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CoreLogic, Inc (NYSE:CLGX)

Q4 2011 Earnings Conference Call

February 28, 2012 11:00 AM ET

Executives

Dan Smith – Senior Vice President, Investor Relations

Anand Nallathambi - President and Chief Executive Officer

Frank Martell – Chief Financial Officer

Analysts

Darrin Peller – Barclays

Kevin McVeigh – Macquarie

Brett Horn – Morningstar

Operator

Good day ladies and gentlemen and welcome to the fourth quarter 2011 CoreLogic Incorporated earnings conference call. My name is Collide and I will be your operator for today. At this time all the participants are in listen-only mode. We will conduct a question-and-answer session towards the end of this conference. (Operator Instructions) As a reminder this call is being recorded for replay purposes.

I would now like to turn the call over to Mr. Dan Smith, Senior Vice President of Investor Relations. Please proceed sir.

Dan Smith

Thank you and good afternoon. Welcome to our investor presentation and conference call where we present our financial results for the fourth quarter and full year 2011. 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, cost containment 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 our Annual Report on Form 10-K for 2011, which we expect to file later today. 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 equivalent 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 2010. Thanks. And now let me introduce our President and CEO, Anand Nallathambi.

Anand Nallathambi

Thank you, Dan. Good morning everyone. Welcome to CoreLogic’s fourth quarter 2011 earnings call. I will lead off with an update on our results and progress against our business strategy and then cover 2012 focus areas. Frank will then discuss our financial results. We will then provide an update on the strategic review process and end with questions and answers.

CoreLogic exited 2011 with strong momentum. During the fourth quarter, we delivered year-on-year adjusted revenue growth of 7%, aggressively executed our Project 30 cost reduction program and almost doubled our cash on hand. We also reorganized the company into three core segments to further drive focus and accountability for delivering on our plans and vision for the future.

Our full year and fourth quarter results were above the top end of our previous guidance as we capitalized on a double digit jump in data and analytics revenues, higher mortgage refinancing volumes and Project 30 related cost savings. Our financial results clearly demonstrates that we are capturing the benefits of our strategy of investing in our data and analytics and positioning our mortgage origination and default services businesses to outperform their markets.

In many ways 2011 was a transformative year for CoreLogic. We took decisive actions to enhance our business model, to deliver higher revenue growth at significantly higher EBITDA margins. I believe these actions will allow us to deliver on the growth and market expansion targets implicit in our 2012 guidance. The actions we took in 2011 followed four broad categories and laid the foundation for achieving our vision for the future of CoreLogic.

I will now spend a few minutes recapping the progress we made against each of our 2011 focus areas. First, focus CoreLogic on high growth high margin businesses. In the second half of 2011, we exited five non-core businesses and sold, exited and wrote down a number of small units, product lines and minority investments. Although these units collectively generated significant revenues their business models lacked significant data, intellectual property and are scalable returns to support our long-term strategy. The cumulative impact of these actions with a significant improvement in our margin and growth profile a reduction in organizational complexity and cost and degeneration of cash.

Second, invest in data and analytics we continue to invest in our data and analytics segment throughout 2011 and adjusted revenues for the fourth quarter and the full year were up 25% and 18% respectively. This high rate of revenue growth reflects the acquisitions of RP Data and our success in leveraging our data assets in developing new fraud tools and analytical products.

During the fourth quarter, we launched CoreScore a suite of alternative credit report and scores that integrate our property, mortgage loan and alternative predict data to enhance our customer’s view of financial risks. CoreScore is a great example of our strategy to leverage unique data assets to drive high margin revenue streams in the future. CoreLogic data is a natural extension and augment to the consumer financial data resident at the national credit bureaus.

Third, increase the operating leverage in our mortgage services operations. In 2011, we made significant improvement in the efficiency of our main servicing operations and right size the overall mortgage origination segment to delivery adjusted EBITDA margins approaching 30% in a 1 to 1.1 trillion origination market. These efforts are yielding the impeded results.

