusive of a $0~~.~~4 million premium paid which was recorded within (loss)/gain on investments and other, net, in the accompanying consolidated statement of operations.~~

As of December 31, ~~2019~~2020, and ~~2018~~2019, we recorded $0.43 million and $0.74 million, respectively, of accrued interest expense.

Interest Rate Swaps

We have entered into amortizing interest rate swaps (the "Swaps") in order to convert a portion of our interest rate exposure on the Credit Agreement floating rate borrowings from variable to fixed. Under the Swaps, we agree to exchange floating rate for fixed rate interest payments periodically over the life of the agreement. The floating rates in our Swaps are based on the one-month London interbank offering rate. The notional balances, terms, and maturities of our Swaps are designed to have the effect of fixing the rate of interest on at least 50% of the principal balance of our senior term debt.

As of December 31, ~~2019~~2020, our Swaps have a combined remaining notional balance of $1.32 billion, a weighted average fixed interest rate of 2.0739% (rates range from 1.03025% to 2.98%) and scheduled terminations through December 2025. As previously indicated, notional balances under our Swaps are scheduled to increase and decrease over their contract lengths based on our expectations of variable debt levels. Currently, we have scheduled notional amounts of ~~between~~approximately $1.~~3 billion and $1.~~2 billion through December 2020, then $1.1 billion and $1.0 billion through August 2022 and $400.0 million thereafter until December 2025. Approximate weighted average fixed interest rates for the aforementioned periods are 2.44%, 2.64%, and 2.95%, respectively.

~~Liquidity and Capital Strategy~~41

We expect that cash flows from operations and current cash balances, together with available borrowings under our Revolving Facility, will be sufficient to meet operating requirements through the next twelve months. Cash available from operations, however, could be affected by any general economic downturn or any decline or adverse changes in our business such as a loss of clients, competitive pressures, or other significant change in business environment.

We strive to pursue a balanced approach to capital allocation and have recently initiated a dividend distribution. We will also continue to evaluate the repurchase of shares, management of outstanding debt, and pursuits of strategic acquisitions and investments on an opportunistic basis.

In October 2018, the Board of Directors established a new share repurchase authorization of up to $500.0 million of our common stock. Purchases may be made from time to time in the open market at prevailing market prices or in privately negotiated transactions. During the years ended December 31, 2019, 2018, and 2017, we repurchased approximately 2.0 million, 2.3 million, and 4.6 million shares of our common stock for $86.7 million, $109.1 million, and $207.4 million,

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~~respectively~~September 2021, ~~including~~then ~~commission costs~~$1.1 Asbillion ofthrough ~~December 31,~~March ~~2019~~2022, we$1.0 ~~had~~billion through August 2022 and approximately $~~391~~500.3 0 million inthereafter ~~value~~until ofDecember ~~shares~~2025. ~~available~~Approximate toweighted beaverage ~~repurchased~~fixed ~~under~~interest rates for the ~~plan~~aforementioned periods are 2.66%, 2.78%, 2.77%, and 2.64%, respectively.

InLiquidity ~~December~~and ~~2019,~~Capital we announced the initiation of a quarterly cash dividend to common shareholders. The Company paid a cash dividend of $0.22 per share of common stock on January 24, 2020 to shareholders of record as of January 10, 2020. Strategy

We expect that cash flows from operations and current cash balances, together with available borrowings under our Revolving Facility, will be sufficient to meet operating requirements through the next twelve months. Cash available from operations, however, could be affected by any general economic downturn, such as financial impacts related to COVID-19, or any decline or adverse changes in our business such as a loss of clients, competitive pressures, or other significant change in business environment.

In July 2020, our Board cancelled all prior repurchase authorizations and established a new share repurchase authorization of up to $1.0 billion. During the years ended December 31, 2020, 2019, and 2018, we repurchased approximately 6.8 million, 2.0 million, and 2.3 million shares of our common stock for $509.3 million, $86.7 million, and $109.1 million, respectively, including commission costs. As of December 31, 2020, we had $500.0 million in value of shares available to be repurchased under the plan. Pursuant to the Merger Agreement, we agreed to refrain from repurchasing our capital stock during the Interim Operating Period, subject to the terms, limitations and exceptions set forth in the Merger Agreement. See Item 5 - Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities - Purchases of Equity Securities by the Issuer and Affiliated Purchasers for further discussion.

For the year ended December 31, 2020, we paid cash dividends of $85.7 million. In July 2020, our Board announced a 50% increase to the quarterly cash dividend, declaring a cash dividend of $0.33 per share of common stock which was paid in September 2020 and December 2020. Pursuant to the Merger Agreement, we agreed to refrain from declaring or paying any dividends during the Interim Operating Period, subject to the terms, limitations and exceptions set forth in the Merger Agreement.

We strive to pursue a balanced approach to capital allocation and initiated a regular dividend in December 2019. Subject to the limitations during the Interim Operating Period on our ability to (i) make acquisitions or capital expenditures above certain thresholds, (ii) repurchase our capital stock, subject to certain exceptions, (iii) declare or pay dividends, and (iv) incur indebtedness in excess of certain thresholds, in each case pursuant to the Merger Agreement and subject to the terms, limitations and exceptions set forth therein, we will also continue to evaluate management of outstanding debt and pursuits of strategic acquisitions and investments on an opportunistic basis.

Availability of Additional Capital

Our access to additional capital fluctuates as market conditions change. There may be times when the private capital markets and the public debt or equity markets lack sufficient liquidity or when our securities cannot be sold at attractive prices, in which case we would not be able to access capital from these sources. Based on current market conditions and our financial condition (including our ability to satisfy the conditions contained in our debt instruments that are required to be satisfied to permit us to incur additional indebtedness), we believe that we have the ability to effectively access these liquidity sources for new borrowings. However, continued general economic instability, such as financial impacts resulting from COVID-19 which has caused, and may continue to cause, disruptions in the financial markets or a weakening of our financial condition, including a significant decrease in our profitability or cash flows or a material increase in our leverage, could adversely affect our ability to access these markets and/or increase our cost of borrowings.

Contractual Obligations

A summary, by due date, of our total contractual obligations at December 31, ~~2019~~2020, is as follows:

(in thousands)	~~Less than 1 Year~~		Less than 1 Year		~~1-3 Years~~		31-53 Years		~~More than 5 Years~~		3-5 Years		~~Total~~		More than 5 Years		Total
Operating leases	$	~~23,874~~	$	21,562	$	~~35,037~~	$	2134,~~145~~217	$	~~55,285~~	$	30,129	$	~~135,341~~	$	61,748	$	147,656
Long-term debt	~~56,022~~		$	43,230	~~177,974~~		~~1,444,359~~$	178,229	~~9,524~~		$	1,656,627	~~1,687,879~~		$	9,531	$	1,887,617
Interest payments related to debt (1)	~~59,604~~		$	31,898	~~105,428~~		~~67,641~~$	60,257	~~2,337~~		$	13,065	~~235,010~~		$	1,799	$	107,019
Total (2)	$	~~139,500~~	$	96,690	$	~~318,439~~	$	1272,~~533,145~~703	$	~~67,146~~	$	1,699,821	$	~~2,058,230~~	$	73,078	$	2,142,292

(1) Estimated interest payments, net of the effect of our Swaps, are calculated assuming interest rates at December 31, ~~2019~~2020 over minimum maturity periods specified in debt agreements.

(2) Excludes a net liability of $10.0 million related to uncertain tax positions including associated interest and penalties, and deferred compensation of $36.9 million due to uncertainty of payment period.42

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(2)Excludes a net liability of $3.1 million related to uncertain tax positions including associated interest and penalties, and deferred compensation of $41.8 million due to uncertainty of payment period.

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Critical Accounting Policies and Estimates

Our significant accounting policies are discussed in Note 2 - Significant Accounting Policies of the Notes to Consolidated Financial Statements included in Item 8 - Financial Statements and Supplementary Data of Part II of this Annual Report on Form 10-K. We consider the accounting policies described below to be critical in preparing our consolidated financial statements. These policies require us to make estimates and judgments that affect the reported amounts of certain assets, liabilities, revenues, expenses, and related disclosures of contingencies. Our assumptions, estimates, and judgments are based on historical experience, current trends, and other factors to be relevant at the time we prepare the consolidated financial statements. Although our estimates and assumptions are reasonable, we cannot determine future events. Consequently, actual results could differ materially from our assumptions and estimates.

Operating Revenue Recognition. We derive our operating revenues primarily from US mortgage lenders, servicers, and insurance companies with good creditworthiness. Operating revenue arrangements are written and specify the products or services to be delivered, pricing, and payment terms. Operating revenue is recognized when the distinct good or service (also referred as "performance obligation"), is delivered and control has been transferred to the client. Generally, clients contract with us to provide products and services that are highly interrelated and not separately identifiable. Therefore, the entire contract is accounted for as one performance obligation. At times, some of our contracts have multiple performance obligations where we allocate the total price to each performance obligation based on the estimated relative standalone selling price using observable sales or the cost-plus margin approaches.

For products or services where delivery occurs at a point in time, we recognize operating revenue when the client obtains control of the products upon delivery. When delivery occurs over time, we generally recognize operating revenue ratably over the service period once initial delivery has occurred. For certain of our products or services clients may also pay upfront fees, which we defer and recognize as operating revenue over the longer of the contractual term or the expected client relationship period.

Licensing arrangements that provide our clients with the right to access, or use, our intellectual property are considered functional licenses for which we generally recognize operating revenue based on usage. For arrangements that provide a stand-ready obligation, or, substantive updates to the intellectual property which the client is contractually or practically required to use, we recognize operating revenue ratably over the contractual term.

Client payment terms are standard with no significant financing components or extended payment terms granted. In limited cases, we allow for client cancellations for which we estimate a reserve.

See further discussion in Note 11 - Operating Revenues of the Notes to Consolidated Financial Statements included in Item 8 - Financial Statements and Supplementary Data of Part II of this Annual Report on Form 10-K for further discussion.

Purchase Accounting. The purchase method of accounting requires companies to assign values to assets and liabilities acquired based upon their fair values at the acquisition date. In most instances, there are not readily defined or listed market prices for individual assets and liabilities acquired in connection with a business, including intangible assets. The determination of fair value for assets and liabilities in many instances requires a high degree of estimation. The valuation of intangible assets, in particular, is very subjective. We generally obtain third-party valuations to assist us in estimating fair values. The use of different valuation techniques and assumptions could change the amounts and useful lives assigned to the assets and liabilities acquired and the related amortization expense.

Goodwill and Other Intangible Assets. We perform an annual impairment test for goodwill and other indefinite-lived intangible assets for each reporting unit every fourth quarter, or on an interim basis if an indicator of impairment is present. In assessing the overall carrying value of our goodwill and other intangibles, we could first assess qualitative factors to determine whether the fair value of a reporting unit is less than its carrying amount. Examples of such events or circumstances include the following: cost factors, financial performance, legal and regulatory factors, entity specific events, industry and market factors, macroeconomic conditions, and other considerations. For goodwill, if we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then quantitative impairment testing is performed utilizing a combination of the income and market approach. We could also elect to perform a quantitative impairment test without first assessing qualitative factors.

If the fair value of a reporting unit exceeds its carrying value, then goodwill is not considered impaired and no additional analysis is required. However, if the ~~book~~carrying value of a reporting unit is greater than the fair value, an impairment loss is recorded for the excess. The fair value of a reporting unit is judgmental and requires assumptions and estimates of many critical ~~factors including revenue growth rates, operating margins, cash flows, market multiples, and discount rates.~~

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~~For~~factors ~~other~~including ~~indefinite-lived~~revenue ~~intangible~~growth ~~assets~~rates, ifcost ~~we determine that it is more likely than not that the fair value~~ of ~~the asset is less than its carrying value~~services, ~~then quantitative impairment testing is performed. In assessing the fair value of indefinite-lived intangibles~~selling, wegeneral ~~compare~~and ~~the~~administrative ~~fair value of the asset to its carrying value to determine if there is an impairment. If the fair value of the asset is less than its carrying value~~expenses, anmarket ~~impairment loss is recorded. See further discussion in Note 4 – Goodwill~~multiples, ~~Net of the Notes to Consolidated Financial Statements included in Item 8 - Financial Statements~~ and ~~Supplementary~~discount ~~Data of this Annual Report on Form 10-K for further discussion~~rates.

AsFor ofother ~~December 31,~~indefinite-lived ~~2019~~intangible assets, ~~our~~if ~~reporting~~we ~~units~~determine ~~related~~that toit ~~continuing~~is ~~operations~~more ~~are~~likely ~~PIRM~~than ~~and~~not ~~UWS.~~that ~~During~~ the ~~fourth~~fair ~~quarter~~value of ~~2019,~~the weasset ~~elected~~is toless ~~perform~~than aits ~~quantitative~~carrying ~~impairment~~value, ~~test~~then onquantitative ~~our~~impairment ~~reporting~~testing ~~units~~is ~~without~~performed. ~~first~~In assessing ~~qualitative factors. Determining~~ the fair value of aindefinite-lived ~~reporting~~intangibles, ~~unit~~we iscompare ~~judgmental~~the infair ~~nature~~value ~~and~~of ~~requires~~ the ~~use~~asset ofto ~~significant~~its ~~estimates~~carrying ~~and~~value ~~assumptions,~~to ~~including~~determine ~~revenue~~if ~~growth~~there ~~rates,~~is ~~operating~~an ~~margins, cash flows, market multiples, discount rates, among others~~impairment. ~~Key~~If ~~assumptions used to determine~~ the fair value of ~~our reporting units in our testing were: (a) expected cash flows for~~ the ~~period~~asset ~~from~~is ~~2020~~less tothan ~~2025;~~its ~~and~~carrying ~~(b) discount rate of 9.0%~~value, ~~which was based on management's best estimate of~~ an ~~after-tax~~impairment ~~weighted~~loss ~~average~~is ~~cost of capital~~recorded. WeSee ~~noted~~further nodiscussion ~~indicators~~in ofNote ~~impairment~~4 on– ~~our~~Goodwill, ~~reporting~~Net ~~units~~of ~~through~~the ~~our~~Notes ~~quantitative~~to ~~analysis.~~Consolidated ItFinancial isStatements ~~reasonably~~included ~~possible that changes~~ in ~~the~~Item ~~facts,~~8 ~~judgments,~~- ~~assumptions,~~Financial Statements and ~~estimates~~Supplementary ~~used~~Data inof ~~assessing~~Part ~~the~~II ~~fair value~~ of ~~the~~this ~~goodwill~~Annual ~~could~~Report ~~cause~~on aForm ~~reporting~~10-K ~~unit~~for tofurther ~~become impaired~~discussion.

As of December 31, 2020, our reporting units related to continuing operations are PIRM and UWS. During the third quarter of 2020, we performed a quantitative analysis due to our intention to exit our reseller operations. No impairments were recorded based on our assessment. During the fourth quarter of 2020, we assessed qualitative factors such as: cost structure, financial performance, legal and regulatory environment, industry and market conditions, and macroeconomic considerations. We noted no indicators of impairment on our reporting units through our analysis. It is reasonably possible that changes in the facts, judgments, assumptions, and estimates used in assessing the fair value of the goodwill could cause a reporting unit to become impaired.

Income Taxes. We account for income taxes under the asset and liability method, whereby we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as expected benefits of utilizing net operating loss and credit carry-forwards. We measure deferred tax assets and liabilities using enacted tax rates we expect to apply in the years in which we expect to recover or settle those temporary differences. We recognize in income the effect of a change in tax rates on deferred tax assets and liabilities in the period that includes the enactment date.

We recognize the effect of income tax positions only if sustaining those positions is more likely than not. We reflect changes in recognition or measurement of uncertain tax positions in the period in which a change in judgment occurs. We recognize interest and penalties, if any, related to uncertain tax positions within income tax expense. Accrued interest and penalties are included within the related tax liability line in the accompanying consolidated balance sheet.

We evaluate the need to establish a valuation allowance based upon expected levels of taxable income, future reversals of existing temporary differences, tax planning strategies, and recent financial operations. We establish a valuation allowance to reduce deferred tax assets to the extent it is more-likely-than-not that some, or all, of the deferred tax assets will not be realized.

Share-based Compensation. Our primary means of providing share-based compensation is granting restricted stock units (“RSUs”) and performance-based restricted stock units (“PBRSUs”). The fair value of any grant is based on the market value of our shares on the date of grant and is generally recognized as compensation expense over the vesting period. We measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the period during which an employee is required to provide services in exchange for the award. We utilize the Monte-Carlo simulation method to estimate the fair value for PBRSUs with market-based conditions ~~and the Black-Scholes model to estimate the fair value of stock options~~. We apply the straight-line single option method of attributing the value of share-based compensation expense. As share-based compensation expense recognized in results of operations is based on awards ultimately expected to vest, share-based compensation expense has been reduced for forfeitures. Forfeitures are recognized at the time they occur. We apply the long-form method for determining the pool of windfall tax benefits.

