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Corelogic Inc. (NYSE:CLGX)

Q1 2012 Earnings Call

April 26, 2012 11:00 AM ET

Executives

Dan Smith – Head, IR

Anand Nallathambi – President and CEO

Frank Martell – CFO

Analysts

Carter Malloy – Stephens Inc

Kevin McVeigh – Macquarie Capital

Geoffrey Dunn – Dowling & Partners

Brett Horn – Morningstar

Preeta Ragavan – Barclays Capital

Operator

Good day ladies and gentlemen and welcome to your Q1 2012 CoreLogic Incorporation Earnings Conference Call. My name is Salu and I will be your operator today. During the presentation, all participants will be in listen-only mode. After the speakers’ remarks, you will be invited to participate in a question-and-answer session. As a reminder ladies and gentlemen, this conference is being recorded.

I would now like to hand the call over to the host for today’s call Mr. Dan Smith, Senior Vice President of Investor Relations.

Dan Smith

Thank you and good morning. Welcome to our investor presentation and conference call where we present our financial results for the first 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 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, 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-Q 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 first quarter results to prior periods should be understood on a year-over-year basis, that is in reference to the first quarter of 2011.

Thanks. And now let me introduce our President and CEO, Anand Nallathambi.

Anand Nallathambi

Thank you, Dan. Good morning everyone. Welcome to CoreLogic’s first quarter 2012 earnings call. I will lead off with an update on our first quarter results and then cover focus areas for the balance of 2012. Frank will then discuss our financial results. And we will end the call with questions and answers.

On our last earnings call I noted the fact that CoreLogic was exiting 2011 with strong momentum and the clear plan for generating significantly higher levels of growth and profitability in 2012 and beyond. I’m pleased to report today that during the first three months of 2012, CoreLogic made significant progress against each of our strategic priorities and delivered very strong financial results.

In terms of revenues we generated top-line growth of more than 13% with both our Data and Analytics and Mortgage Origination Services segments achieving growth rates in excess of 20%. Building on the progress we made in the second half of last year in reducing our cost, the company continues to drive productivity and improved margins in the first quarter.

Progress in this area is reflected in our adjusted EBITDA margins which were 28% for the quarter, a full 6 percentage points higher than the prior year. We believe that our first quarter EBITDA margins demonstrate that the company is on the right trajectory to achieve its target of 30% adjusted EBITDA margins by the end of 2013.

The growth in revenues and profit margins I just discussed combined with a disciplined approach to allocating capital has resulted in a material improvement in our cash flow generation. This increase has allowed us to fund reinvestments in growth and efficiency programs and at the same time pay down debt. As we move forward in 2012 we will continue to drive further improvements in cash flow generation and optimize our capital structure.

By the end of the second quarter we plan to complete our previously announced debt reduction program. In addition, we have announced our intent to repurchase at least 5 million shares of our common stock by the end of this year. The purchase of our shares is an important vehicle for returning capital to our shareholders and reflects our belief that the current price of our shares is below their long-term strategic value.

The progress we have made against our business plan and the improvement in our financial results over the past three quarters proved that we are capturing the benefits of our strategy. One, investing in our Data and Analytics segment; two, positioning our Mortgage Origination and Default Services businesses to outperform their respective markets; three, reshaping our cost structure; and finally, strengthening our capital structure.

The balance of my prepared remarks today will address our major focus areas for the rest of 2012. First, we will continue to invest in our Data and Analytics segment. Our goal is to achieve an early target of double-digit revenue growth. This year we expect the growth to come from the acquisitions of RP Data and Tarasoft as well as organically through increase demand for data licensing and analytical product. In addition to a lift from improving market conditions we are seeing increased demand across the industry for quality, transparency and compliance as the result of new regulations, the impacts of legal settlement and other challenges. CoreLogic’s leading data assets, patent protected analytics, and risk management solutions position the company well to capitalize on these demand drivers.