In the fourth quarter, our mortgage origination services segment grew adjusted revenues 5% and delivered adjusted EBITDA margins of 31% as we capitalized on higher refinancing volumes, acquisitions and efficiency gains. These results make it clear that our origination servicing businesses are well positioned to fully capitalize on the eventual rebound in the mortgage industry.

We recently restructured our default segment and infused it with new leadership. We will continue to work hard this year to drive operational efficiencies, improve service levels and deploy value added and differentiated product offerings across our client base. Raising our margins in the default segment is the top priority in 2012. The pipeline of new business opportunities in this segment is solid reflecting the current backlog of foreclosures waiting to be processed. We have significant client synergies and the cross over potential between our mortgage and default related services.

And finally, streamline our organization, reduce corporate shared services cost and improve cash flow. As we structured CoreLogic’s business portfolio we also took steps to streamline and simplify our organization. The new flatter structure with three reporting segment, it’s designed to reduce complexity, increase management focus and accountability and facilitate expanded collaboration across the company. We launched Project 30 to significantly reduce our technology and corporate shared services cost to be in line with best-in-class benchmarks as well as to drive efficiencies in savings in facility and procurement.

We targeted $20 million in savings in 2011 and an additional $16 million in 2012. I’m pleased to report that we exceeded our 2011 target and we are well on our way to securing our 2012 target. Importantly, we also raised our cash on hand 87% in the fourth quarter through positive operating cash flow non-operating asset sales and tax refunds. We are entering 2012 a much more focused company with a disciplined business plan that builds up on the progress we made in 2011.

Our 2012 plan is centered on four priorities. First, we will focus on achieving profitable revenue growth by consistently delivering world class data, analytics and services to our clients. Specifically, we are targeting to grow the data and analytics segment double digits and expect that our mortgage origination services and default segments will outperform their respective markets.

Second, we will continue to aggressively reshape our cost structure and refine our internal processes to drive a substantial expansion of adjusted EBITDA margins. Third, we will focus on raising our EBITDA to cash flow conversion and increase our cash balances to build shareholder value.

Finally, we will continue to build out a high performing organization through further refinement of our structure and key business processes as well as development of senior leadership.

CoreLogic has the right plan to deliver growth and margin expansion in 2012 despite the continued challenges faced by our industry. Our unique data assets and market leading businesses are the foundation for achieving our long-term vision for the future. Going forward, we will further leverage our unique data assets and grow in the under bank, micro lending consumer and P&C insurance areas in addition to the real estate mortgage industry.

We have key assets like SafeRent in the multi family industry, Teletrack in the under banked micro lending area and CoreLogic Spatial Solutions in the P&C industry that could serve as distribution points for the new products that are being built by combining our unique databases.

In closing I would like to thank all of our employees, client and shareholders for their support during 2011. We finished the year with accelerating momentum and are well positioned for a strong 2012. I’m excited about the future of the company and believe we are a great partner for our clients and a value growth opportunity for our long-term investors.

With that I will turn it over to Frank.

Frank Martell

Thanks Anand and good morning everyone. Today I’m going to review our fourth quarter and full year financial results. I will also discuss our current and go forward financial presentation, provide an update on our cost reduction efforts and cover our plan for improving cash flow. I will close with a brief discussion on 2012 guidance.

As Anand mentioned, 2011 was an important year for CoreLogic. We’ve developed and executed against a strategy plan, focused on our three core business segments. We exited low performing businesses and product lines that accounted for about 20% of total revenues. We cut cost at both the corporate and business level and we’ve built a significant cash balance for improved financial flexibility.

CoreLogic is entering 2012 with a clear plan to achieve profitable revenue growth, further reduced cost and build liquidity. From a financial point of view the main highlights for the fourth quarter were accelerating revenue growth driven by data analytics and improved mortgage origination volumes, achieving our 2011 cost reduction targets and securing a substantial portion of our 2012 savings plan and almost doubling our cash on hand.