In addition, we have an employee stock purchase plan that allows eligible employees to purchase common stock of the Company at 85.0% of the closing price on the first or last day of each quarter, whichever is lower. We recognize an expense in the amount equal to the estimated fair value of the discount.

Recent Accounting Pronouncements

For a description of recently issued and adopted accounting pronouncements, including the respective dates of adoption and expected effects on our results of operations and financial condition, see Note 2 - Significant Accounting Policies of the Notes to Consolidated Financial Statements included in Item 8 - Financial Statements and Supplementary Data of Part II of this Annual Report on Form 10-K, which is incorporated by reference in response to this item.

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Item 7A. Quantitative and Qualitative Disclosures about Market Risk

Our primary exposure to market risk relates to interest-rate risk associated with certain financial instruments. We monitor our risk associated with fluctuations in interest rates and currently use derivative financial instruments to hedge some of these risks. We have entered into Swaps in order to convert a portion of our interest rate exposure on the Credit Agreement floating rate borrowings from variable to fixed. Under the Swaps, we agree to exchange floating rate for fixed rate interest payments periodically over the life of the agreement. The floating rates in our Swaps are based on the one-month London interbank offering rate. The notional balances, terms, and maturities of our Swaps are designed to have the effect of fixing the rate of interest on at least 50% of the principal balance of our senior term debt.

As of December 31, ~~2019~~2020, our Swaps have a combined remaining notional balance of $1.32 billion, a weighted average fixed interest rate of 2.0739% (rates range from 1.03% to 2.98%) and scheduled terminations through December 2025. As previously indicated, notional balances under our Swaps are scheduled to increase and decrease over their contract lengths based on our expectations of variable debt levels. Currently, we have scheduled notional amounts of ~~between~~approximately $1.~~3 billion and $1.~~2 billion through ~~December~~September ~~2020~~2021, then $1.1 billion through March 2022 and $1.0 billion through August 2022 and approximately $~~400~~500.0 million thereafter until December 2025. Weighted average fixed interest rates for the aforementioned periods are approximately 2.4466%, 2.6478%, 2.77%, and 2.9564%, respectively. We have designated the Swaps as cash flow hedges. See Note 8 - Long-Term Debt included in Item 8 - Financial Statements and Supplementary Data of Part II of this Annual Report on Form 10-K for further information.

As of December 31, ~~2019~~2020, we had approximately $1.79 billion in long-term debt outstanding, predominately all of which was variable interest rate debt. As of December 31, ~~2019~~2020, the remaining notional balance of the Swaps was $1.32 billion. A hypothetical 1% increase or decrease in interest rates could result in an approximately $01.98 million change to interest expense on a quarterly basis. Rising interest rates could limit our ability to refinance our debt when it matures or cause us to pay higher interest rates upon refinancing and increase interest expense on refinanced indebtedness.

Although we are subject to foreign currency exchange rate risk as a result of our operations in certain foreign countries, the foreign exchange exposure related to these operations, in the aggregate, is not material to our financial condition or results of operations.

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Item 8. Financial Statements and Supplementary Data

INDEX

	~~Page No.~~	Page No.
Report of Independent Registered Public Accounting Firm	37	48
Financial Statements:
Consolidated Balance Sheets as of December 31, 2019 and 2018	39	50
Consolidated Statements of Operations for the years ended December 31, 2019, 2018, and 2017	40	51
Consolidated Statements of Comprehensive Income for the years ended December 31, 2019, 2018 and 2017	41	52
Consolidated Statements of Changes in Stockholders' Equity for the years ended December 31, 2019, 2018 and 2017	42	53
Consolidated Statement of Cash Flows for the years ended December 31, 2019, 2018 and 2017	43	54
Notes to Consolidated Financial Statements	45	56
Financial Statement Schedule:
Schedule II - Valuation and Qualifying Accounts for the years ended December 31, 2019, 2018, and 2017	85	102

Financial statement schedules not listed are either omitted because they are not applicable or the required information is shown in the consolidated financial statements or in the notes thereto.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of CoreLogic, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of CoreLogic, Inc. and its subsidiaries (the “Company”) as of December 31, ~~2019~~2020 and ~~2018~~2019, and the related consolidated statements of operations, of comprehensive income, of changes in stockholders’ equity and of cash flows for each of the three years in the period ended December 31, ~~2019~~2020, including the related notes and financial statement schedule listed in the accompanying index (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, ~~2019~~2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, ~~2019~~2020 and ~~2018~~2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2019~~2020 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, ~~2019~~2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Changes in Accounting Principles

As discussed in Note 2 to the consolidated financial statements, the Company changed the manner in which it accounts for income taxes in 2020, the manner in which it accounts for leases in 2019, and the manner in which it accounts for ~~revenues~~revenue from contracts with customers in 2018.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

As described in Management’s Annual Report on Internal Control Over Financial Reporting, management has excluded National Tax Search, LLC (“NTS”) from its assessment of internal control over financial reporting as of December 31, 2019, because it was acquired by the Company in a purchase business combination during 2019. We have also excluded NTS from our audit of internal control over financial reporting. NTS is a wholly-owned subsidiary whose total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting represent 0.6% and 0.2%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2019.

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Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

~~Goodwill~~Fair ~~Impairment~~Value ~~Assessment~~of the Underwriting & Workflow Solutions (UWS) Reporting Unit and Credit Solutions (CS) Disposal Group

As described in Notes 2 and 418 to the consolidated financial statements, ~~the~~in ~~Company’s~~connection ~~consolidated~~with ~~goodwill~~their ~~balance~~intent ~~was~~to ~~$2.4~~exit ~~billion~~their asreseller ~~of December 31~~businesses, ~~2019.~~the ~~Management~~Company ~~performs~~allocated an$79.9 ~~annual~~million ~~impairment~~of ~~test for~~ goodwill ~~for~~from ~~each~~the UWS reporting unit ~~every~~to ~~fourth~~the ~~quarter,~~CS ordisposal ongroup. anThe ~~interim~~allocated ~~basis~~amount ifwas andetermined ~~indicator~~by ofcalculating ~~impairment~~the isrelative ~~present.~~fair Ifvalues ~~management~~between ~~determines~~the ~~that~~CS itdisposal isgroup ~~more~~and ~~likely than not that~~ the ~~fair~~UWS ~~value of a~~ reporting unit isusing ~~less than its carrying value, then quantitative impairment testing is performed utilizing~~ a combination of the income and market ~~approach~~approaches. IfDetermining the ~~book~~fair value of a ~~reporting~~disposal ~~unit~~group isand ~~greater than its fair value, an impairment loss is recorded for the excess. The fair value of a~~ reporting unit is judgmental and requires assumptions and estimates of many critical factors, including revenue growth rates, ~~operating~~cost ~~margins~~of services, ~~cash~~selling, ~~flows~~general and administrative expenses, market multiples, ~~and~~ discount rates, and indicative fair market values from potential participants at the time of valuation.

The principal considerations for our determination that performing procedures relating to the ~~goodwill~~fair ~~impairment~~value ~~assessment~~of the UWS reporting unit and the CS disposal group is a critical audit matter are (i) ~~there~~the ~~was~~ significant judgment by management when developing the fair value ~~measurement~~measurements of the UWS reporting ~~units~~unit and the CS disposal group, (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating ~~audit~~management’s ~~evidence~~significant assumptions related to ~~management’s~~revenue ~~cash~~growth ~~flow~~rates ~~projections~~ and ~~significant~~cost ~~assumptions~~of services for ~~certain~~the UWS reporting unit, and cost of services and the ~~reporting~~discount ~~units,~~rate ~~including~~for ~~revenue~~the ~~growth~~CS ~~rates~~disposal group; and ~~operating~~(iii) ~~margins.~~the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s ~~goodwill~~determination ~~impairment~~of ~~assessment.~~fair ~~For~~value ~~certain~~ of the UWS reporting ~~units,~~unit ~~these~~and CS disposal group. These procedures also included, among others, (i) testing management’s process for developing the fair value ~~measurement~~measurements of the UWS reporting unit and CS disposal group; (ii) evaluating the appropriateness of the income approach; (iii) testing the completeness, ~~accuracy,~~ and ~~relevance~~accuracy of underlying data used in the income approach; (iv) and evaluating the significant assumptions used by management, ~~including~~related to the revenue growth rates and ~~operating~~cost ~~margins~~of services for the UWS reporting unit, and cost of services and the discount rate for the CS disposal group. Evaluating management’s ~~significant~~ assumptions related to revenue growth rates and ~~operating~~cost ~~margins~~of services involved evaluating whether the assumptions used by management were reasonable considering (i) the current and past performance of the applicable reporting unit and disposal group, (ii) the consistency with external market and industry data, and (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skills and knowledge were used to assist in the evaluation of the Company’s income approach and discount rate.

/s/ PricewaterhouseCoopers LLP

Irvine, California

February 2726, ~~2020~~2021

We have served as the Company’s auditor since 1954, which includes periods prior to the Company’s separation from its predecessor (The First American Corporation) in 2010.

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Consolidated Balance Sheets

As of December 31, ~~2019~~2020 and ~~2018~~2019

(in thousands, except par value)
Assets	~~2019~~		2020		~~2018~~			2019
Current assets:
Cash and cash equivalents	$	~~105,185~~	$	167,422	$	~~85,271~~		$	104,162
Accounts receivable (less allowances of $7,161 and $5,742 in 2019 and 2018, respectively)	281,392				242,814
Accounts receivable (less allowances of $9,838 and $6,937 in 2020 and 2019, respectively)			303,202					247,683
Prepaid expenses and other current assets	~~58,495~~		82,794		~~50,136~~			53,105
Income tax receivable	1,477				25,299
Assets of discontinued operations			202,417					201,986
Total current assets	~~446,549~~		755,835		~~403,520~~			606,936
Property and equipment, net	~~451,021~~		406,114		~~456,497~~			424,670
Operating lease assets	~~65,825~~		82,459		—			65,825
Goodwill, net	~~2,396,096~~		2,315,495		~~2,391,954~~			2,286,896
Other intangible assets, net	~~378,818~~		320,921		~~468,405~~			375,629
Capitalized data and database costs, net	~~327,078~~		321,211		~~324,049~~			308,409
Investment in affiliates, net	~~16,666~~		—		~~22,429~~			16,666
Other assets	~~76,604~~		81,187		~~102,136~~			74,250
Total assets	$	~~4,158,657~~	$	4,283,222	$	~~4,168,990~~		$	4,159,281
Liabilities and Equity
Current liabilities:
Accounts payable and other accrued expenses	$	~~173,989~~	$	177,606	$	~~166,258~~		$	139,511
Accrued salaries and benefits	~~86,598~~		57,499		~~84,940~~			83,418
Contract liabilities, current	321,647				308,959
Dividend payable			—					17,374
Current portion of long-term debt	56,022				26,935
Contract liabilities, current			411,821					320,634
Operating lease liabilities, current	18,058				—
Current portion of long-term debt			43,230					56,022
Total current liabilities	656,314				587,092
Operating lease liabilities, current			15,566					18,058
Long-term debt, net of current	1,610,538				1,752,241
Liabilities of discontinued operations			44,677					42,708
Contract liabilities, net of current	563,246				524,069
Total current liabilities			750,399					677,725
Deferred income tax liabilities	110,396				124,968
Long-term debt, net of current			1,828,003					1,610,538
Operating lease liabilities, net of current	85,139				—
Contract liabilities, net of current			617,318					563,190
Other liabilities	181,814				180,122
Deferred income tax liabilities			91,853					92,783
Total liabilities	3,207,447				3,168,492
Operating lease liabilities, net of current			99,966					85,139
Stockholders' Equity:
Other liabilities			172,421					178,696
Preferred stock, $0.00001 par value; 500 shares authorized, no shares issued or outstanding	—				—
Total liabilities			3,559,960					3,208,071
Common stock, $0.00001 par value; 180,000 shares authorized; 78,972 and 80,092 shares issued and outstanding as of December 31, 2019 and 2018, respectively	1				1
Stockholders' Equity:
Additional paid-in capital	111,000				160,870
Preferred stock, $0.00001 par value; 500 shares authorized, no shares issued or outstanding			—					—
Retained earnings	1,006,992				975,375
Common stock, $0.00001 par value; 180,000 shares authorized; 73,152 and 78,972 shares issued and outstanding as of December 31, 2020 and 2019, respectively			1					1
Accumulated other comprehensive loss	(166,783		)		(135,748		)
Additional paid-in capital			—					111,000
Total stockholders' equity	951,210				1,000,498
Retained earnings			893,404					1,006,992
Total liabilities and equity	$	4,158,657			$	4,168,990
Accumulated other comprehensive loss			(170,143)					(166,783)
Total stockholders' equity			723,262					951,210
Total liabilities and equity			$	4,283,222				$	4,159,281

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Operations

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

(in thousands, except per share amounts)	~~2019~~		2020		~~2018~~			~~2017~~2019			2018
Operating revenue	$	~~1,762,235~~	$	1,642,375	$	~~1,788,378~~		$	1,~~851~~440,~~117~~873		$	1,436,370
Cost of services (exclusive of depreciation and amortization)	~~880,133~~		597,022		~~921,429~~			~~974~~632,~~851~~117			662,293
Selling, general and administrative expenses	~~480,938~~		537,617		~~444,614~~			~~459~~463,~~842~~787			427,878
Depreciation and amortization	~~187,716~~		174,445		~~191,996~~			~~177~~175,~~806~~100			181,142
Impairment loss	~~47,912~~		2,309		~~7,721~~			—47,834			7,687
Total operating expenses	~~1,596,699~~		1,311,393		~~1,565,760~~			1,~~612~~318,~~499~~838			1,279,000
Operating income	~~165,536~~		330,982		~~222,618~~			~~238~~122,~~618~~035			157,370
Interest expense:
Interest income	~~2,136~~		724		~~1,577~~			12,~~532~~136			1,577
Interest expense	~~78,293~~		69,900		~~75,551~~			6378,~~356~~293			75,551
Total interest expense, net	~~(76,157~~		(69,176)		~~(73,974~~		)	(6176,~~824~~157)		)	(73,974)
Tax indemnification release	~~(13,394~~		)—		—			—(13,394)			—
(Loss)/gain on investments and other, net	(500		)		18,005			(7,902		)
Gain/(loss) on investments and other, net			42,151					(1,077)			18,708
Income from continuing operations before equity in earnings/(losses) of affiliates and income taxes	75,485				166,649			168,892
Income from continuing operations before equity in earnings of affiliates and income taxes			303,957					31,407			102,104
Provision for income taxes	9,190				45,691			18,172
Provision/(benefit) for income taxes			41,566					(1,807)			29,587
Income from continuing operations before equity in earnings/(losses) of affiliates	66,295				120,958			150,720
Income from continuing operations before equity in earnings of affiliates			262,391					33,214			72,517
Equity in earnings/(losses) of affiliates, net of tax	555				1,493			(1,186		)
Equity in earnings of affiliates, net of tax			1,859					556			1,493
Net income from continuing operations	~~66,850~~		264,250		~~122,451~~			~~149~~33,~~534~~770			74,010
(Loss)/income from discontinued operations, net of tax	(17,470		)		(587		)	2,315
Income from discontinued operations, net of tax			34,363					15,610			47,854
Gain from sale of discontinued operations, net of tax	—		2,742		—			~~313~~—			—
Net income	$	~~49,380~~	$	301,355	$	~~121,864~~		$	~~152~~49,~~162~~380		$	121,864
Basic income/(loss) per share:
Basic income per share:
Net income from continuing operations	$	~~0.84~~	$	3.36	$	~~1.51~~		$	10.7942		$	0.92
(Loss)/income from discontinued operations, net of tax	(0.22		)		(0.01		)	0.03
Income from discontinued operations, net of tax			0.44					0.20			0.59
Gain from sale of discontinued operations, net of tax	—		0.03		—			—			—
Net income	$	~~0.62~~	$	3.83	$	~~1.50~~		$	10.8262		$	1.51
Diluted income/(loss) per share:
Diluted income per share:
Net income from continuing operations	$	~~0.83~~	$	3.28	$	~~1.49~~		$	10.7542		$	0.90
(Loss)/income from discontinued operations, net of tax	(0.22		)		(0.01		)	0.03
Income from discontinued operations, net of tax			0.43					0.19			0.58
Gain from sale of discontinued operations, net of tax	—		0.03		—			—			—
Net income	$	~~0.61~~	$	3.74	$	~~1.48~~		$	10.7861		$	1.48
Weighted-average common shares outstanding:
Basic	~~79,885~~		78,542		~~80,854~~			8379,~~499~~885			80,854
Diluted	~~81,021~~		80,495		~~82,275~~			8581,~~234~~021			82,275

