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« on: 26. May 2014, 21:52:47 »

锘緾oreLogic Management Discusses Q4 2012 Results
Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2012 CoreLogic Incorporated Earnings Conference Call. My name is Chanel, and I will be your operator for today. [ Instructions] As a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to Mr. Dan Smith, Vice President, Investor Relations. Please proceed.Thank you and good morning. Welcome to our investor presentation and conference call where we present our financial results for the fourth quarter of 2012. Speaking today will be CoreLogic's President and CEO, Anand Nallathambi and CFO, Frank Martell.Before we begin, let me make a few important points. First, we have posted our slide presentation, which includes additional details on our financial results on our website. Second, please note that during today's presentation, we may make forward looking statements within the meaning of the federal securities laws, including statements concerning our expected business and operational plans, performance outlook and acquisition and growth strategies and our expectations regarding industry conditions.All of these statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. For further details concerning these risks and uncertainties, please refer to our SEC filings, including the most recent annual report on Form 10 K and subsequently filed 10 Qs. Our forward looking statements are based on information currently available to us, and we do not intend and undertake no duty to update these statements for any reason.Additionally, today's presentation contains financial measures that are non GAAP financial measures. A reconciliation of these non GAAP measures to their GAAP equivalents is included in the appendix to today's presentation.Finally, unless specifically identified, comparisons of fourth quarter financial results to prior periods should be understood on a year over year basis. That is, in reference to the fourth quarter of 2011.Thanks, and now let me introduce our President and CEO, Anand Nallathambi.Thank you, Dan, and good morning, everyone. Welcome to CoreLogic's Fourth Quarter 2012 Earnings Call. I will begin today with an overview of our fourth quarter and full year operating performance. I will then recap our 2013 focus areas and growth opportunities. Frank will then cover our financial results, and we'll end the call with Q was an exceptional year for CoreLogic, and we finished on a high note in the fourth quarter with record financial results. The fourth quarter marked our sixth consecutive quarter of exceeding market expectations. Over the last 3 months of 2012, we delivered double digit revenue growth, significantly higher margins and earnings per share and record free cash flow.Our 3 operating segments outperformed their respective markets and delivered EBITDA growth in the quarter. In addition, we made significant progress on the core elements of our Technology Transformation Initiative and exceeded our Project 30 cost savings target. Fourth quarter revenues were up almost 19%. Revenues in our Mortgage Origination Services and Data and Analytics segments jumped 38% and 12%, respectively; as we gained market share and capitalized on higher demand for our must have property information, analytics and services. Revenues in our Asset Management and Processing Solutions segment, or AMPS as we now call it, contracted by a relatively modest 2% in the fourth quarter compared with a double digit decline in overall market volumes.For the full year, CoreLogic's revenues rose more than 17%, fueled by strong growth in our Mortgage Origination Services segment and Data and Analytics segment. Our Mortgage Origination Services segment benefited from elevated levels of refinancing in 2012. Our scale and strong operational performance also helped us to realize substantial market share gains. These gains were particularly strong in the flood data and tax servicing businesses, where new loan volumes processed grew at approximately 45% and 52%, respectively. This compares with the overall growth of mortgage originations volumes in the 30% range.We continued to expand our D footprint in 2012. We grew data licensing and analytics revenues and rapidly expanded our advisory services business in response to our clients' need to navigate through today's evolving and complex regulatory and compliance environment.We also grew our geospatial business, which leverages CoreLogic's unique property related data assets. With the acquisition of CDS Business Mapping in December, CoreLogic is emerging as a leading provider of geospatial data and analytics to the P insurance, real estate, telecommunications and energy industries.The company continued to boost productivity and improve profit margins in the fourth quarter. Progress in this area was evidenced by a 49% year over year increase in fourth quarter adjusted EBITDA. Adjusted EBITDA margins were 26%, 530 basis points higher than last year. Adjusted EBITDA for the full year was up 54% and adjusted EBITDA margins expanded 690 basis points from 2011.As I mentioned on past calls, Project 30 was the single largest driver of CoreLogic's margin expansion in 2012. In addition to exceeding our cost savings target in 2012, Project 30 has also been a catalyst for transforming our technology operations and corporate shared services functions into higher performing contributors to the company's long term success.CoreLogic is emerging from 2012 as a significantly more profitable enterprise. Our adjusted EBITDA margins in 2012 demonstrate that the company is on track to reach its target of at least 30% sustained EBITDA margins as we exit 2013. CoreLogic's increased profitability and efficient management of working capital resulted in record free cash flow generation in 2012. For the year, we generated $278 million in free cash flow and reinvested much of those funds in our products and services offerings, lowering debt and returning capital to our shareholders. This action reflects our view that in addition to reinvesting for profitable growth and operating efficiency, the continued repurchase of CoreLogic shares remains an attractive avenue for rewarding our shareholders. We close on 2012 by almost any measure, it was an exceptional year for CoreLogic. Our relentless pursuit of our business plan objectives has resulted in CoreLogic becoming a more focused and highly integrated business model built around industry leading data, analytics and service capabilities.CoreLogic is entering 2013 positioned to capitalize on the opportunities presented by a gradually improving housing market. Our business plan for 2013 builds on our successful 2012 performance. Our 4 major imperatives for 2013 are as follows: First, we will reinvest to grow the D segment at double digit rates. Our goal is to grow this segment to greater than 50% of company total revenues over the next 3 years. We believe that our unique data assets, patent protected analytics and value added advisory services, along