Fourth quarter adjusted revenues were up 7.4% to $360.9 million driven primarily by a 25% jump in data analytics and a 4.6% increase in mortgage origination services volumes. Growth in the data analytics segment reflects the acquisition of RP Data, higher analytics revenues and the growth in advisory projects. Mortgage origination services revenues rose primarily as a result of the acquisition of Dorado Network Systems and higher flood certification volumes.

Default services revenues were down 11.8% during the fourth quarter due principally to the exit of unprofitable product line, lower technology revenues and declining market activity. Full year adjusted revenues were up 3.2% to $1,390.6 million driven by an 18% jump in data analytics revenues, which were fueled by RP Data, higher analytics revenues and growth in advisory projects.

Mortgage origination services revenues were essentially flat on an adjusted basis as the acquisition of Dorado largely offset the impact of lower origination volumes. On the basis of volumes and work processed we believe our origination servicing businesses outperformed the overall market, which declined 22% according to the mortgage bankers association. Default services revenues were down 10.9% in 2011 reflecting the impact of the exit of unprofitable product lines and lower market activity as discussed earlier.

Fourth quarter adjusted EBITDA from continuing operations was $84.3 million, which compares with $91.8 million for the same prior year period. The year-on-year reduction was driven principally by substantial declines in market volumes for mortgage originations, delinquencies and foreclosures, which impacted our mortgage origination and default services segments. These market related pressures were somewhat offset by cost reductions and productivity gains in these businesses.

Adjusted EBITDA for the data analytics segment was up 28% primarily due to higher revenues. For the full year adjusted EBITDA from continuing operations was $310.3 million, which compares to $353.9 million in 2010. Similar to the fourth quarter the year-on-year reduction was driven by the impact of lower market volumes for mortgage originations, delinquencies and foreclosures, which partially offset by an 18% jump in data analytics revenues as well as enterprise wide cost reductions and productivity gains.

Fourth quarter and full year adjusted EBITDA margins from continuing operations up 23.4% and 22.3% respectively were about 400 basis points lower than comparable 2010 periods. Reflecting the impact of the contraction and origination default market activity discussed earlier. Adjusted EPS for the fourth quarter was $0.23 and $0.85 for the full year, these figures were both significantly ahead of expectations.

The adjustments to fourth quarter and full year 2011 results are detailed in our earnings release. The majority of these adjustments relate to one-time and or non-operating gains and losses, non-cash asset impairments, efficiency investments and severance. As I discussed on the third quarter earnings call, our intent is to progressively simplify our financial presentation.

We took the first step to do this as part of the fourth quarter reorganization that Anand mentioned earlier. We are now reporting three core segments Data and analytics, mortgage origination services and default services compared with our previous model of two segments and four sub segments.

The business units contained in our three reporting segments share common drivers, which should facilitate the analysis in reviewing our results. In addition, we refined our expense allocation to more precisely reflect the actual consumption of share corporate resources. To facilitate the transition to the new presentation division we have provided 12 quarters of recap financial information in the appendix of today’s presentation deck.

Our next step will be to change our adjusted financial metrics to alignment to more closely reported GAAP figures. We will share additional details on this topic in our next earnings call.

The balance of my remarks today will focus on our cost reduction program, where we stand related to improving our liquidity and cash position and finally the outlook for 2012. As Anand mentioned Project 30 and its transformative impact on our operations and cost structure is the single biggest driver of our expected EBITDA growth and margin expansion in 2012.

We are targeting to delivery $80 million to $100 million of savings under this multi year program primarily in areas of information technology, corporate and shared support functions, real estate and procurement. We achieved our $20 million savings target in 2011 primarily by reducing technology infrastructure costs and right sizing corporate share support functions.

We plan to achieve additional fittings of $60 million in 2012. In order to achieve this target the company took a series of actions in the fourth quarter of 2011 to reduce discretionary spending, shrink its real estate footprint and prep its U.S. based staff by approximately 7%. We estimate these actions will collectively contribute about 50% of our 2012 savings target.

Beyond the actions already taken in 2011 we have detailed plans, which should be implemented over the course of 2012 and support achieving the balance of our targeted Project 30 savings. As we drive profitable revenue growth and boost margins we are also intently focused on improving cash flow.