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Comprehensive Income

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

(in thousands)	~~2019~~		2020		~~2018~~			~~2017~~2019		2018
Net income	$	~~49,380~~	$	301,355	$	~~121,864~~		$	~~152~~49,~~162~~380	$	121,864
Other comprehensive (loss)/income:
Other comprehensive loss:
Adoption of new accounting standards	—		—		~~408~~			—		408
Market value adjustments on interest rate swaps, net of tax	~~(33,912~~		(24,975)		~~(10,377~~		)	5(33,~~481~~912)		(10,377)
Reclassification adjustments for gains on terminated interest rate swap included in net income	~~(67~~		)—		—			—(67)		—
Foreign currency translation adjustments	~~6,903~~		23,664		~~(33,767~~		)	226,~~440~~903		(33,767)
Supplemental benefit plans adjustments, net of tax	~~(3,959~~		(2,049)		~~1,679~~			~~806~~(3,959)		1,679
Total other comprehensive (loss)/income	(31,035		)		(42,057		)	28,727
Total other comprehensive loss			(3,360)					(31,035)		(42,057)
Comprehensive income	$	~~18,345~~	$	297,995	$	~~79,807~~		$	~~180~~18,~~889~~345	$	79,807

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Changes in Stockholders’ Equity

(in thousands)	Common Stock Shares		Common Stock Amount		Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive (Loss)/Income			Total
Balance as of December 31, 2016	84,368		$	1	$	400,452		$	724,949		$	(122,418	)	$	1,002,984
Net income	—		—		—			152,162			—			152,162
Shares repurchased and retired	(4,638	)	—		(207,416		)	—			—			(207,416		)
Shares issued in connection with share-based compensation	1,155		—		9,595			—			—			9,595
Tax withholdings related to net share settlements	—		—		(14,043		)	—			—			(14,043		)
Share-based compensation	—		—		35,867			—			—			35,867
Other comprehensive income	—		—		—			—			28,727			28,727
Balance as of December 31, 2017	80,885		$	1	$	224,455		$	877,111		$	(93,691	)	$	1,007,876
Adoption of new accounting standards	—		—		—			(23,600		)	408			(23,192		)
Net income	—		—		—			121,864			—			121,864
Shares repurchased and retired	(2,300	)	—		(109,063		)	—			—			(109,063		)
Shares issued in connection with share-based compensation	1,507		—		21,140			—			—			21,140
Tax withholdings related to net share settlements	—		—		(12,858		)	—			—			(12,858		)
Share-based compensation	—		—		37,196			—			—			37,196
Other comprehensive loss	—		—		—			—			(42,465		)	(42,465		)
Balance as of December 31, 2018	80,092		$	1	$	160,870		$	975,375		$	(135,748	)	$	1,000,498
Net income	—		—		—			49,380			—			49,380
Shares repurchased and retired	(2,025	)	—		(86,675		)	—			—			(86,675		)
Shares issued in connection with share-based compensation	905		—		10,149			—			—			10,149
Tax withholdings related to net share settlements	—		—		(10,026		)	—			—			(10,026		)
Share-based compensation	—		—		36,292			—			—			36,292
Dividends declared ($0.22 per share)	—		—		390			(17,763		)	—			(17,373		)
Other comprehensive loss	—		—		—			—			(31,035		)	(31,035		)
Balance as of December 31, 2019	78,972		$	1	$	111,000		$	1,006,992		$	(166,783	)	$	951,210

For the Years Ended December 31, 2020, 2019 and 2018


(in thousands)	Common Stock Shares	Common Stock Amount		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss)/Income		Total
December 31, 2017	80,885	$	1	$	224,455	$	877,111	$	(93,691)	$	1,007,876
Adoption of new accounting standards	—	—		—		(23,600)		408		(23,192)
Net income	—	—		—		121,864		—		121,864
Shares repurchased and retired	(2,300)	—		(109,063)		—		—		(109,063)
Shares issued in connection with share-based compensation	1,507	—		21,140		—		—		21,140
Tax withholdings related to net share settlements	—	—		(12,858)		—		—		(12,858)
Share-based compensation	—	—		37,196		—		—		37,196

Other comprehensive income	—	—		—		—		(42,465)		(42,465)
December 31, 2018	80,092	$	1	$	160,870	$	975,375	$	(135,748)	$	1,000,498
Adoption of new accounting standards	—	—		—		—		—		—
Net income	—	—		—		49,380		—		49,380
Shares repurchased and retired	(2,025)	—		(86,675)		—		—		(86,675)
Shares issued in connection with share-based compensation	905	—		10,149		—		—		10,149
Tax withholdings related to net share settlements	—	—		(10,026)		—		—		(10,026)
Share-based compensation	—	—		36,292		—		—		36,292
Dividends declared	—	—		390		(17,763)		—		(17,373)
Other comprehensive loss	—	—		—		—		(31,035)		(31,035)
December 31, 2019	78,972	$	1	$	111,000	$	1,006,992	$	(166,783)	$	951,210
Adoption of new accounting standards	—	—		—		16,827		—		16,827
Net income	—	—		—		301,355		—		301,355
Shares repurchased and retired	(6,824)	—		(146,116)		(363,143)		—		(509,259)
Shares issued in connection with share-based compensation	1,004	—		11,256		—		—		11,256
Tax withholdings related to net share settlements	—	—		(22,529)		—		—		(22,529)
Share-based compensation	—	—		46,108		—		—		46,108
Dividends declared	—	—		281		(68,627)		—		(68,346)
Other comprehensive loss	—	—		—		—		(3,360)		(3,360)
December 31, 2020	73,152	$	1	$	—	$	893,404	$	(170,143)	$	723,262

The accompanying notes are an integral part of these consolidated financial statements.

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CoreLogic, Inc.

Consolidated Statements of Cash Flows

(in thousands)	2019			2018			2017
Cash flows from operating activities:
Net income	$	49,380		$	121,864		$	152,162
Less: (Loss)/income from discontinued operations, net of tax	(17,470		)	(587		)	2,315
Less: Gain from sale of discontinued operations, net of tax	—			—			313
Net income from continuing operations	66,850			122,451			149,534
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	187,716			191,996			177,806
Impairment loss	47,912			7,721			—
Amortization of debt issuance costs	5,077			5,434			5,650
Amortization of operating lease assets	15,401			—			—
Provision for bad debts and claim losses	15,534			13,467			16,725
Share-based compensation	36,292			37,196			35,867
Equity in (earnings)/losses of investee, net of taxes	(555		)	(1,493		)	1,186
Gain on sale of property and equipment	(3		)	(32		)	(246		)
Loss on early extinguishment of debt	1,892			—			1,775
Deferred income tax	2,675			26,940			(40,769		)
Impairment loss on investment in affiliates	1,511			—			3,811
Tax indemnification release	13,394			—			—
(Gain)/loss on investments and other, net	(2,903		)	(18,005		)	2,316
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable	(37,051		)	21,093			15,522
Prepaid expenses and other assets	(7,269		)	(1,158		)	4,942
Accounts payable and other accrued expenses	296			(17,957		)	(44,629		)
Contract liabilities	49,947			(15,983		)	36,577
Income taxes	22,209			(1,142		)	(43		)
Dividends received from investments in affiliates	1,987			775			1,198
Other assets and other liabilities	(31,889		)	(16,185		)	14,987
Net cash provided by operating activities - continuing operations	389,023			355,118			382,209
Net cash (used in)/provided by operating activities - discontinued operations	(24,807		)	(5		)	3,655
Total cash provided by operating activities	$	364,216		$	355,113		$	385,864
Cash flows from investing activities:
Purchases of property and equipment	$	(91,572	)	$	(62,304	)	$	(40,508	)
Purchases of capitalized data and other intangible assets	(40,019		)	(35,075		)	(34,990		)
Cash paid for acquisitions, net of cash acquired	(13,283		)	(219,588		)	(188,854		)
Cash received from sale of business-lines	4,109			3,178			—
Purchases of investments	(658		)	—			(5,900		)
Proceeds from sale of property and equipment	3			207			335
Proceeds from investments and other	5,591			4,716			1,000
Net cash used in investing activities - continuing operations	(135,829		)	(308,866		)	(268,917		)
Net cash provided by investing activities - discontinued operations	—			—			—
Total cash used in investing activities	$	(135,829	)	$	(308,866	)	$	(268,917	)
Cash flows from financing activities:

For the Years Ended December 31, 2020, 2019 and 2018


(in thousands)	2020		2019		2018
Cash flows from operating activities:
Net income	$	301,355	$	49,380	$	121,864
Less: Income from discontinued operations, net of tax	34,363		15,610		47,854
Less: Gain from sale of discontinued operations, net of tax	2,742		—		—
Net income from continuing operations	264,250		33,770		74,010
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	174,445		175,100		181,142
Impairment loss	2,309		47,834		7,687
Amortization of debt issuance costs	4,935		5,077		5,434
Amortization of operating lease assets	14,855		15,402		—
Provision for bad debts and claim losses	22,711		15,341		13,401
Share-based compensation	45,060		35,171		36,453

Equity in earnings of investee, net of taxes	(1,859)		(556)		(1,493)

Loss on early extinguishment of debt	—		1,892		—
Deferred income tax	23,639		2,069		22,006
Impairment loss on investment in affiliates	—		1,511		—
Tax indemnification release	—		13,394		—
Gain on investments and other, net	(42,153)		(2,329)		(18,740)
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable	(55,829)		(33,491)		17,885
Prepaid expenses and other assets	(2,570)		(7,300)		(1,138)
Accounts payable and other accrued expenses	(21,095)		1,283		112
Due to/from affiliate	—		—		649

Contract liabilities	144,548		50,380		(15,978)
Income taxes	(32,397)		22,210		(1,133)
Dividends received from investments in affiliates	109		1,987		775
Other assets and other liabilities	(49,780)		(31,413)		(15,230)
Net cash provided by operating activities - continuing operations	491,178		347,332		305,842
Net cash provided by operating activities - discontinued operations	44,594		16,884		49,272
Total cash provided by operating activities	$	535,772	$	364,216	$	355,114
Cash flows from investing activities:
Purchases of property and equipment	$	(57,668)	$	(79,265)	$	(53,551)
Purchases of capitalized data and other intangible assets	(41,442)		(35,481)		(30,601)
Cash paid for acquisitions, net of cash acquired	(12,045)		(13,283)		(219,588)
Cash received from sale of business-lines	—		4,109		3,178
Cash received from sale of discontinued operations	7,506		—		—
Purchases of investments	(1,315)		(658)		—

Proceeds from investments and other	51,358		5,594		4,923



Net cash used in investing activities - continuing operations	(53,606)		(118,984)		(295,639)
Net cash used in investing activities - discontinued operations	(12,113)		(16,845)		(13,228)
Total cash used in investing activities	$	(65,719)	$	(135,829)	$	(308,867)
Cash flows from financing activities:
Proceeds from long-term debt	$	300,000	$	1,770,000	$	191,291

Proceeds from long-term debt	$	1,770,000		$	191,291		$	1,995,000
Debt issuance costs	(9,621		)	—			(14,294		)
Debt extinguishment premium	(425		)	—			—
Repayments of long-term debt	(1,883,955		)	(173,236		)	(1,842,290		)
Shares repurchased and retired	(86,675		)	(109,063		)	(207,416		)
Proceeds from issuance of shares in connection with share-based compensation	10,149			21,140			9,595
Payment of tax withholdings related to net share settlements	(10,026		)	(12,858		)	(14,043		)
Contingent consideration payments subsequent to acquisitions	(612		)	—			—
Net cash used in financing activities - continuing operations	(211,165		)	(82,726		)	(73,448		)
Net cash provided by financing activities - discontinued operations	—			—			—
Total cash used in financing activities	$	(211,165	)	$	(82,726	)	$	(73,448	)
Effect of exchange rate on cash, cash equivalents and restricted cash	230			2,575			(1,325		)
Net change in cash, cash equivalents and restricted cash	$	17,452		$	(33,904	)	$	42,174
Cash, cash equivalents and restricted cash at beginning of year	98,250			132,154			89,980
Less: Change in cash, cash equivalents and restricted cash - discontinued operations	(24,807		)	(5		)	3,655
Plus: Cash swept (to)/from discontinued operations	(24,807		)	(5		)	3,655
Cash, cash equivalents and restricted cash at end of year	$	115,702		$	98,250		$	132,154
Supplemental disclosures of cash flow information:
Cash paid for interest	$	71,436		$	68,539		$	53,455
Cash paid for income taxes	$	15,682		$	26,780		$	71,697
Cash refunds from income taxes	$	17,145		$	3,663		$	9,413
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and other accrued expenses	$	10,952		$	14,742		$	5,524


Debt issuance costs	—		(9,621)		—
Debt extinguishment premium	—		(425)		—
Repayments of long-term debt	(103,197)		(1,883,955)		(173,236)
Shares repurchased and retired	(509,259)		(86,675)		(109,063)
Proceeds from issuance of shares in connection with share-based compensation	11,256		10,149		21,140
Payment of tax withholdings related to net share settlements	(22,529)		(10,026)		(12,858)
Contingent consideration payments subsequent to acquisitions	—		(600)		—
Cash dividends	(85,722)		—		—

Net cash used in financing activities - continuing operations	(409,451)		(211,153)		(82,726)
Net cash used in financing activities - discontinued operations	(6)		(12)		—
Total cash used in financing activities	$	(409,457)	$	(211,165)	$	(82,726)
Effect of exchange rate on cash, cash equivalents and restricted cash	4,007		230		2,575
Net change in cash, cash equivalents and restricted cash	$	64,603	$	17,452	$	(33,904)
Cash, cash equivalents and restricted cash at beginning of year	114,678		94,679		127,946
Less: Change in cash, cash equivalents and restricted cash - discontinued operations	32,475		27		36,044
Plus: Cash swept from discontinued operations	31,027		2,574		36,681
Cash, cash equivalents and restricted cash at end of year	$	177,833	$	114,678	$	94,679

Supplemental disclosures of cash flow information:
Cash paid for interest	$	64,048	$	71,436	$	68,539
Cash paid for income taxes	$	75,446	$	15,682	$	26,780
Cash refunds from income taxes	$	11,364	$	17,145	$	3,663
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and other accrued expenses	$	8,555	$	10,015	$	12,430

The accompanying notes are an integral part of these consolidated financial statements.

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

Note 1 - Description of the Company

We are a leading global property information, analytics and data-enabled software platforms and services provider operating in North America, Western Europe and Asia Pacific. Our combined data from public, contributory and proprietary sources provides detailed coverage of property, mortgages and other encumbrances, property risk and replacement cost, ~~consumer credit, tenancy,~~ location, hazard risk and related performance information. We have more than one million users who rely on our data and predictive decision analytics to reduce risk, enhance transparency and improve the performance of their businesses. With our data as a foundation, we have built strong analytics capabilities and a variety of value-added business services to meet our clients’ needs for ~~mortgage and automotive credit reporting,~~ property tax processing, property valuation, ~~tenancy,~~ hazard risk, property risk and replacement cost, flood plain location determination and other geospatial data, analytics and related services. Clients rely on us to help identify and manage growth opportunities, improve performance and mitigate risk. We are also a party to various joint ventures under which we share control of the management of the operations with the other partner.

WeAs ~~became~~used ~~a stand-alone public company on June 1~~herein, ~~2010, when we completed a transaction under which we separated~~ the ~~financial~~terms ~~services businesses of our predecessor company~~"CoreLogic, ~~The First American Corporation (~~"~~FAC")~~ ~~(referred to as~~ the "~~Separation~~Company,"). ~~We formed a new~~"we," ~~publicly-traded,~~"our" ~~New~~and ~~York~~"us" ~~Stock~~refer ~~Exchange-listed company called First American Financial Corporation (“FAFC”) through a distribution (the “Distribution”) of all of the outstanding shares of FAFC~~ to ~~the holders of our common shares~~CoreLogic, ~~par value $1~~Inc.00 ~~per~~and ~~share,~~our asconsolidated ~~of May 26~~subsidiaries, ~~2010.~~except ~~After~~where ~~the~~it ~~Distribution,~~is weclear retained the information solutions businesses as further described above. To effect the Separation, we entered into a Separation and Distribution Agreement (the “Separation and Distribution Agreement”) that ~~governs~~ the ~~rights~~terms ~~and~~mean ~~obligations~~only of us and FAFC regarding the Distribution. It also governs the on-going relationship between us and FAFC subsequent to the completion of the Separation and provides for the allocation of assets and liabilities between us and FAFC. In additionCoreLogic, ~~we also entered into a Tax Sharing Agreement (the “Tax Sharing Agreement”)~~Inc. ~~While we are a party to the Separation~~ and ~~Distribution~~not ~~Agreement~~our ~~and various other agreements relating to the Separation, we have determined that we have no material continuing involvement in the operations of FAFC~~subsidiaries.