with the progressively improving market drivers will help us achieve this goal. Second, we will leverage the scale and operating efficiencies of our Mortgage Origination Services and AMPS segments to outperform their respective markets. In terms of MOS, we will redouble our focus on automation and service delivery and believe we are positioned to continue to gain market share. With regards to AMPS, our focus will remain squarely on margin expansion. Third, we will drive for operational excellence and cost reduction by completing Project 30 and other productivity initiatives. We will also continue the transformation of our technology infrastructure under the TTI program. Fourth and finally, we will continue to strengthen our financial flexibility. We expect to generate free cash flow of better than 50% of adjusted EBITDA and plan to reinvest that money in product and service development and to return capital to our shareholders by repurchasing common shares.I would like to close by thanking our clients, employees and shareholders for their continued support. The entire CoreLogic team is excited about the future, and our ability to deliver on our business plans and generate outstanding results for all of our stakeholders in 2013 and beyond.With that, I'll turn the call over to Frank.Thank you, Anand, and good morning, everyone. Today I'm going to discuss our fourth quarter and full year 2012 financial results. I will also provide some color around our recently issued 2013 guidance and conclude my prepared remarks with a discussion on some enhancement we have made to our financial reporting. As Anand mentioned, CoreLogic delivered record financial results in 2012 through a laser like focus on profitable top line growth, margin expansion and free cash flow generation. We are entering 2013 with significant financial flexibility and a business plan that continues to progress an already successful transformation of CoreLogic's underlying financial and business model. From a financial point of view, the main highlights for the fourth quarter were double digit top line growth, accelerating organic growth in D revenues, the scale up of our geospatial business, including the acquisition of CDS, and the successful execution of our cost reduction programs and the TTI. From my perspective, all of these accomplishments help to position CoreLogic for continued success in 2013.Fourth quarter revenues were up 18.8% to $410.4 million. MOS revenues jumped 37.6% year over year to $176.4 million. This $48.2 million increase was principally attributable to higher refinancing volumes, market share gains and increases in pricing of some units. MOS revenues increased 32% to $635.6 million for the 12 months ended December 31, 2012.D revenues totaled $162.4 million for the fourth quarter, which was a year on year increase of 12.3%. Growth in the quarter was driven primarily by a 15% rise in the sale of core property data and analytics, as well as growth in advisory services. Market share gains in the realtor solutions also contributed to our growth during the quarter. D revenues increased by 12.4% to $616.1 million for the 12 months ended December 31, 2012. Consistent with fourth quarter trends, sales of core property data and analytic products, as well as growth in advisory services and spatial solutions powered top line upsides.AMPS generated a total fourth quarter revenue of $77.2 million, a 2% decrease. The decline reflects lower field service revenues, which more than offset gains and loss mitigation in collateral solutions. For the year, AMPS revenues were up 2% to $335.2 million. This compares with a double digit compression in overall market volumes of delinquent loans and foreclosures starts. During 2012, we continue to shift the revenue mix in AMPS away from lower margin products into areas such as loss mitigation, asset management and valuation.Total CoreLogic revenues for the 12 months ended December 31, 2012, totaled $1.567 billion. This figure was $229 million or 17% higher than 2011. Operating income totaled $48.1 million for the fourth quarter compared to $15.4 million in the year ago period. This more than threefold increase was driven primarily by high revenues and cost reductions. Operating margins were 11.7% for the most recent quarter compared to 4.5% for the fourth quarter of 2011. Fourth quarter 2012 operating margin before the impact of the TTI reinvestments was 14.4%. 2012 operating income was up 151% to $222.3 million. Operating margins for the year were 14.1% compared to 6.6% in 2011. 2012 operating margin, exclusive of the impact of TTI cost, aggregated 16.3%. All of CoreLogic's business segments improved operating margins in 2012.Fourth quarter adjusted EBITDA totaled $106.4 million, up 49.5% from prior year levels. Adjusted EBITDA margins were 25.9%, up from 20.6% in the fourth quarter of 2011. Before TTI investments, adjusted fourth quarter 2012 EBITDA dollars and margins totaled $112.8 million and 27.5%, respectively. For the 12 months ended December 31, 2012, CoreLogic generated $450.5 million of adjusted EBITDA, up 54.5% from 2011. All 3 of our business segments grew adjusted EBITDA dollars and margins in 2012.MOS margins jumped 10 percentage points to 40.7% in 2012. D adjusted EBITDA margins were up 360 basis points to 30.5%, despite reinvestments made during the latter part of the year to ramp up our document solutions group to meet growing client demand for advisory services tied to regulatory matters. AMPS adjusted EBITDA margins were up 190 basis points to 17.9%, reflecting our focus on improving revenue mix and cost efficiencies.As Anand mentioned, Project 30 was a major driver behind our margin expansion in 2012. This enterprise wide effort, which commenced in 2011 has reshaped our cost structure and delivered a total of $82 million in cost savings towards our 3 year Project 30 target of $100 million. Our 200   our 2013 savings target is $20 million, which is supported by actions embedded in our current business plans.As many of you know, we launched the Technology Transformation Initiative in mid 2012. The TTI is a natural extension of Project 30, and we expect this multi year initiative will provide the company with a state of the art technology infrastructure, with new functionality, increased performance and an overall reduction in application management and development cost. The main focus of the TTI over the next 24 months is on consolidating processing platforms and transitioning current legacy data centers to a lower cost cloud based platform. The transformation of CoreLogic's IT infrastructure is an integral part of our long term strategic technology plan that is expected to significantly lower our cost profile. Importantly, the TTI will also provide a platform that enables and supports future growth.
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« Reply #1 on: 20. March 2017, 20:58:33 »

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« Reply #2 on: 20. March 2017, 20:59:06 »

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