We boost the net cash in our balance sheet from $139 million at the end of September to more than $259 million at year end. This increase was driven by positive cash inflows from operations, proceeds from the sale of certain minority equity investments and company owned real estate, as well as the tax refund related CoreLogic’s 2010 sale of its employer and litigation services business.

We plan to use a portion of our current cash on hand and positive cash inflows from operations to reduce our debt by at least $100 million over the first six months of this year. As we move forward CoreLogic will continuously review its capital structure and we will consider the retirement of additional debt and the repurchase of common shares on an opportunistic basis. We will continue to focus on improving our liquidity in 2012 with particular focus on reducing collection cycles and making disciplines capital allocations decisions.

The final topic I would like to cover today is our 2012 guidance. As we announced on January 19, CoreLogic expect to generate adjusted revenues of $1.425 billion to $1.475 billion with adjusted EBITDA of $335 million to $360 million and adjusted EPS of $0.95 to $1.05. The major underlying assumptions for this guidance are as follows.

First, mortgage origination volumes will be in the 1 to 1.1 trillion range, second delinquency volumes will contract approximately 10% from 2011 levels, third the company will achieve double digit growth in data and analytics revenues and finally the achievement of our Project 30 objectives as outlined earlier.

In terms of phasing, we believe the first half of 2012 will benefit from the continuing wave of refinancing activity, which will taper off somewhat during the second half. We expect default markets to remain muted for at least the first half of 2012. Finally, the positive impact of Project 30 savings will increase progressively throughout the year.

Now specifically in terms of the first quarter of 2012, we believe current volume trends within our businesses are consistent with those in the fourth quarter and in some cases even stronger. Based on the strong starts to year we expect adjusted revenues and EBTIDA for Q1 to exceed levels reported on our fourth quarter results.

In summary, CoreLogic finished 2011 with solid momentum. The company is headed into 2012 with a more streamlined and higher margin set of businesses and a laser light focused on right sizing our cost structure and building cash. The company’s focus on fundamental value drivers positions us to execute on the strategic vision and generate significant shareholder value over the medium to long-term.

Thanks for your time today I will now turn the call back over to Anand.

Anand Nallathambi

Thanks Frank. Before we turn to your questions let me provide an update on our recent announcement on the conclusion of the company’s review of strategic alternatives. CoreLogic announced yesterday that the independent committee of the company’s board of directors has concluded its review of strategic alternatives. At the recommendation of the committee of independent directors the board unanimously voted to conclude this strategic review process.

Over the past six months the independent committee evaluated a wide range of alternatives to enhance shareholder value including a merger, a sale of the company or certain of its business lines, repurchases of debt and common stock and other transactions. As part of the process the independent committee received and solicited indications of interest from a number of financial and strategic parties for the sale of the company or certain of its business lines and other transactions.

Some of these parties conducted confidential due diligence and had meetings with senior management. Although various indications of interests were ultimately submitted after scrutiny of the terms, conditions and contingencies independent committees viewed none of the expressions of interest were likely ultimately to yield a meaningful premium to the trading range of CoreLogic’s common stock and the company’s enhanced business plan offered a greater potential for stock holder value creation.

Accordingly after a thorough review of these alternatives and the company’s business results in 2011 and plan for 2012 and beyond, as well as improving macro conditions for the company’s businesses, the independent committee unanimously determined that at this time the strategic review process will be concluded and for the company to continue with its enhanced business plan to create increased value for the company’s stock holders.

As discussed earlier, CoreLogic delivered strong results in the second half of 2011 and we have a great plan for 2012. The focus of the call today is on the company’s operating results and plans. As such, we will not be addressing questions relating to the strategic review on today’s call.

With that I will turn it over to the operator for the first question.

Question-and-Answer Session

Operator

(Operator Instructions) your first question comes from the line of Darrin Peller with Barclays. Please proceed.