FAC was incorporated in California in 1894, and as part of the Separation, we reincorporated in Delaware on June 1, 2010, changed our name to CoreLogic, Inc. and began trading on the New York Stock Exchange under the symbol “CLGX.” As used herein, the terms "CoreLogic," the "Company," "we," "our" and "us" refer to CoreLogic, Inc. and our consolidated subsidiaries, except where it is clear that the terms mean only CoreLogic, Inc. and not our subsidiaries.

Note 2 - Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include our accounts and all controlled subsidiaries. All significant intercompany transactions and balances have been eliminated. Equity investments in which we exercise significant influence, do not control, and are not the primary beneficiary, are accounted for using the equity method. Investments in which we do not exercise significant influence over the investee are accounted for at cost, adjusted for fair value as applicable.

~~Client~~Unsolicited ~~Concentration~~Proposal and Proxy Contest Proposals

WeOn ~~generate~~June ~~the~~26, ~~majority~~2020, ofwe ~~our~~received ~~revenues~~an unsolicited proposal from ~~clients~~Senator ~~with~~Investment ~~operations~~Group, inLP ~~the~~(“Senator”) ~~United~~and ~~States~~Cannae Holdings, Inc. (~~"US"~~“Cannae”) ~~residential~~to ~~real~~acquire ~~estate~~the Company for $65.00 per share in cash, ~~mortgage~~which ~~origination~~initial proposal was increased by Senator and ~~mortgage~~Cannae ~~servicing~~on ~~markets~~September 14, 2020 by $1.00 ~~Approximately~~per 29share to $66.~~8%,~~00 31per share in cash (the “Unsolicited Proposal”).3% In July 2020, ~~and~~our ~~38.7%~~Board of ~~our~~Directors ~~operating~~("Board"), ~~revenues~~in ~~for~~consultation ~~the~~with ~~years~~its ~~ended~~independent ~~December 31~~financial and legal advisors, ~~2019~~unanimously determined to reject the Unsolicited Proposal. In July 2020, ~~2018~~Senator and ~~2017,~~Cannae ~~respectively,~~issued ~~were~~a ~~generated~~press ~~from~~release announcing proposals to remove members of our ~~ten~~Board ~~largest~~and ~~clients~~replace ~~who~~them ~~consist~~with up to nine individuals nominated by Senator and Cannae and to amend certain provisions of our Bylaws (“Proxy Contest Proposals”). In August 2020, the ~~largest~~Board USdetermined ~~mortgage~~to ~~originators~~call a special meeting of CoreLogic’s stockholders to allow our stockholders to consider and ~~servicers.~~vote Noon ~~client~~the ~~accounted~~Proxy ~~for~~Contest 10Proposals.0% orA ~~more~~special meeting of our ~~operating~~stockholders ~~revenues~~to ~~for~~vote on the ~~years~~Proxy ~~ended~~Contest ~~December 31~~Proposals was held in November 2020, ~~2019~~with ~~and~~a ~~2018.~~record ~~One~~date of ~~our~~September ~~clients~~18, ~~accounted~~2020, ~~for~~resulting ~~11.1%~~in the removal of ~~our~~three ~~operating~~members ~~revenues~~of ~~for~~our Board and the ~~year~~appointment ~~ended~~of ~~December 31~~three of Senator and Cannae's nominees to our Board, ~~2017.~~each ~~Although~~with ~~both~~a term expiring at the Company's 2021 annual meeting of ~~our~~stockholders. ~~business~~In ~~segments~~connection ~~report~~with ~~revenue~~the ~~from~~Unsolicited ~~this~~Proposal, ~~client~~Proxy Contest Proposals, onand arelated ~~relative~~strategic ~~basis~~transaction process, ~~UWS~~we ~~has~~have aincurred ~~higher~~expenses ~~client~~of ~~concentration~~approximately $54.0 million for year ended December 31, 2020.

Discontinued 45Operations

In July 2020, we announced our intention to exit our reseller operations focused on mortgage credit and borrower verification and multi-family tenant screening. These businesses are comprised of our Rental Property Solutions ("RPS") and Credit Solutions ("CS") operations. Although market leaders in their respective business areas, these reseller businesses are not compatible with our long-term strategic imperatives. The divestiture of these operations is expected to improve our revenue growth trends and revenue mix, and significantly enhance profit margins. As a result of this strategic decision, the businesses have been reflected in our consolidated financial statements as discontinued operations for all periods presented.

In October 2020, we sold a portion of RPS, which resulted in a gain on sale of discontinued operations of $2.7 million, net of tax. In February 2021, we sold the remainder of RPS for $51.2 million.

In connection with businesses we have previously discontinued, we retain certain contingent liabilities of the businesses that were disposed of. These contingent liabilities include, among other items, liability for certain litigation matters, indemnification

Table of Contents

CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

~~Out-~~obligations and potential breaches of representations or warranties. Please refer to Note 18 -~~Period~~ ~~Adjustments~~Discontinued Operations for further information.

~~During~~Business ~~the~~Exits ~~year~~& ~~ended~~Transformation December 31, 2017, we identified a prior period error which had overstated our provision for deferred income taxes by $4.3 million prior to 2016. We corrected this item in 2017 by recording a reduction to deferred income tax expense within ~~continuing~~Continuing ~~operations.~~Operations

WeIn ~~assessed~~December ~~the~~2018, ~~materiality~~we ofannounced ~~the~~our ~~aforementioned~~intent ~~error~~to exit a loan origination software unit and ~~concluded~~its ~~that~~remaining itlegacy default management related platforms, as well as accelerate an appraisal management company ("AMC") transformation program, which actions were focused on expanding our overall profit margins and providing for enhanced long-term organic growth trends. In September 2019, we divested our default management related platforms and received proceeds of $3.8 million. The AMC transformation was ~~not~~concluded ~~material~~in December 31, 2019. For the year ended December 31, 2019, our operating revenues decreased by $61.9 million attributable to the ~~results~~aforementioned ofbusiness ~~operations~~exists orand ~~financial~~strategic ~~condition~~transformation compared to ~~any~~2018. ~~affected~~We ~~annual~~also orrecorded ~~interim~~non-cash ~~period~~impairment charges of $47.8 million and severance expense of $5.3 million in 2019 relating to the AMC transformation program.

Client Concentration

We generate the majority of our revenues from clients with operations in the United States ("US") residential real estate, mortgage origination and mortgage servicing markets. Approximately 34.4%, 26.4%, and 32.0% of our operating revenues for the years ended December 31, 2020, 2019 and 2018, respectively, were generated from our ten largest clients who consist of the largest US mortgage originators and servicers. No client accounted for 10.0% or more of our operating revenues for the years ended December 31, 2020, 2019 or 2018.

Use of Estimates

The preparation of financial statements in accordance with generally accepted accounting policies ("GAAP") requires management to make estimates and assumptions that affect the financial statements. Actual results could differ from the estimates and assumptions used.

Cash, Cash Equivalents and Restricted Cash

We deem the carrying value of cash, cash equivalents and restricted cash to be a reasonable estimate of fair value due to the nature of these instruments. Restricted cash is comprised of deposits that are pledged for various letters of credit/bank guarantees secured by us, escrow accounts due to acquisitions and divestitures, as well as short-term investments within our deferred compensation plan trust. The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the statement of cash flows:

(in thousands)	~~December 31, 2019~~		December 31, 2020		~~December 31, 2018~~		December 31, ~~2017~~2019		December 31, 2018
Cash and cash equivalents	$	~~105,185~~	$	167,422	$	~~85,271~~	$	~~118~~104,~~804~~162	$	81,699
Restricted cash included in other assets	~~10,325~~		10,018		~~9,967~~		910,~~850~~325		9,967
Restricted cash included in prepaid expenses and other current assets	~~192~~		393		~~3,012~~		~~3,500~~191		3,013
Total cash, cash equivalents, and restricted cash	$	~~115,702~~	$	177,833	$	~~98,250~~	$	~~132~~114,~~154~~678	$	94,679

Accounts Receivable

Accounts receivable are generally due from mortgage originators and servicers, financial institutions, insurers, government and government-sponsored enterprises located throughout the US and abroad. Credit is extended based on an evaluation of the client’s financial condition, and, generally, collateral is not required.

The allowance for ~~doubtful accounts for~~ all probable uncollectible receivables is based on a combination of historical data, cash payment trends, specific client issues, write-off trends, general economic conditions and other factors. These factors are continuously monitored by management to arrive at the estimate of the amount of accounts receivable that may be ultimately uncollectible. In circumstances where a specific client is unable to meet its financial obligations, we record a specific allowance for doubtful accounts against amounts due to reduce the net recognized receivable to the amount we reasonably believe will be collected.

~~Property and Equipment~~57

Property and equipment is recorded at cost and includes computer software acquired or developed for internal use and for use with our products. Software development costs include certain payroll-related costs of employees directly associated with developing software and payments to third parties for completed or developing software. We begin capitalizing qualifying software development costs on a project when the preliminary project stage has been completed and management has authorized further funding for completion. Capitalization ends once a project is substantially complete and the software is ready for its intended use. Costs incurred in the planning and post-implementation phases of software developing are expensed as incurred.

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

~~estimated~~Property ~~useful~~and ~~lives of 3 to 15 years. Leasehold improvements are amortized over the lesser of the estimated useful life or the lease term.~~Equipment

Depreciation on buildings and on furniture and equipment is computed using the straight-line method over estimated useful lives of 25 to 40, and 3 to 10 years, respectively. Capitalized software costs are amortized using the straight-line method over estimated useful lives of 3 to 20 years. Leasehold improvements are amortized over the lesser of the estimated useful life or the lease term.

Capitalized Data and Database Development Costs, Net

Capitalized data and database development costs represent our cost to acquire or develop the proprietary databases of information for client use. The costs are capitalized from the time the third-party data is acquired until the information is ready for use, assuming both the preliminary project stage is complete and management has authorized funding for the completion of the data project. Property and eviction data costs are amortized using the straight-line method over estimated useful lives of 5 to 25 years.

The carrying value of our flood data zone certification was $55.4 million as of December 31, ~~2019~~2020 and ~~2018~~2019. Because properly maintained flood zone databases have indefinite lives and do not diminish in value with the passage of time, no provision has been made for depreciation or amortization. We periodically analyze our assets for impairment. This analysis includes, but is not limited to, the effects of obsolescence, duplication, demand and other economic factors. See further discussion in Note 6 – Capitalized Data and Database Development Costs, Net.

Purchase Accounting

The purchase method of accounting requires companies to assign values to assets and liabilities acquired based upon their fair values at the acquisition date. In most instances, there are not readily defined or listed market prices for individual assets and liabilities acquired in connection with a business, including intangible assets. The determination of fair value for assets and liabilities in many instances requires a high degree of estimation. The valuation of intangible assets, in particular, is very subjective. We generally obtain third-party valuations to assist us in estimating fair values. The use of different valuation techniques and assumptions could change the amounts and useful lives assigned to the assets and liabilities acquired and related amortization expense.

Goodwill

Every fourth quarter, we perform an annual impairment test for goodwill and other indefinite-lived intangible assets for each reporting unit: Property Intelligence & Risk Management Solutions ("PIRM") and Underwriting & Workflow Solutions ("UWS"). We may also perform an impairment test on an interim basis if an indicator of impairment is present. In assessing the overall carrying value of our goodwill and other intangibles, we could first assess qualitative factors to determine whether the fair value of a reporting unit is less than its carrying amount. Examples of such events or circumstances include the following: cost factors, financial performance, legal and regulatory factors, entity specific events, industry and market factors, macroeconomic conditions and other considerations. For goodwill, if we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then quantitative impairment testing is performed utilizing a combination of the income and market approach. We could also elect to perform a quantitative impairment test without first assessing qualitative factors.

If the fair value of a reporting unit exceeds its carrying value, then goodwill is not considered impaired and no additional analysis is required. However, if the book value of a reporting unit is greater than its fair value, an impairment loss is recorded for the excess. ~~The~~Determining the fair value of a reporting unit is judgmental and requires assumptions and estimates of many critical factors, including revenue growth rates, ~~operating~~cost ~~margins~~of services, ~~cash~~selling, ~~flows~~general and administrative expenses, market multiples, and discount rates. See further discussion in Note 4 – Goodwill, Net.

For other indefinite-lived intangible assets, if we determine that it is more likely than not that the fair value of the asset is less than its carrying value, then quantitative impairment testing is performed. In assessing the fair value of indefinite lived intangibles, we compare the fair value of the asset to its carrying value to determine if there is an impairment. If the fair value of the asset is less than its carrying value, an impairment loss is recorded. 58

Other Intangible Assets

Our intangible assets consist of client lists, tradenames and licenses, as well as non-compete agreements. Each of these intangible assets is amortized on a straight-line basis over its useful life ranging from 2 to 25 years and is subject to impairment tests if an indicator of impairment is present.

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

In connection with our intent to exit our reseller businesses, goodwill is allocated to our disposal groups by calculating the relative fair values between the disposal group and its respective reporting unit, using a combination of the income and market approaches. Determining the fair value of a disposal group and reporting unit is judgmental and requires assumptions and estimates of many critical factors, including revenue growth rates, cost of services, selling, general and administrative expenses, market multiples, discount rates, and indicative fair market values from potential participants at the time of valuation. Please refer to Note 18 - Discontinued Operations for further information.

Other Intangible Assets

Long-Lived Assets

Long-lived assets held and used include property and equipment, capitalized software, and other intangible assets. Management uses estimated future cash flows (undiscounted and excluding interest) to measure the recoverability of long-lived assets held and used, at the asset group level, whenever events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable. If the undiscounted cash flow analysis indicates a long-lived asset is not recoverable, the impairment loss recorded is the excess of the carrying amount of the asset over its fair value.

In addition, we carry long-lived assets held for sale at the lower of cost or market as of the date that certain criteria have been met.

Investment in Affiliates, Net

Investments in affiliates are accounted for under the equity method of accounting when we are deemed to have significant influence over the affiliate but do not control or have a majority voting interest in the affiliate. Investments are carried at the cost of acquisition, including subsequent impairments, capital contributions and loans from us, plus our equity in undistributed earnings or losses since inception of the investment, less dividends received.

Leases

We determine if an arrangement contains a lease at inception and determine the classification of the lease, as either operating or finance, at commencement.

Operating and finance lease assets and liabilities are recorded based on the present value of future lease payments over the lease term which factors in certain qualifying initial direct costs incurred as well as any lease incentives received. If an implicit rate is not readily determinable, we utilize our incremental borrowing rate and inputs from third-party lenders to determine the appropriate discount rate. Lease expense for operating lease payments are recognized on a straight-line basis over the lease term, which, if applicable, may factor in renewal or termination options. Finance leases incur interest expense using the effective interest method in addition to amortization of the leased asset on a straight-line basis, both over the applicable lease term. Lease terms may factor in options to extend or terminate the lease. If we abandon our right of use to a leased property prior to the lease termination date, and have no intention or ability to sublease the space, we reduce the remaining right of use asset and record a impairment charge in the period we vacate or otherwise cease to use the leased asset. For the twelve months ended December 31, 2020 we recorded an impairment charge of $1.1 million in connection with a lease for which we had previously vacated and do not have the practical ability to sublease. See further discussion in Note 10 - Fair Value.

We adhere to the short-term lease recognition exemption for all classes of assets (i.e. facilities and equipment). As a result, leases with an initial term of twelve months or less are not recorded on the balance sheet and are recognized on a straight-line ~~basis over the lease term. In addition, for certain equipment leases, we account for lease and non-lease components, such as services, as a single lease component as permitted.~~

~~Discontinued Operations~~59

In September 2014, we completed the sale of our collateral solutions and field services businesses, which were included in the former reporting segment Asset Management and Processing Solutions ("AMPS"). In December 2010, we completed the sale of our Employer Litigation Services ("ELI") businesses.

In connection with previous divestitures, we retained certain contingent liabilities of the businesses that were disposed of. These contingent liabilities include, among other items, liability for certain litigation matters, indemnification obligations and potential breaches of representations or warranties. With respect to our ELI divestiture, we retained certain liabilities, and, in September 2016, a jury returned an unfavorable verdict against this discontinued operating unit, which we appealed. In 2019 the verdict was upheld on appeal. We were unable to secure further review of the appellate decision and paid $23.0 million to satisfy the judgment in 2019.

For the year ended December 31, 2019, we recorded a loss from discontinued operations, net of tax, of $17.5 million primarily attributable to aforementioned legal settlement involving ELI. For the year ended December 31, 2018, we recorded a loss from discontinued operations, net of tax, of $0.6 million primarily attributable to legal losses recorded in both ELI and AMPS. For the year ended December 31, 2017, we recorded income from discontinued operations, net of tax, of $2.3 million primarily attributable to a pre-tax favorable legal settlement in AMPS of $4.5 million offset by a loss, net of tax, of $0.4 million in ELI.

For the year ended December 31, 2017, we recorded a $0.3 million gain on the sale of discontinued operations, net of tax. There were no gains or losses on the sale of discontinued operations recorded for the years ended December 31, 2019 and 2018.

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

Asbasis ofover ~~December 31,~~the ~~2019~~lease ~~and 2018, assets from discontinued operations were $6~~term.3 ~~million~~In ~~and $0.6 million~~addition, ~~respectively,~~for ~~mainly~~certain ~~consisting~~equipment ofleases, ~~income~~we ~~tax~~account ~~assets.~~for ~~These~~lease ~~amounts are included within prepaid expenses~~ and ~~other~~non-lease ~~current assets in the accompanying consolidated balance sheet. As of December 31~~components, ~~2019~~such ~~and~~as ~~2018~~services, ~~liabilities~~as ~~from~~a ~~discontinued~~single ~~operations~~lease ~~were~~component ~~$0.4~~as ~~million and $2~~permitted.~~2 million, respectively, mainly consisting of legal related accruals. These amounts are included within accounts payable and other accrued expenses in the accompanying consolidated balance sheet.~~

Operating Revenue Recognition

We derive our operating revenues primarily from US mortgage lenders, servicers and insurance companies with good creditworthiness. Operating revenue arrangements are written and specify the products or services to be delivered, pricing and payment terms. Operating revenue is recognized when the distinct good or service (also referred as "performance obligation"), is delivered and control has been transferred to the client. Generally, clients contract with us to provide products and services that are highly interrelated and not separately identifiable. Therefore, the entire contract is accounted for as one performance obligation. At times, some of our contracts have multiple performance obligations where we allocate the total price to each performance obligation based on the estimated relative standalone selling price using observable sales or the cost-plus-margin approach.

For products or services where delivery occurs at a point in time, we recognize operating revenue when the client obtains control of the products upon delivery. When delivery occurs over time, we generally recognize operating revenue ratably over the service period, once initial delivery has occurred. For certain of our products or services, clients may also pay upfront fees, which we defer and recognize as operating revenue over the longer of the contractual term or the expected client relationship period.

Licensing arrangements that provide our clients with the right to access or use our intellectual property are considered functional licenses for which we generally recognize operating revenue based on usage. For arrangements that provide a stand-ready obligation or substantive updates to the intellectual property, which the client is contractually or practically required to use, we recognize operating revenue ratably over the contractual term.

Client payment terms are standard with no significant financing components or extended payment terms granted. In limited cases, we allow for client cancellations for which we estimate a reserve.

See further discussion in Note 11 - Operating Revenues.

Cost of Services

Cost of services represents direct costs incurred in the creation and delivery of our products and services. Cost of services consists primarily of data acquisition costs, royalty fees, hardware and software expense associated with transaction processing systems, telecommunication and computer network expense which includes occupancy costs associated with facilities where these functions are performed by employees, as well as claim losses pertaining to our tax services business. Cost of services also includes client service costs, which include personnel costs to collect, maintain, and update our proprietary databases to develop and maintain software application platforms and to provide consumer and client call center support.

Selling, General and Administrative Expenses

Selling, general and administrative expenses consist primarily of personnel-related costs, selling costs, corporate costs, fees for external services, facility costs, write-downs of uncollectible trade receivable accounts, and other costs of administration such as marketing, human resources, finance, legal and administrative roles.

Income Taxes

We account for income taxes under the asset and liability method, whereby we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as expected benefits of utilizing net operating loss and credit carry-forwards. We measure deferred tax assets and liabilities using enacted tax rates we expect to apply in the years in which we expect to recover or settle those temporary differences. We recognize in income the effect of a change in tax rates on deferred tax assets and liabilities in the period that includes the enactment date.

We 49recognize the effect of income tax positions only if sustaining those positions is more likely than not. We reflect changes in recognition or measurement of uncertain tax positions in the period in which a change in judgment occurs. We recognize

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

We evaluate the need to establish a valuation allowance based upon expected levels of taxable income, future reversals of existing temporary differences, tax planning strategies and recent financial operations. We establish a valuation allowance to reduce deferred tax assets to the extent it is more-likely-than-not that some or all of the deferred tax assets will not be realized.

Comprehensive Income

Comprehensive income includes all changes in equity except those resulting from investments by owners and distributions to owners. Specifically, foreign currency translation adjustments, amounts related to supplemental benefit plans, and unrealized gains and losses on interest rate swap transactions ~~and unrealized gains and losses on investments~~ are recorded in other comprehensive income. The following table shows the components of accumulated other comprehensive loss, net of taxes, as of December 31, ~~2019~~2020 and ~~2018~~2019:

(in thousands)	~~2019~~		2020		~~2018~~			2019
Cumulative foreign currency translation	$	~~(122,503~~	)$	(98,839)	$	~~(129,406~~	)	$	(122,503)
Cumulative supplemental benefit plans	~~(8,917~~		(10,966)		~~(4,958~~		)	(8,917)
Net unrecognized losses on interest rate swaps	~~(35,296~~		(60,271)		~~(1,384~~		)	(35,296)
Reclassification adjustment for gain on terminated interest rate swap included in net income	~~(67~~		(67)		—			(67)
Accumulated other comprehensive loss	$	~~(166,783~~	)$	(170,143)	$	~~(135,748~~	)	$	(166,783)

Share-based Compensation

~~Our~~We ~~primary~~currently ~~means~~issue ofequity ~~providing~~awards ~~share-based~~under ~~compensation~~the isCoreLogic, ~~granting~~Inc. ~~restricted~~2018 ~~stock~~Performance ~~units~~Incentive ~~(“RSUs”)~~Plan ~~and performance-based restricted stock units~~ (~~“PBRSUs”~~the "Plan")., ~~The~~which ~~fair~~was ~~value~~approved ofby ~~any~~our ~~grant~~stockholders isat ~~based on the market value of~~ our ~~shares~~Annual onMeeting ~~the~~held ~~date of grant and is generally recognized as compensation expense over the vesting period. We measure the cost of employee services received~~ in ~~exchange~~May ~~for an award of equity instruments based on the grant-date fair value of the award~~2018. The ~~cost~~Plan isincludes ~~recognized over~~ the ~~period~~ability ~~during which an employee is required~~ to ~~provide~~grant ~~services~~share-based ininstruments ~~exchange~~such ~~for~~as ~~the~~restricted ~~award.~~stock Weunits ~~utilize~~(“RSUs”) ~~the~~and ~~Monte~~performance-~~Carlo~~based ~~simulation~~restricted ~~method~~stock tounits ~~estimate the fair value for~~ (“PBRSUs”) ~~with market-based conditions~~ and ~~the Black-Scholes model to estimate the fair value of~~ stock options. WePrior ~~apply~~to the ~~straight-line~~approval ~~single option method~~ of ~~attributing~~ the ~~value~~Plan, ofwe issued share-based ~~compensation~~awards ~~expense.~~under Asthe ~~share-based~~CoreLogic, ~~compensation~~Inc. ~~expense~~2011 ~~recognized~~Performance inIncentive ~~results~~Plan, ofas ~~operations~~amended, iswhich ~~based~~was onpreceded ~~awards~~by ~~ultimately~~the ~~expected to vest~~CoreLogic, ~~share-based~~Inc. ~~compensation~~2006 ~~expense~~Incentive ~~has~~Plan. ~~been~~The ~~reduced~~Plan provides for ~~forfeitures.~~15,139,084 ~~Forfeitures~~shares ~~are~~of ~~recognized~~the atCompany's ~~the~~common ~~time~~stock, ~~they~~par ~~occur~~value $0.00001 Weper ~~apply~~share, ~~the~~to ~~long-form~~be ~~method~~available for ~~determining~~award ~~the pool of windfall tax benefits~~grants.

InOur ~~addition,~~primary wemeans ~~have~~of anproviding ~~employee~~share-based ~~stock~~compensation ~~purchase~~is ~~plan~~granting ~~that~~RSUs ~~allows~~and ~~eligible~~PBRSUs. ~~employees~~The tofair ~~purchase~~value ~~common~~of ~~stock~~any grant is based on the market value of our shares on the ~~Company~~date atof 85grant and is generally recognized as compensation expense over the vesting period.0% ofWe measure the ~~closing~~cost ~~price~~of employee services received in exchange for an award of equity instruments based on the ~~first~~grant-date orfair ~~last~~value ~~day~~ of ~~each~~the ~~quarter,~~award. ~~whichever~~The cost is ~~lower.~~recognized Weover ~~recognize~~the period during which an ~~expense~~employee is required to provide services in exchange for the ~~amount~~award. ~~equal~~We toutilize the ~~estimated~~Monte-Carlo simulation method to estimate the fair value for PBRSUs with market-based conditions. We apply the straight-line single option method of attributing the ~~discount~~value of share-based compensation expense. As share-based compensation expense recognized in results of operations is based on awards ultimately expected to vest, share-based compensation expense has been reduced for forfeitures. Forfeitures are recognized at the time they occur. We apply the long-form method for determining the pool of windfall tax benefits.

In addition, the employee stock purchase plan allows eligible employees to purchase our common stock at 85.0% of the lesser of the closing price on the first day or the last day of each quarter. We recognize an expense for the amount equal to the estimated fair value of the discount during each offering period.

See Note 12 –Share-based Compensation for additional information.

Foreign Currency

The functional currencies of our foreign subsidiaries are their respective local currencies. The financial statements of the foreign subsidiaries are translated into US dollars for consolidation as follows: (i) assets and liabilities at the exchange rate as of the balance sheet date, (ii) stockholders’ equity at the historical rates of exchange and (iii) income and expense amounts at average rates prevailing throughout the period. Translation adjustments resulting from the translation of the subsidiaries’ accounts are included in “Accumulated other comprehensive loss,” a separate component of stockholders’ equity. Gains and losses resulting from foreign currency transactions are included within selling, general and administrative expenses in the consolidated statement of operations and were not material to the results of operations.

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

Earnings~~/(Loss)~~ Per Share

Basic earnings~~/(loss)~~ per share is computed by dividing net income~~/(loss)~~ available to our stockholders by the weighted-average number of common shares outstanding. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the weighted-average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if dilutive stock options had been exercised and RSUs and PBRSUs were vested. The dilutive effect of stock options and unvested RSUs and PBRSUs is computed using the treasury stock method, which assumes any proceeds that could be obtained upon the exercise of stock options and vesting of RSUs and PBRSUs would be used to purchase shares of common stock at the average market price for the period. The assumed proceeds include any purchase price the grantee pays, the hypothetical windfall tax benefit that we receive upon assumed exercise or vesting and the hypothetical average unrecognized compensation expense for the period. We calculate the assumed proceeds from excess tax benefits based on the “as-if” deferred tax assets calculated under share-based compensation standards.

Dividends

We record cash dividends as reductions to retained earnings upon declaration, with a corresponding increase to current liabilities, based on common shares outstanding on the record date. In addition, as part of our share-based compensation program, the terms of our RSUs and PBRSUs stipulate that holders of these awards are credited with dividend equivalent units on each date that a cash dividend is paid to holders of our common stock. These dividend equivalents are subject to the same vesting and performance requirements of the underlying units and therefore are forfeitable (i.e. non-participating). Upon declaration of a dividend, we record dividend equivalents as a reduction to retained earnings, derived from the number of eligible unvested shares, with a corresponding increase to additional paid-in-capital.

In December 2019, we announced that our Board of Directors initiated and declared a cash dividend of $0.22 per common share. As a result, as of December 31, 2019, we have recorded a liability of $17.4 million within accounts payable and other accrued expenses, as well as $0.4 million in dividend equivalents reflected in additional paid-in-capital within our accompanying consolidated balance sheets. The dividend declared was paid onin January ~~24,~~ 2020 to shareholders of record atas of the close of business on January 10, 2020.

In April 2020, our Board of Directors declared a cash dividend of $0.22 per common share to shareholders of record as of the close of business on June 1, 2020, which was paid on June 15, 2020. In July 2020, our Board of Directors announced a 50% increase in our cash dividend and declared a $0.33 per share cash dividend to common stockholders, which was paid in September 2020 and December 2020 to stockholders of record as of the close of business on September 1, 2020 and December 1, 2020, respectively. As a result, we have recorded and additional $0.3 million in dividend equivalents reflected in additional paid-in-capital as of December 31, 2020.

Share Repurchase Program

In July 2020, our Board of Directors cancelled all prior repurchase authorizations and established a new share repurchase authorization of up to $1.0 billion. During the years ended December 31, 2020, 2019, and 2018, we repurchased approximately 6.8 million, 2.0 million, and 2.3 million shares of our common stock for $509.3 million, $86.7 million, and $109.1 million, respectively, including commission costs. To reflect share repurchases in the consolidated balance sheet, we reduce common stock for the par value of the shares and reduce paid-in capital for the amount in excess of par to zero during the quarter in which the shares are repurchased. Any residual amount once paid-in capital has been reduced down to zero, if any, is recorded to retained earnings. As of December 31, 2020, we had $500.0 million in value of shares available to be repurchased under the plan.

Tax Escrow Disbursement Arrangements

We administer tax escrow disbursements as a service to our clients in connection with our tax services business. These deposits are maintained in segregated accounts for the benefit of our clients. These deposits totaled approximately $10.45 billion and $~~696~~1.04 ~~million~~billion at December 31, ~~2019~~2020 and ~~2018~~2019, respectively. Because these deposits are held on behalf of our clients, they are not our funds and, therefore, are not included in the accompanying consolidated balance sheets.

These deposits generally remain in the accounts for a period of 2 to 5 business days. We record earnings credits from these activities as a reduction to related administrative expenses, including the cost of bank fees and other treasury administration costs.62

Under our contracts with our clients, if we make a payment in error or fail to pay a taxing authority when a payment is due, we could be held liable to our clients for all or part of the financial loss they suffer as a result of our act or omission. We maintained claim reserves relating to incorrect disposition of assets of $22.7 million and $21.2 million as of December 31, 2019 and 2018, respectively. Within these amounts, $9.8 million and $9.2 million, respectively, are short-term and are reflected in accounts payable and other accrued expenses within our accompanying consolidated balance sheets. The remaining reserves are reflected in other liabilities.

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

Under our contracts with our clients, if we make a payment in error or fail to pay a taxing authority when a payment is due, we could be held liable to our clients for all or part of the financial loss they suffer as a result of our act or omission. We maintained claim reserves relating to incorrect disposition of assets of $29.6 million and $22.7 million as of December 31, 2020 and 2019, respectively. Within these amounts, $11.4 million and $9.8 million, respectively, are short-term and are reflected in accounts payable and other accrued expenses within our accompanying consolidated balance sheets. The remaining reserves are reflected in other liabilities.

Recent Accounting Pronouncements

In ~~December~~March ~~2019~~2020, ~~as part of a simplification initiative,~~ the Financial Accounting Standards Board ("FASB") issued guidance to ~~remove~~ease ~~certain~~potential ~~exceptions~~burden ~~and~~in ~~added~~accounting ~~further~~for, ~~guidance~~or torecognizing ~~simplify~~the effects of, reference rate reform, in connection with the ~~accounting~~scheduled ~~for~~phase-out ~~income~~of ~~taxes~~the London interbank offering rate ("LIBOR") as a reference interest rate. The ~~exceptions~~guidance ~~that~~provides ~~were~~practical ~~removed~~expedients ~~relate~~and toexceptions ~~recognizing~~in ~~deferred~~accounting ~~taxes~~ for ~~investments~~contracts, ~~performing~~hedging ~~intra-period allocation~~relationships, and ~~calculating~~other ~~income~~transactions ~~taxes~~affected inby ~~interim~~reference ~~periods.~~rate ~~The~~reform ~~guidance~~if ~~reduces~~certain criteria are met. Entities electing the ~~complexity~~practical ofexpedients ~~recognizing~~will ~~deferred~~be ~~taxes~~allowed, among other topics, to account for ~~tax~~reference ~~goodwill~~rate modification of debt and ~~allocating~~receivables ~~taxes~~prospectively; to ~~entities~~not ofreassess alease ~~consolidated~~classifications ~~group.~~and ~~The~~discount ~~guidance~~rates isin ~~effective~~reference ~~for~~rate ~~fiscal~~lease ~~years~~modifications; ~~beginning~~and ~~after~~ease ~~December~~cash-flow ~~15,~~hedge ~~2020~~effectiveness ~~with~~testing ~~early~~guidelines ~~adoption~~for ~~permitted~~hedges affected by reference rate reform. AsThe ofguidance is effective through December ~~31,~~2022 ~~2019,~~with weadoption ~~have~~permitted ~~not~~as ~~elected~~of ~~early~~any ~~adoption,~~date ~~however~~within wethe ~~currently~~aforementioned ~~anticipate~~time ~~that~~frame from the ~~new~~beginning ~~standard~~of ~~will~~the ~~result~~selected ininterim period on a ~~reduction~~prospective tobasis. ~~deferred~~We ~~tax~~adopted ~~liabilities~~the ofguidance upin tothe ~~$20~~first ~~million~~quarter ~~upon~~of ~~adoption~~2020, ~~with~~which has not had a ~~corresponding~~material ~~increase~~effect toon ~~stockholders'~~our ~~equity~~consolidated financial statements.