Darrin Peller – Barclays

Thanks guys. Just first question is on data analytics obviously there has been some pretty good growth come back again. And I would love to hear just first of all what was the organic run rate for the past quarter and maybe you can give us a sense of what you are expecting organically in that business. I know there is RP Data still holding out to your benefit year-over-year but maybe give us a custom color on the growth rate that you expected versus the run rate in the fourth quarter?

Frank Martell

Sure Dan, this is Frank. Basically for the year as Anand mentioned that the 18% growth if you exclude RP Data it’s about 8%.

Darrin Peller – Barclays

For this year coming up or for what was just?

Frank Martell

For 2011.

Darrin Peller – Barclays

Okay, so what, how does that compare to your expectations for, from an organic standpoint?

Frank Martell

I think it was in line with expectations.

Darrin Peller – Barclays

No, no, no what I mean is in 2012 what are you expecting through organic growth of data analytics if you back out RP Data?

Frank Martell

I think we expect similar level it’s slightly higher.

Darrin Peller – Barclays

So, okay. So somewhere in the 9%, 10% range is probably fair.

Frank Martell

Yes.

Darrin Peller – Barclays

Alright, and this is all coming out of I mean basically your follow through from the investments you’ve been making in that business last year as well as I mean what would you say if the most impactful changes that have been made to that from the beginning of last year to the beginning of now. Since the business that we continue to be watching very closely I think is probably one of the more valuable business it’s not the most valuable business?

Anand Nallathambi

Darrin, this is Anand. The investments that we’ve been making in terms of taking our data and combining with our different databases and coming up with hybrid product has been a very successful thing. And also in particular our new tool fraud tools that we’ve been developing has been very well received in the market, so those are probably two areas that I would say will be growth areas in the future.

Darrin Peller – Barclays

Alright, that’s helpful. And I mean you’ve had some success in your initial plus tours kind of joining forces with some of the credit rating agencies across your housing data.

Anand Nallathambi

Yes, we also provide a lot of advisory and due diligence services too that is also been growing.

Darrin Peller – Barclays

Okay, so overall I mean is this year the normalized growth rate we should expect longer term or do you see even more, higher rates than that over the period of the next few years?

Anand Nallathambi

This year will be a little bit higher than last year as Frank mentioned. But I think going forward on the future there is, some of the areas that we are thinking about is creating a common data warehouse whereby we can really focus on the hybrid products that we talked about and that’s where for example the strong search model takes advantage of the flood database and overlays on top of the ABMs.

Darrin Peller – Barclays

That’s great. And then last question on that and then just one quick follow up on pricing in that business I mean I know for a long time it has been pretty good power in the pricing front and the overall risk and fraud but really overall data analytics is that continued?

Anand Nallathambi

Yes and then that’s an area we’ve been looking at it to see are there pricing opportunities that we can take advantage of and that’s something that came through the process and we are looking into it.

Darrin Peller – Barclays

Alright and then just one question on the sort of the divestiture plans I mean I know that not really should be related to the strategic review process. But last year you did sort of diverse yourself down or sell a couple of your business you considered non-core. Anything that we should expect for this year on that front?

Anand Nallathambi

No, like I said in the past we always go through a strategic review of our businesses on a periodic basis. But right now we like the way that business portfolio is set up and their focus is on cost and we are aggressively going after cost structures and corporate share services and also our technology infrastructure that’s the focus for 2012.

Frank Martell

Hey Darrin, this is Frank also. Just we tried our best to take all the actions that were required in 2011 as Anand mentioned you always review but we were very aggressive in terms of cleaning and selling up the portfolio and making sure it’s focused a go forward portfolio in 2012.

Darrin Peller – Barclays

Alright, well thanks guys. Good luck with the clean start.

Anand Nallathambi

Thanks.

Operator

Your next question comes from the line of Kevin McVeigh with Macquarie. Please proceed.

Kevin McVeigh – Macquarie

Great, thank you. Frank, can you give us a sense across the $80 million to $100 million the buckets were very helpful just what contribute each in terms of what’s IT versus shared services versus real estate in terms of a percentage basis getting us to 100?