In ~~November~~December ~~2018~~2019, as part of a simplification initiative, the FASB issued guidance to ~~clarify~~remove certain exceptions and added further guidance to simplify the ~~definition~~accounting for income taxes. The exceptions that were removed relate to recognizing deferred taxes for investments, performing intra-period allocation, and ~~interaction~~calculating ofincome ~~collaborative~~taxes ~~arrangements~~in ~~with~~interim ~~previously~~periods. ~~issued~~The guidance onreduces ~~revenue~~the ~~recognition~~complexity of recognizing deferred taxes for tax goodwill and allocating taxes to entities of a consolidated group. ~~This~~The guidance is effective for fiscal years beginning after December 15, ~~2019~~2020 with early adoption permitted. We elected to early adopt on aJanuary 1, 2020 via the modified retrospective ~~basis~~method towith a cumulative effect adjustment at the date of the initial ~~adoption~~application, ofresulting ~~the~~in ~~revenue~~an ~~standard,~~increase ~~with~~to ~~early~~retained ~~adoption~~earnings ~~permitted~~of $16.8 million. WeThis ~~have~~impact ~~not~~results ~~elected~~from tothe ~~early~~release ~~adopt~~of ~~this~~a ~~guidance~~deferred ~~and~~tax doliability ~~not~~that ~~expect~~had ~~adoption~~previously tobeen ~~have~~established afor ~~material~~the ~~impact~~outside onbasis ~~our~~difference ~~consolidated~~of ~~financial~~an ~~statements~~equity method investment that later became a subsidiary.

In ~~August~~November 2018, the FASB issued guidance ~~that~~to ~~amends~~clarify ~~fair value disclosure requirements. The guidance removes disclosure requirements on~~ the ~~transfers~~definition ~~between Level 1~~ and ~~Level~~interaction 2 of ~~the~~collaborative ~~fair~~arrangements ~~value~~with ~~hierarchy~~previously inissued ~~addition~~guidance ~~to the disclosure requirements~~ on ~~the~~revenue ~~policy for timing of transfers between levels and the valuation process for Level 3 fair value measurements~~recognition. ~~The~~This guidance clarifies the measurement uncertainty disclosure and adds disclosure requirements for Level 3 unrealized gains and losses and significant unobservable inputs used to develop Level 3 fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019. ~~Entities~~on ~~are~~a ~~permitted~~retrospective basis to ~~early~~the ~~adopt~~date ~~any~~of ~~removed~~the orinitial ~~modified disclosures upon issuance and delay~~ adoption of the ~~additional~~revenue ~~disclosures until the effective date~~standard. We adopted ~~the~~this ~~removal of disclosure provisions of the new~~ guidance in ~~2018,~~the ~~but~~first wequarter ~~did not elect early adoption~~ of ~~the~~2020, ~~measurement~~which ~~uncertainty~~has ~~disclosure and additional Level 3 disclosures. We do~~ not ~~expect~~had ~~the adoption of this guidance to have~~ a material impact on our consolidated financial statements.

In August 2018, the FASB issued guidance ~~which~~that ~~modifies~~amends fair value disclosure requirements. The guidance removes disclosure requirements on the transfers between Level 1 and Level 2 of the fair value hierarchy in addition to the disclosure requirements on the policy for ~~employers~~timing ~~that~~of ~~sponsor~~transfers ~~defined~~between ~~benefit~~levels ~~pension~~and orthe ~~other~~valuation ~~post-retirement~~process ~~plans~~for Level 3 fair value measurements. The guidance ~~removes~~clarifies ~~certain~~the ~~disclosures,~~measurement ~~while~~uncertainty ~~modifying~~disclosure and ~~adding~~adds ~~others,~~disclosure requirements for Level 3 unrealized gains and losses and significant unobservable inputs used to develop Level 3 fair value measurements. The guidance is effective for fiscal years ~~ending~~beginning after December 15, ~~2020~~2019. onEntities aare ~~retrospective~~permitted ~~basis.~~to ~~Early~~early ~~adoption~~adopt isany ~~permitted;~~removed ~~however,~~or wemodified ~~have~~disclosures ~~not~~upon ~~elected~~issuance ~~early~~and delay adoption of the additional disclosures until the effective date. We doearly ~~not~~adopted ~~expect~~the removal of disclosure provisions of the ~~adoption~~new guidance in 2018 and adopted the measurement uncertainty disclosure and additional Level 3 disclosures in the current year as required. Adoption of this guidance tohas ~~have~~not had a material impact on our consolidated financial statements.

In ~~February~~August 2018, the FASB issued guidance ~~permitting~~which ~~companies~~modifies tothe ~~reclassify~~disclosure ~~stranded~~requirements ~~tax~~for ~~effects~~employers ~~from~~that ~~the~~sponsor ~~TCJA~~defined ~~from~~benefit ~~accumulated~~pension or other ~~comprehensive~~post-retirement ~~income/(loss) to retained earnings~~plans. The ~~stranded~~guidance ~~tax~~removes ~~effects~~certain ~~consist~~disclosures, ofwhile ~~deferred~~modifying ~~taxes~~and ~~originally~~adding ~~recorded~~others, inand ~~accumulated~~is ~~other~~effective ~~comprehensive~~for ~~loss~~fiscal ~~that~~years ~~exceed~~ending ~~the~~after ~~newly~~December ~~enacted~~15, ~~federal~~2020 ~~corporate~~on ~~tax~~a ~~rate~~retrospective basis. AsWe ~~permitted~~adopted inthis ~~the~~ guidance, wein ~~elected~~the tofourth ~~early~~quarter ~~adopt as~~ of ~~January 1~~2020, ~~2018.~~which ~~The~~has ~~net~~not ~~impact~~had ~~of adoption was~~ a ~~balance~~material ~~sheet~~impact ~~reclassification~~on ofour aconsolidated ~~$0.4~~financial ~~million unrealized loss within accumulated other comprehensive loss to retained earnings~~statements.

In ~~August~~February ~~2017~~2018, the FASB issued guidance topermitting amend and improve the accounting for hedging activities. The amendment eliminates the requirement to separately measure and report hedge ineffectiveness. An initial quantitative assessment to establish that the hedge is highly effective is still required, but the amendment allows until the end of the first quarter that it is designated as a hedge to perform the assessment. After initial qualification, a qualitative assessment can be performed if the hedge is highly effective and the documentation at inception can reasonably support an expectation of high effectiveness throughout the hedge’s term. The amendment requires companies to ~~present~~reclassify ~~all~~stranded ~~hedged~~tax ~~accounting~~effects ~~elements~~from ~~that affect earnings in~~ the ~~same~~TCJA ~~income~~from ~~statement~~accumulated ~~line as the hedged item. For highly effective cash flow hedges, fair value changes will be recorded in~~ other comprehensive income/(loss) ~~and reclassified~~ to ~~earnings~~retained ~~when the hedged item impacts~~ earnings. The ~~guidance~~stranded ~~became~~tax ~~effective~~effects ~~prospectively~~consist ~~for~~of ~~fiscal~~deferred ~~years~~taxes beginning after December 15, 2018. In October 2018, the FASB issued incremental guidance to this update to permit the Overnight Index Swap Rate and the Secured Overnight Financing Rate to be utilized as US benchmark interest rates for hedge accounting purposes. We have adopted this guidance in the current year as required, which has not had a material impact on our consolidated financial statements.

In March 2017, the FASB provided guidance to improve the presentation of net pension periodic benefit cost. The service cost component of the net periodic benefit cost is to be presented in the same income statement line item as other employee compensation costs arising from services during the period, and only the service cost component will be eligible to be capitalized. All the other cost components will be presented as non-operating components on the income statement. The 63

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

~~guidance~~originally isrecorded ~~effective~~in ~~for~~accumulated ~~annual~~other ~~periods~~comprehensive ~~beginning~~loss ~~after~~that ~~December~~exceed ~~15,~~the ~~2017,~~newly ~~including~~enacted ~~interim~~federal ~~periods~~corporate ~~within~~tax ~~those periods~~rate. As permitted in the guidance, we elected to early ~~adoption~~adopt inas ~~2017~~of ~~which~~January ~~resulted~~1, in2018. ~~the~~The ~~reclassification~~net impact of ~~net~~adoption ~~periodic~~was ~~benefit~~a ~~costs~~balance ~~totaling~~sheet reclassification of a $0.84 million ~~for~~unrealized ~~the~~loss ~~year~~within ~~ended~~accumulated ~~December~~other ~~31,~~comprehensive ~~2017~~loss to retained earnings.

In ~~June~~August ~~2016~~2017, the FASB issued guidance ~~for~~to amend and improve the accounting offor ~~credit~~hedging ~~losses~~activities. ~~affecting~~The ~~the~~amendment ~~impairment~~eliminates ~~model~~the ~~for~~requirement ~~most~~to ~~financial~~separately ~~assets~~measure and ~~certain~~report ~~other~~hedge ~~instruments~~ineffectiveness. ~~Entities~~An ~~will~~initial bequantitative ~~required~~assessment to ~~use~~establish athat ~~new~~the ~~forward-looking~~hedge ~~current~~is ~~expected~~highly ~~credit~~effective ~~loss~~is ~~model~~still ~~for~~required, ~~trade~~but ~~and~~the ~~other~~amendment ~~receivables,~~allows ~~held-to-maturity~~until ~~debt~~the ~~securities,~~end ~~loans,~~of ~~and~~the ~~other~~first ~~instruments,~~quarter ~~which~~that ~~will~~it ~~generally~~is ~~lead~~designated toas ana ~~earlier~~hedge ~~recognition~~to ofperform ~~loss~~the ~~allowances~~assessment. ~~Entities~~After ~~will~~initial ~~recognize~~qualification, ~~expected~~a ~~losses~~qualitative onassessment ~~available-for-sale~~can ~~debt~~be ~~securities~~performed asif ~~allowances~~the ~~rather~~hedge ~~than~~is ahighly ~~reduction~~effective inand ~~amortized~~the ~~cost~~documentation ofat ~~the~~inception ~~security~~can ~~while~~reasonably ~~the~~support ~~measurement~~an ~~process~~expectation of ~~such~~high ~~loss~~effectiveness ~~does~~throughout ~~not~~the ~~change~~hedge’s term. ~~Disclosure~~The ~~requirements~~amendment ~~are~~requires ~~expanded~~companies ~~regarding~~to anpresent ~~entity’s~~all ~~assumptions,~~hedged ~~models~~accounting ~~and~~elements ~~methods~~that ofaffect ~~estimations~~earnings ofin the ~~allowance.~~same ~~The~~income ~~guidance~~statement isline ~~effective~~as ~~for~~the ~~fiscal~~hedged ~~years~~item. ~~beginning~~For ~~after~~highly ~~December~~effective ~~15,~~cash ~~2019~~flow hedges, fair value changes will be recorded in other comprehensive income and ~~interim~~reclassified ~~periods~~to ~~within~~earnings ~~those~~when ~~fiscal~~the ~~years~~hedged item impacts earnings. ~~Early~~The ~~adoption~~guidance isbecame ~~permitted;~~effective ~~however,~~prospectively wefor ~~have~~fiscal ~~not~~years ~~elected~~beginning ~~early~~after ~~adoption~~December 15, 2018. In ~~November~~October 2018 ~~and 2019~~, the FASB issued ~~updates~~incremental guidance to this ~~standard~~update ~~which,~~to ~~amongst~~permit ~~other~~the ~~items,~~Overnight ~~clarifies~~Index ~~that~~Swap ~~impairment~~Rate ofand ~~receivables~~the ~~arising~~Secured ~~from~~Overnight ~~operating~~Financing ~~leases~~Rate ~~should~~to be ~~accounted~~utilized ~~for~~as ~~under~~US ~~applicable~~benchmark ~~leasing~~interest ~~guidance.~~rates Wefor dohedge ~~not~~accounting ~~expect~~purposes. ~~the~~We ~~adoption~~have ofadopted this guidance toin ~~have~~2019 as required, which has not had a material impact on our consolidated financial statements.

In ~~March~~June 2016, the FASB issued guidance tofor ~~simplify~~accounting ~~some~~of ~~provisions~~credit inlosses ~~share-based~~affecting ~~compensation~~the ~~accounting.~~impairment ~~The~~model ~~accounting~~ for ~~income~~most ~~taxes~~financial ~~requires~~assets ~~all excess tax benefits~~ and ~~tax~~certain ~~deficiencies~~other ~~arising~~instruments. ~~from~~Entities ~~such~~will ~~compensation~~be ~~arrangements~~required to beuse ~~recognized~~a ~~through~~new ~~income~~forward-looking ~~tax~~current ~~expense.~~expected ~~The~~credit ~~statement~~loss ofmodel ~~cash~~for ~~flows~~trade ~~presentation~~and ofother ~~excess~~receivables, ~~tax~~held-to-maturity ~~benefits~~debt ~~should~~securities, beloans, ~~classified~~and ~~with~~ other ~~income~~instruments, ~~tax~~which ~~cash~~will ~~flows~~generally aslead anto ~~operating activity. An entity may also make~~ an ~~entity-wide~~earlier ~~election~~recognition toof ~~either~~loss ~~continue~~allowances. ~~estimating~~Entities ~~the~~will ~~number~~recognize ~~of awards that are~~ expected tolosses ~~vest~~on ~~or account~~ available-for-sale ~~forfeitures~~debt securities as ~~they~~allowances ~~occur.~~rather ~~The~~than ~~requirements~~a toreduction ~~qualify~~in ~~for~~amortized ~~equity~~cost ~~classification~~of ~~permits~~the ~~tax~~security ~~withholding~~while ~~up to~~ the ~~maximum~~measurement ~~statutory~~process ~~tax~~of ~~rates~~such inloss ~~the~~does ~~applicable~~not ~~jurisdictions~~change. ~~Lastly,~~Disclosure ~~payments~~requirements ofare ~~cash~~expanded byregarding an ~~employer~~entity’s ~~for tax-withholding purposes~~assumptions, ~~when~~models ~~directly~~and ~~withholding~~methods ~~shares,~~of ~~are~~estimations ~~classified~~of ~~as a financing activity on~~ the ~~statement of cash flows~~allowance. The guidance is effective for fiscal years beginning after December 15, ~~2016~~2019, and interim periods within those fiscal years. WeIn ~~adopted~~November ~~the~~2018 ~~new~~and ~~guidance~~2019, inthe ~~March~~FASB ~~2017,~~issued ~~which~~updates ~~resulted~~to inthis anstandard ~~income~~which, ~~tax~~amongst ~~benefit~~other ofitems, ~~$2.5~~clarifies ~~million~~that ~~for~~impairment ~~the~~of ~~year~~receivables ~~ended~~arising ~~December~~from ~~31,~~operating ~~2017.~~leases Weshould ~~elected~~be toaccounted ~~account~~ for ~~forfeitures~~under asapplicable ~~they~~leasing ~~occur,~~guidance. ~~which~~We ~~resulted~~adopted inthis aguidance ~~share-based~~in ~~compensation~~the ~~true-up~~first quarter of ~~less~~2020, ~~than~~which ~~$0.1~~has ~~million~~not ~~for~~had ~~the~~a ~~year~~material ~~ended~~impact ~~December~~on ~~31,~~our ~~2017~~consolidated financial statements.

In February 2016, the FASB issued guidance on lease accounting which requires leases, regardless of classification, to be recognized on the balance sheet as lease assets and liabilities. The objective of this standard is to provide greater transparency on the amount, timing and uncertainty of cash flows arising from leasing arrangements. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee depends upon its classification as a finance or operating lease. On January 1, 2019, we adopted the new lease accounting standard, and all related amendments, using the modified retrospective approach. Comparative information has not been restated and continues to be reported under the standards in effect for those prior periods, as allowed by the guidance. We elected the package of practical expedients permitted under the transition guidance which allows us to carry forward our historical lease classification of pre-existing leases, treatment of pre-existing indirect costs, as well as our conclusions of whether a pre-existing contract contains a lease. We implemented internal controls to enable the preparation of financial information upon our adoption in the ~~first~~prior ~~quarter of the current~~ year.

Adoption of the new lease accounting standard resulted in the recording of operating lease assets and lease liabilities of approximately $67.7 million and $103.9 million, respectively, as of January 1, 2019. There was no impact to opening equity as a result of adoption as the difference between the asset and liability balance is attributable to reclassifications of pre-existing balances, such as deferred and prepaid rent, into the lease asset balance. The adoption of this standard did not materially impact our consolidated statement of operations or presentation of cash flows.

In May 2014, the FASB issued updated guidance on revenue recognition in order to (i) remove inconsistencies in revenue requirements, (ii) provide a better framework for addressing revenue issues, (iii) improve comparability across entities, industries, etc., (iv) provide more useful information through improved disclosures, and (v) simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. Under the amendment, an entity should recognize revenue to depict the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also specifies the accounting treatment for the incremental costs of obtaining a contract, which would not have been incurred had the contract not been obtained. Further, an entity is required to disclose sufficient information to enable the user of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows from contracts with customers. The updated guidance provides two methods of adoption: (i) retrospective application to each prior reporting period presented, or (ii) recognition of the cumulative effect from the retrospective application at the date of initial application.

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

On January 1, 2018, we adopted this accounting standard, and all the related amendments, using the modified retrospective approach. The comparative information was not restated and continues to be reported under the accounting standards in effect for those prior periods. We also applied practical expedients which permit (i) the omission of remaining performance obligations that have contracts with an original expected duration of one year or less, (ii) the omission of performance obligations, which are for usage-based variable consideration, which we will recognize over the term of the arrangements based on the actual usage by the customers and (iii) expensing incremental contract costs, which would have otherwise been recognized in one year or less.

In connection with the adoption of the accounting guidance in 2018, we increased our total contract liabilities by $31.6 million of which $23.2 million was the result of a change in the accounting for contracts containing material rights the client would have not received without entering into the contract. The performance obligation associated with such material rights is recognized when the future products or services are transferred or when the option expires. Further, we recorded $1.6 million of contract-related assets associated with the change in accounting, which are presented in prepaid expenses and other current assets and other assets in our consolidated balance sheet. In connection with the foregoing pre-tax impacts of adopting the new guidance, we adjusted our related deferred income tax balances. The net impact of all adoption-related adjustments is reflected as a reduction to retained earnings accounts in 2018. During the second quarter of 2018, we amended contractual terms, which eliminated certain performance obligations that would have otherwise been fulfilled over time, resulting in approximately $23.7 million of accelerated revenue recognition.

Note 3 - Property and Equipment, Net

Property and equipment, net, as of December 31, ~~2019~~2020 and ~~2018~~2019 consists of the following:

(in thousands)	~~2019~~		2020		~~2018~~			2019
Land	$	~~7,476~~	$	7,476	$	~~7,476~~		$	7,476
Buildings	~~6,487~~		6,487		~~6,487~~			6,487
Furniture and equipment	~~74,978~~		60,433		~~68,851~~			74,043
Capitalized software	~~916,820~~		862,984		~~902,482~~			819,828
Leasehold improvements	~~48,811~~		50,477		~~43,476~~			48,811
Construction in progress	~~3,064~~		1,275		~~669~~			3,064
	1,057,636				1,029,441
			989,132					959,709
Less: accumulated depreciation	~~(606,615~~		(583,018)		~~(572,944~~		)	(535,039)
Property and equipment, net	$	~~451,021~~	$	406,114	$	~~456,497~~		$	424,670

Depreciation expense for property and equipment was $9085.16 million, $9184.40 million and $8387.91 million for the years ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018, respectively.

Impairment losses for property and equipment of $1.2 million, $12.32 million and $7.7 million were recorded for the years ended December 31, 2020, 2019 and 2018, respectively. ~~No impairment losses were recorded for the year ended December 31, 2017.~~ See Note 10 - Fair Value for further discussion.

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

Note 4 - Goodwill, Net

A reconciliation of the changes in the carrying amount of goodwill, net, by reporting unit, for the years ended December 31, ~~2019~~2020 and ~~2018~~2019 is as follows:

(in thousands)	~~PIRM~~		PIRM		~~UWS~~			~~Consolidated~~UWS			Consolidated
Balance as of January 1, 2018
Balance as of January 1, 2019
Goodwill	$	~~1,029,223~~	$	1,078,197	$	~~1,228,901~~		$	21,~~258~~212,~~124~~082		$	2,290,279
Accumulated impairment losses	~~(600~~		(600)		~~(6,925~~		)	(76,~~525~~925)		)	(7,525)
Goodwill, net	~~1,028,623~~		1,077,597		~~1,221,976~~			21,~~250~~205,~~599~~157			2,282,754
Acquisitions	~~100,151~~		—		~~63,597~~			~~163~~5,~~748~~452			5,452
Measurement period adjustments	~~151~~		(5,041)		~~(485~~		)	~~(334~~—		)	(5,041)
Disposal	~~(1,803~~		)—		—			(1,~~803~~338)		)	(1,338)
Translation adjustments	~~(20,256~~		)5,069		—			~~(20,256~~—		)	5,069
Balance as of December 31, 2018
Balance as of December 31, 2019
Goodwill, net	~~1,106,866~~		1,077,625		~~1,285,088~~			21,~~391~~209,~~954~~271			2,286,896
Acquisitions	—				5,452			5,452
Measurement period adjustments			—					8			8
Measurement period adjustments	(5,041		)		—			(5,041		)
Acquisitions			12,603					—			12,603
Disposal	—				(1,338		)	(1,338		)
Translation adjustments			15,988					—			15,988
Translation adjustments	5,069				—			5,069
Balance as of December 31, 2020
Balance as of December 31, 2019
Goodwill, net			$	1,106,216				$	1,209,279		$	2,315,495
Goodwill, net	$	1,106,894			$	1,289,202		$	2,396,096

For the year ended December 31, 2020, within our PIRM segment, we recorded $12.6 million in goodwill in connection with the purchase of the remaining 66% of Location Inc., ("Location").

For the year ended December 31, 2019, within our PIRM segment, we recorded measurement period adjustments of approximately $0.1 million for Breakaway Holdings, LLC ("HomeVisit") and $5.1 million for Symbility Solutions, Inc. ("Symbility"). Within our UWS segment, we recorded goodwill of $5.5 million related to the acquisition of National Tax Search, LLC ("NTS") as well as a loss of $1.3 million associated with a non-core business-line disposal that was not significant. See Note 17 - Acquisitions for additional information.

~~For~~We ~~the~~perform ~~year~~an ~~ended~~annual ~~December 31,~~goodwill ~~2018,~~impairment wetest ~~recorded~~for ~~acquisition-related~~each ~~goodwill~~reporting ofunit ~~$100~~in the fourth quarter.2 ~~million~~In ~~within~~addition to our ~~PIRM~~annual ~~segment~~impairment ~~consisting~~test, ofwe ~~$75.8~~periodically ~~million,~~assess ~~$10.2~~whether ~~million~~events ~~and~~or ~~$14.1~~circumstances ~~million~~occurred ~~related~~that topotentially indicate that the ~~acquisitions~~carrying amounts of ~~Symbility,~~these ~~HomeVisit,~~assets ~~and~~may ~~eTech~~not ~~Solutions~~be ~~Limited~~recoverable. ~~("eTech"),~~During ~~respectively.~~the Wethird ~~also~~quarter ~~recorded~~of ~~$0.2~~2020, ~~million~~we inperformed ~~measurement~~a ~~period~~quantitative ~~adjustments~~analysis ~~attributable~~due to ~~acquisitions~~our ~~prior~~intention to ~~2018~~exit asour ~~well~~reseller asoperations. aNo ~~loss~~impairments ofwere $1recorded based on our interim assessment.8 ~~million~~During ~~associated~~the ~~with~~fourth aquarter ~~non-core~~of ~~business-line~~2020, ~~disposal~~we ~~within~~assessed ~~PIRM~~qualitative ~~that~~factors ~~was~~such ~~not~~as: ~~significant.~~cost ~~Further~~structure, wefinancial ~~recorded~~performance, ~~goodwill~~legal inand ~~the~~regulatory ~~amount~~environment, ofindustry ~~$63.6~~and ~~million~~market ~~within~~conditions, ~~our~~and ~~UWS~~macroeconomic ~~segment~~considerations. ~~related~~We tonoted ~~the~~no ~~acquisition~~indicators of aimpairment laon ~~mode~~our ~~technologies~~reporting ~~("a~~units lathrough ~~mode"),~~our ~~partially~~analysis. ~~offset~~It byis areasonably ~~$0.5~~possible ~~million~~that ~~measurement~~changes ~~period~~in ~~adjustment~~the ~~attributable~~facts, tojudgments, ~~the~~assumptions, ~~prior~~and ~~year~~estimates ~~acquisition~~used ofin ~~Mercury~~assessing ~~Network,~~the ~~LLC~~fair ~~("Mercury").~~value ~~See~~of ~~Note~~the 17goodwill -could ~~Acquisitions~~cause ~~for~~a ~~additional~~reporting ~~information.~~unit to become impaired.

We perform an annual goodwill impairment test for each reporting unit in the fourth quarter. In addition to our annual impairment test, we periodically assess whether events or circumstances occurred that potentially indicate that the carrying amounts of these assets may not be recoverable. We elected to perform a quantitative impairment test on our reporting units without first assessing qualitative factors. Determining the fair value of a reporting unit is judgmental in nature and requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. Key assumptions used to determine the fair value of our reporting units in our testing were: (a) expected cash flows for the period from 2020 to 2025 and (b) a discount rate of 9.0% based on management's best estimate of an after-tax weighted average cost of capital. Based on the results of our fourth quarter goodwill impairment test, the goodwill attributable to our reporting units was not impaired as of December 31, 2019. It is reasonably possible that changes in the facts, judgments, assumptions and estimates used in assessing the fair value of the goodwill could cause a reporting unit to become impaired.66

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

Note 5 - Other Intangible Assets, Net

Other intangible assets, net as of December 31, ~~2019~~2020 and ~~2018~~2019 consist of the following:

	2019									2018
			2020														2019
(in thousands)	~~Gross~~		Gross		~~Accumulated Amortization~~			~~Net~~Accumulated Amortization		~~Gross~~		Net		~~Accumulated Amortization~~			~~Net~~Gross		Accumulated Amortization		Net
Client lists	$	~~662,611~~	$	644,000	$	~~(354,011~~	)	$	~~308~~(377,~~600~~409)	$	~~706,253~~	$	266,591	$	~~(327,201~~	)	$	~~379~~645,~~052~~770	$	(340,168)	$	305,602
Non-compete agreements	~~26,409~~		26,763		~~(16,249~~		)	10(21,~~160~~570)		~~35,224~~		5,193		~~(20,156~~		)	1526,~~068~~409		(16,249)		10,160
Tradenames and licenses	~~127,176~~		127,718		~~(67,118~~		)	60(78,~~058~~581)		~~131,130~~		49,137		~~(56,845~~		)	74126,~~285~~405		(66,538)		59,867
Total	$	~~816,196~~	$	798,481	$	~~(437,378~~	)	$	~~378~~(477,~~818~~560)	$	~~872,607~~	$	320,921	$	~~(404,202~~	)	$	~~468~~798,~~405~~584	$	(422,955)	$	375,629

Amortization expense for other intangible assets was $6056.7 million, $6460.10 million and $5863.24 million for the years ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018, respectively.

~~Impairment~~No impairment losses for other intangible assets were recorded for the year ended December 31, 2020. Impairment losses of $35.6 million were recorded for the year ended December 31, 2019. No impairment losses for other intangible assets were recorded for the ~~years~~year ended December 31, 2018 ~~and 2017~~. See Note 10 - Fair Value for further discussion.

Estimated amortization expense for other intangible assets anticipated for the next five years is as follows:

(in thousands)
2020	$	57,257
2021			$	54,039
2021	54,112
2022			52,133
2022	52,331
2023			43,729
2023	44,062
2024			35,476
2024	37,684
2025			31,925
Thereafter	~~133,372~~		103,619
Total	$	~~378,818~~	$	320,921

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, 2020, 2019 and 2018

Note 6 - Capitalized Data and Database Development Costs, Net

Capitalized data and database development costs, net as of December 31, ~~2019~~2020 and ~~2018~~2019 consists of the following:

(in thousands)	~~2019~~		2020		~~2018~~			2019
Property data	$	~~620,210~~	$	647,154	$	~~587,217~~		$	596,998
Flood data	~~55,416~~		55,416		~~55,416~~			55,416
Eviction data	17,579				16,102
			702,570					652,414
	693,205				658,735
Less accumulated amortization			(381,359)					(344,005)
Less accumulated amortization	(366,127		)		(334,686		)
Capitalized data and database costs, net			$	321,211				$	308,409
Capitalized data and database costs, net	$	327,078			$	324,049

Amortization expense for capitalized data and database development costs was approximately $3732.01 million, $3631.51 million and $3530.86 million for the years ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018, respectively.

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

Note 7 - Investment in Affiliates, Net

~~Investments~~We have one investment in an affiliate that is fully impaired as of December 31, 2020. Investment in affiliates, net, were $16.7 million ~~and $22.4 million~~ as of December 31, 2019 ~~and 2018, respectively~~. We recorded equity in earnings of affiliates, net of tax, of $1.9 million, $0.6 million and $1.5 million for the years ended December 31, 2020, 2019 and 2018, respectively~~, and equity in losses of affiliates, net of tax, of $1~~.2 ~~million for the year ended December 31, 2017.~~ Income tax effects on our aforementioned earnings ~~and loss~~ were expenses of $0.6 million, $0.2 million and $0.5 million for the years ended December 31, 2020, 2019 and 2018, respectively~~, and a benefit of $0~~.7 ~~million for the year ended December 31, 2017.~~ Dividends from equity method investments were $5.0.8 million, $05.80 million and $10.28 million for the years ended December 31, ~~2019~~2020, ~~2018~~2019, and ~~2017~~2018, respectively. For the years ended December 31, ~~2019~~2020 and ~~2017~~2019, we incurred impairment losses within investment in affiliates, net, of $1.5 4 million and $31.85 million, respectively. No impairments were recorded for the year ended December 31, 2018. See Note 10 - Fair Value for further discussion.

We recorded no operating revenues related to transactions with our ~~investment in~~ affiliates for the ~~year~~years ended December 31, 2020 and 2019. For the ~~years~~year ended December 31, 2018, ~~and 2017~~ we recorded operating revenues of $1.5 million ~~and $10~~.3 ~~million, respectively.~~ We recorded operating expenses related to transactions with our ~~investment in~~ affiliates of $10.41 million, $61.84 million and $116.28 million for the years ended December 31, ~~2019~~2020, ~~2018~~2019, and ~~2017~~2018, respectively. As of December 31, ~~2019,~~2020 and ~~2018~~2019, we had insignificant accounts payable and accounts receivable with these affiliates.