Frank Martell

Sure Kevin, 80% of it is between corporate shared support services and technology.

Kevin McVeigh – Macquarie

Okay and is it a function that you just kind of outsourcing something is offshore and things like that or it seems like a pretty dramatic step down is that a function to that as well as just cut us some excess spend from when you were part of the parent company or, what’s really driving that?

Frank Martell

I would say the combination of consolidation and optimization so your point about offshoring and outsourcing but also consolidation is a significant piece of the savings.

Kevin McVeigh – Macquarie

Okay and then just do we have a targeted free cash flow range you are thinking about in 2012?

Frank Martell

I would say that, it’s going to, significant focus and I think if you looked at the fourth quarter conversion rate, we are looking to be north of that percentage as we go forward and that percentage is roughly 40%.

Kevin McVeigh – Macquarie

Great and then just as you think about the business going forward and when you’ve got refunded just three segments, how are we thinking about the run rate as a business and the contribution of each segment respectively as you think about past the Project 30 what does the business look like in three to five years and just on a contribution perspective.

Frank Martell

Yeah, I think you will see in our 10-K that the business is becoming progressively D&A weighted. We move the portfolio from 32% give or take to about 39% of revenues between 2009 and 2011. I think that trend will continue, as we move forward next to give the strategy of double digit D&A growth. And in the near terms obviously we are talking about 1 trillion to 1.1 trillion origination markets. So those businesses that are more sensitive to that market will be the growth will be muted at least in the near term.

Kevin McVeigh – Macquarie

Great and then on the D&A said and this will be my last question who off to DC from a competitive perspective in the market?

Anand Nallathambi

Its various competitors depending upon the areas that we talked about. I mean we are, our products are utilized in a different area from point of sale on the realtor side it’s different competitors. If there is somebody that we have to pick as one major competitor that we see on most areas it’s LPS.

Kevin McVeigh – Macquarie

Great, thank you.

Operator

Your next question comes from the line of Carter Malloy with Stephens Inc. Please proceed.

Unidentified Participant

Hey guys, it’s actually Ben on for Carter. But sorry he can’t get on the call as you know he is apparently interacting with you guys tomorrow. So congratulations on the quarter and just a few quick modeling questions here. Can you kind of help us forecast as we are expecting $60 million in cost savings for ’12?

Frank Martell

In what regard?

Unidentified Participant

Should we front load them more in the first half of the year or should we just assume a consistent amount each quarter.

Frank Martell

No, I think you can assume for the first half roughly 30% to 40% of the savings and the balance in second half.

Unidentified Participant

Okay, great that’s helpful. And you mentioned both debt repayment and buybacks in your press release. Can you kind of take us through how you prioritize one over the other?

Frank Martell

I think we are continuously looking at what that prioritization should be we stated as previously we were going to de-lever in the 2.5 turns range when we are really executing against that previously stated objective with this $100 million reduction.

Unidentified Participant

Okay, that’s great. Thanks guys.

Operator

Your next question comes from the line of Brett Horn with Morningstar. Please proceed.

Brett Horn – Morningstar

Yeah hi, I was wondering if you could just give us some color on how you see the recent mortgage settlement affecting the default business in 2012.

Anand Nallathambi

We’ve been watching that Brett very closely and have been having a lot of conversations with our customers. Lot of these settlements and also hard to – it’s still early in the process and we believe that ultimately these things translate into incremental volumes for us, for credit flood tax and ABM type businesses. But it remains to be seen we believe that we will see some of these actions flow through in the later quarters like second and third quarter. The important point is incremental volumes from that is not part of our budget for 2012.

Brett Horn – Morningstar

And so that’s upside to this?

Anand Nallathambi

Exactly.

Brett Horn – Morningstar

Great, thank you.

Operator

At this time there are no further questions in queue.

Anand Nallathambi

Well that concludes our call. Thank you very much.

Operator

Thank you for your participation in today’s conference. This concludes the presentation. You may now disconnect. Good day.

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