In ~~December~~September ~~2018~~2020, we ~~completed~~sold ~~the~~our ~~acquisition~~investment ofin ~~the~~an ~~remaining~~equity ~~72.0%~~related ~~ownership~~investment ~~in Symbility~~ for C$~~107~~48.~~1 million or approximately $80.~~0 million, ~~subject~~in tocash ~~certain~~which ~~working~~resulted ~~capital~~in ~~adjustments.~~a Ingain ~~connection with this transaction, we remeasured our pre-existing 28.0% investment balance~~ of $1737.~~8 million to fair value based on the purchase price, resulting in a $13.~~3 million ~~step-up~~and ~~gain~~is ~~which~~reflected ~~was recorded~~ within gain/(loss)~~/gain~~ on investments and other, net, in our ~~accompanying~~ consolidated ~~statements~~statement of operations for the year ended December 31, ~~2018~~2020. ~~The~~Additionally, ~~total~~in ~~investment~~June ~~balance~~2020, ~~was~~we ~~then~~recorded ~~reclassified~~an inimpairment ~~the application~~ of ~~purchase~~an ~~accounting~~equity ~~for~~method ~~this~~investment ~~acquisition.~~resulting ~~See~~in ~~Note~~a 17loss -of ~~Acquisitions for additional information~~$1.4 million ~~Prior to the acquisition of the remaining ownership, we accounted~~ for ~~our interest under~~ the ~~equity method. For the~~ year ended December 31, ~~2018, prior to the acquisition, we recorded equity in earnings, net of tax, of $1~~2020.~~8 million attributable to Symbility.~~

In ~~December~~January ~~2017~~2020, we acquired ~~approximately~~the 38remaining 66% ~~ownership~~ of Location, ~~Inc.~~ for $611.5 million, subject to certain working capital adjustments. In ~~December~~connection ~~2017~~with this acquisition, we ~~also~~remeasured ~~disposed~~our ofpre-existing ~~our~~34% ~~remaining~~investment ~~interest~~balance ~~related~~of $5.6 million to ~~our~~fair ~~joint~~value ~~venture~~based ~~investment~~on the purchase price, resulting in ~~Speedy~~a ~~Title~~$0.6 million &step-up ~~Appraisal~~gain ~~Review~~which ~~Services~~was recorded within gain/(loss) on investments and other, ~~LLC~~net in our accompanying consolidated statements of operations for $1the year ended December 31, 2020.0 ~~million~~The total investment balance was then reclassified in the application of purchase accounting for this acquisition. See Note 17 - Acquisitions for additional information. Prior to the acquisition of the remaining ownership, we accounted for our interest under the equity method.

In 57December 2018, we completed the acquisition of the remaining 72.0% ownership in Symbility for C$107.1 million or approximately $80.0 million, subject to certain working capital adjustments. In connection with this transaction, we remeasured our pre-existing 28.0% investment balance of $17.8 million to fair value based on the purchase price, resulting in a $13.3 million step-up gain which was recorded within gain/(loss) on investments and other, net in our accompanying consolidated statements of operations for the year ended December 31, 2018. The total investment balance was then reclassified in the application of purchase accounting for this acquisition. See Note 17 - Acquisitions for additional information. Prior to the acquisition of the remaining ownership, we accounted for our interest under the equity method. For the year ended December 31, 2018, prior to the acquisition, we recorded equity in earnings, net of tax, of $1.8 million attributable to Symbility.

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

Note 8 - Long-Term Debt

Long-term debt as of December 31, ~~2019~~2020 and ~~2018~~2019 consists of the following:

		December 31, 2019									December 31, 2018
				December 31, 2020														December 31, 2019
(in thousands)		~~Gross~~		~~Debt Issuance Costs~~Gross			~~Net~~		Debt Issuance Costs		~~Gross~~		~~Debt Issuance Costs~~Net			~~Net~~		Gross		Debt Issuance Costs		Net
Bank debt:
	Term loan facility borrowings due May 2024, weighted-average interest rate of 3.59% as of December 31, 2019	$	1,672,188	$	(14,868	)	$	1,657,320			$	—	$	—		$	—
			Term loan facility borrowings due May 2024, weighted-average interest rate of 1.77% as of December 31, 2020	$	1,572,000				$	(11,431)			$	1,560,569				$	1,672,188	$	(14,868)	$	1,657,320
	Revolving line of credit borrowings due May 2024, weighted-average interest rate of 3.59% as of December 31, 2019	—		(6,425		)	(6,425		)		—		—			—
			Revolving line of credit borrowings due May 2024, weighted-average interest rate of 1.64% as of December 31, 2020	300,000					(4,930)				295,070					—		(6,425)		(6,425)
	Term loan facility borrowings due August 2022, weighted-average interest rate of 4.05% as of December 31, 2018, modified May 2019	—		—			—				1,597,500		(13,043		)	1,584,457
Notes:
	Revolving line of credit borrowings due August 2022, weighted-average interest rate of 4.05% as of December 31, 2018, modified May 2019	—		—			—				178,146		(5,216		)	172,930
			7.55% senior debentures due April 2028	9,531					(23)				9,508					9,524		(26)		9,498
Notes:
Other debt:
	7.55% senior debentures due April 2028	9,524		(26		)	9,498				14,645		(44		)	14,601
			Various debt instruments with maturities through March 2024	6,086					—				6,086					6,167		—		6,167
Other debt:
Total long-term debt				1,887,617					(16,384)				1,871,233					1,687,879		(21,319)		1,666,560
	Various debt instruments with maturities through March 2024	6,167		—			6,167				7,188		—			7,188
Less current portion of long-term debt				43,230					—				43,230					56,022		—		56,022
Total long-term debt		1,687,879		(21,319		)	1,666,560				1,797,479		(18,303		)	1,779,176
Long-term debt, net of current portion				$	1,844,387				$	(16,384)			$	1,828,003				$	1,631,857	$	(21,319)	$	1,610,538
Less current portion of long-term debt		56,022		—			56,022				26,935		—			26,935
Long-term debt, net of current portion		$	1,631,857	$	(21,319	)	$	1,610,538			$	1,770,544	$	(18,303	)	$	1,752,241

As of December 31, ~~2019~~2020, and ~~2018~~2019, we have recorded $0.43 million and $0.74 million, respectively, of accrued interest expense on our debt-related instruments.

Credit Agreement

In May 2019 we amended our credit agreement (as amended, the "Credit Agreement") with Bank of America, N.A., as the administrative agent, and other financial institutions. The Credit Agreement provides for a $1.8 billion 5-year term loan facility (the "Term Facility"), and a $750.0 million 5-year revolving credit facility (the "Revolving Facility"). The Term Facility matures, and the Revolving Facility expires, in May 2024. The Revolving Facility includes a $100.0 million multicurrency revolving sub-facility and a $50.0 million letter of credit sub-facility. The Credit Agreement also provides for the ability to increase the Term Facility and Revolving Facility by up to $300.0 million in the aggregate; however, the lenders are not obligated to do so.

The loans under the Credit Agreement bear interest, at the election of the Company, at (i) the Alternate Base Rate (defined as the greater of (a) Bank of America's “prime rate”, (b) the Federal Funds effective rate plus 0.50% and (c) the reserve adjusted ~~London interbank offering rate ("~~LIBOR") for a one month Eurocurrency borrowing plus 1.00%) plus the Applicable Rate (as defined in the Credit Agreement) or (ii) the LIBOR for Eurocurrency borrowings, adjusted for statutory reserves (the “Adjusted Eurocurrency Rate”) plus the Applicable Rate. The initial Applicable Rate for Alternate Base Rate borrowings is 0.75% and for Adjusted Eurocurrency Rate borrowings is 1.75%. After September 2019, the Applicable Rate will vary depending upon the Company's leverage ratio. The minimum Applicable Rate for Alternate Base Rate borrowings will be 0.25% and the maximum will be 1.00%. The minimum Applicable Rate for Adjusted Eurocurrency Rate borrowings will be 1.25% and the maximum will be 2.00%. The Credit Agreement also requires the Company to pay a commitment fee for the unused portion of the Revolving Facility, which will be a minimum of 0.20% and a maximum of 0.35%, depending on the Company's leverage ratio.

The 58Credit Agreement provides that loans under the Term Facility shall be repaid in equal quarterly installments of $21.9 million, commencing on September 30, 2019 and continuing on each three-month anniversary thereafter, subject to the application of prepayments to quarterly installments. The outstanding balance of the term loans is due in May 2024.

The Credit Agreement contains the following financial maintenance covenants: (i) a maximum total leverage ratio not to exceed 4.50:1.00 (stepped down to 4.25:1.00 starting with the fiscal quarter ending on September 30, 2020, with a further step down to

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

~~The~~4.00:1.00 ~~Credit~~starting ~~Agreement~~with ~~provides that loans under~~ the ~~Term~~fiscal ~~Facility~~quarter ~~shall~~ending ~~be repaid in equal quarterly installments of $21.9 million, commencing~~ on September 30, ~~2019~~2021, ~~and~~followed ~~continuing~~by ona ~~each~~final ~~three-month~~step ~~anniversary~~down ~~thereafter,~~to ~~subject~~3.75:1.00 tostarting with the ~~application~~fiscal ofquarter ~~prepayments~~ending toon ~~quarterly~~September ~~installments.~~30, ~~The~~2022) ~~outstanding~~and ~~balance~~(ii) ofa ~~the~~minimum ~~term~~interest ~~loans~~coverage isratio ~~due~~of inat ~~May~~least ~~2024~~3.00:1.00.

~~The~~At Credit Agreement contains the following financial maintenance covenants: (i) a maximum total leverage ratio not to exceed 4.50:1.00 (stepped down to 4.25:1.00 starting with the fiscal quarter ending on September 30December 31, 2020, ~~with~~we ahad ~~further~~borrowing ~~step~~capacity ~~down~~of ~~to 4~~$450.~~00:1.00~~0 ~~starting~~million ~~with~~under the ~~fiscal~~Revolving ~~quarter~~Facility ~~ending~~and onwere ~~September~~in ~~30,~~compliance ~~2021,~~with ~~followed~~all byof aour ~~final~~covenants ~~step~~under ~~down to 3.75:1.00 starting with~~ the ~~fiscal~~Credit ~~quarter ending on September 30, 2022) and (ii) a minimum interest coverage ratio of at least 3~~Agreement.~~00:1.00.~~

At December 31, 2019, we had borrowing capacity of $750.0 million under the Revolving Facility and were in compliance with all of our covenants under the Credit Agreement.

Debt Issuance Costs

In connection with the amendment of the Credit Agreement in May 2019, we incurred approximately $9.7 million of debt issuance costs, of which $9.6 million were capitalized within long-term debt, net of current in the accompanying consolidated balance sheets. In addition, when we amended the Credit Agreement, we wrote-off previously unamortized debt issuance costs of $1.5 million within gain/(loss)~~/gain~~ on investments and other, net, in the accompanying consolidated statements of operations, which resulted in $14.6 million of remaining previously unamortized costs. We will amortize all of these costs over the term of the Credit Agreement.

For the ~~year~~years ended December 31, ~~2017~~2020, in2019, ~~connection with the amendment~~ and ~~restatement of our previous credit agreement in August 2017~~2018, ~~we incurred approximately~~ $144.39 million, ~~of debt issuance costs of which~~ $145.01 million ~~were capitalized within long-term debt, net in the accompanying consolidated balance sheets. In addition, when we amended~~ and ~~restated the previous credit agreement in 2017, we recognized a~~ $15.84 million, ~~loss within (loss)/gain on investments and other~~respectively, ~~net~~were expensed in the accompanying consolidated ~~statements~~statement of operations ~~which~~related ~~resulted in $12.0 million of remaining previously unamortized costs~~ to ~~be amortized over~~ the ~~amended~~amortization ~~term~~ of ~~the~~debt ~~previous~~issuance ~~credit agreement~~costs.

For the years ended December 31, 2019, 2018, and 2017, $5.1 million, $5.4 million and $5.7 million, respectively, were expensed in the accompanying consolidated statement of operations related to the amortization of debt issuance costs.

7.55% Senior Debentures

In April 1998, we issued $100.0 million in aggregate principal amount of 7.55% senior debentures due 2028. In April 2010, ~~in anticipation of the Separation,~~ we commenced a cash tender offer for these debentures and also solicited consent from the holders thereof to expressly affirm that the Separation would not conflict with the terms of the debentures. In April 2010, we announced that valid consents were tendered representing over 50.0% of the outstanding debentures. Accordingly, we received the requisite approvals from debenture holders and amended the related indentures. The indentures governing these debentures, as amended, contain limited restrictions on the Company. During the year ended December 31, ~~2019~~2020, we ~~repurchased~~did ~~$5.1~~not ~~million~~make ~~face~~any ~~amount~~repurchases on ~~the~~our debentures. ~~We paid a $0.4 million premium in connection with such repurchase, which amount was recorded within (loss)/gain on investments and other, net, in the accompanying consolidated statement of operations.~~

Interest Rate Swaps

We have entered into amortizing interest rate swaps (the "Swaps") in order to convert a portion of our interest rate exposure on the Credit Agreement floating rate borrowings from variable to fixed. Under the Swaps, we agree to exchange floating rate for fixed rate interest payments periodically over the life of the agreement. The floating rates in the Swaps are based on the one-month LIBOR. The notional balances, terms and maturities of the Swaps are designed to have the effect of fixing the rate of interest on at least 50% of the principal balance of our senior term debt.

As of December 31, ~~2019~~2020, the Swaps have a combined remaining notional balance of $1.32 billion, a weighted average fixed interest rate of 2.0739% (rates range from 1.03% to 2.98%) and scheduled terminations through December 2025. As previously indicated, notional balances under our Swaps are scheduled to increase and decrease over their contract lengths based on our expectations of the level of variable debt to be in effect in future periods. Currently, we have scheduled notional amounts of ~~between~~ $1.~~3 billion and $1.~~2 billion through ~~December~~September ~~2020~~2021, then $1.1 billion ~~and~~through March 2022, $1.0 billion through August 2022 and approximately $500.0 million thereafter until December 2025. Approximate weighted average fixed interest rates for the aforementioned periods are 2.66%, 2.78%, 2.77%, and 2.64%, respectively.

We 59have designated the Swaps as cash flow hedges. The estimated fair value of these cash flow hedges are recorded in prepaid expenses and other current assets and/or accounts payable and other accrued expenses, as well as other assets and/or other liabilities in the accompanying consolidated balance sheets. As of December 31, 2020, the estimated fair value of these cash flow hedges resulted in a liability of $80.4 million and an asset of less than $0.1 million. As of December 31, 2019, we recorded an asset of $0.6 million and a liability of $47.7 million.

For the years ended December 31, 2020, 2019 and 2018, an unrealized loss of $25.0 million (net of $8.3 million in deferred taxes), an unrealized loss of $33.9 million (net of $11.3 million in deferred taxes), and an unrealized loss of $10.4 million (net of $3.4 million in deferred taxes), respectively, were recognized in other comprehensive (loss)/income related to the Swaps.

As a result of our Swap activity, for the year ended December 31, 2020, on a pre-tax basis, we recognized interest expense of $21.3 million. For the years ended December 31, 2019 and 2018, on a pre-tax basis, we recognized interest income of $3.2 million and $3.5 million, respectively. Estimated net losses included in accumulated other comprehensive loss related to the

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

For the Years Ended December 31, ~~2019~~2020, ~~2018~~2019 and ~~2017~~2018

~~$400.0~~Swaps ~~million~~as ~~thereafter~~of ~~until~~ December 31, ~~2025.~~2020 ~~Approximate~~that ~~weighted~~will ~~average~~be ~~fixed~~reclassified into earnings as interest ~~rates~~expense ~~for~~in the ~~aforementioned~~next ~~periods~~12 ~~are~~months, ~~2.44%~~utilizing December 31, ~~2.64%~~2020 LIBOR, ~~and~~is 2$30.~~95%~~0 million, ~~respectively.~~on a pre-tax basis.

We have designated the Swaps as cash flow hedges. The estimated fair value of these cash flow hedges are recorded in prepaid expenses and other current assets as well as other assets and/or other liabilities in the accompanying consolidated balance sheets. As of December 31, 2019, the estimated fair value of these cash flow hedges resulted in an asset of $0.6 million, all of which is classified within prepaid expenses and other current assets, as well as a liability of $47.7 million. As of December 31, 2018, we recorded an asset of $13.3 million, of which $0.6 million was classified within prepaid expenses and other current assets, as well as a liability of $15.2 million.

For the years ended December 31, 2019, 2018 and 2017, an unrealized loss of $33.9 million (net of $11.3 million in deferred taxes), an unrealized loss of $10.4 million (net of $3.4 million in deferred taxes), and an unrealized gain of $5.5 million (net of $3.4 million in deferred taxes), respectively, were recognized in other comprehensive (loss)/income related to the Swaps.

As a result of our Swap activity, for the years ended December 31, 2019, 2018 and 2017, included within interest expense, on a pre-tax basis, we recognized interest income of $3.2 million, $3.5 million, and interest expense of $1.7 million, respectively. Estimated net losses included in accumulated other comprehensive loss related to the Swaps as of December 31, 2019 that will be reclassified into earnings as interest expense in the next 12 months, utilizing December 31, 2019 LIBOR, is $7.6 million, on a pre-tax basis.

The aggregate annual maturities for long-term debt are as follows:

(in thousands)
2020	$	56,022
2021			$	43,230
2021	89,268
2022			89,443
2022	88,706
2023			88,786
2023	88,040
2024			1,656,627
2024	1,356,319
2025			—
Thereafter	~~9,524~~		9,531
Total	$	~~1,687,879~~	$	1,887,617

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CoreLogic, Inc.

Notes to the Consolidated Financial Statements

Filing Compare · CORELOGIC, INC.