Our second major focus area in 2012 is to further increase the operating leverage and Mortgage Origination and Default Services segment. As we have said in the past, we are focused on sizing our Mortgage Origination businesses to deliver 25% to 30% EBITDA margins in a $1 trillion to $1.1 trillion originations market. These businesses enjoy leading market share positions and scale across the loan origination cycle and in many cases are supported by unique data assets and value added analytics.

Significant effort has gone into improving productivity and reducing costs in these businesses over the past year. The results are evident in increased profit levels as these businesses capitalize on improvements and market conditions. As a demonstration of this point, during the quarter revenues in this segment grew about 22% benefiting from the high volume of refinancing activity. At the same time, high operating leverage and cost reductions drove adjusted EBITDA gains of 72%.

Our Default Services segment continues to be impacted by declines in the overall volume of problem loans and foreclosure starts. Despite these tough market conditions, our new leadership has addressed cost levels and is building a solid sales pipeline for future growth.

For the balance of 2012, we expect to see increasing demand for loan modification and loss mitigation services as clients clear backlogs of problem loans. Margin expansion will continue to be a top priority for this segment in 2012.

The other principle area – focus area for CoreLogic for the balance of 2012 are achieving our cost reduction targets and improving cash flow. In both of these areas, we are benefiting from the streamlined operating model we put into place during the fourth quarter of 2011. This change has helped us to reduce complexity, lower cost and increase collaboration across CoreLogic.

In terms of Project 30, we secured about 20% of our 2012 target in the first quarter. Project 30 is expected to be the single largest driver of margin expansion for the company in 2012 and 2013. Frank will provide additional details on our cost reduction programs in a few minutes.

Finally, we will continue to build liquidity and financial flexibility. We are clearly reaping the benefits of the focus we put on this area over the past several quarters. We have more work to do but we are very pleased with our free cash flow conversion rate of almost 50% of adjusted EBITDA in the first quarter.

In closing, CoreLogic has delivered three successive quarters of accelerating revenue and profit growth. Our progress has been driven by a focused strategy that leverages the company’s unique data assets as well as the market leading position and scale of our servicing businesses.

CoreLogic has aggressive but achievable plans in place to continue to deliver strong top-line growth substantial margin expansion and higher free cash flow in 2012. We will also lower our debt and return capital to our shareholders for the balance of this year. Our strong first quarter results confirm that we are delivering on our plans and financial target.

I’d like to thank our clients, employees, and shareholders for their continued support. The entire CoreLogic team is focused on building on our terrific start in 2012.

With that I will turn the call over to Frank.

Frank Martell

Thanks, Anand and good morning everyone. Today I’m going to review our first quarter financial results. I will also provide an update on our cost reduction programs and effort to drive increased cash flow. I will conclude my remarks with a brief discussion on capital structure in our 2012 financial guidance.

As Anand outlined, CoreLogic delivered double-digit revenue growth and significantly higher margins in the first quarter. Margin expansion was driven by aggressive cost reduction programs as well as a favorable operating leverage and revenue mix.

Free cash flow generation accelerated during the quarter fueled by top-line growth, improved profitability and reduction in collection cycles. We have now delivered accelerating revenue growth and profit growth over the first three quarters of this year by relentlessly executing against a multi-prong strategic plan. This plan centers on investing to grow our Data and Analytics segment at a double-digit rate capitalizing on our market leading positions and the operating leverage in our servicing businesses, driving cost out of the business and making our cost structure more flexible and finally increasing our cash flow and strengthening our capital structure.

I believe that our first quarter financial results provide important insight into the progress the company is making in each of these areas. First quarter revenues were up 13.3% to $358.1 million. Data and Analytics revenues totaled $141.1 million for the first quarter. This represents an increase of 20.3% from prior year. Growth in this segment resulted primarily from the acquisition of RP Data and Tarasoft, higher analytics revenues and growth in data licensing.

Our Mortgage Origination Services segment revenues jumped year-over-year by 21.6% to $147.7 million. This increase was principally attributable to higher refinancing volumes, share gains in our tax servicing, flood certification and credit reporting businesses as well as the acquisition of Dorado Network Systems.

Default Services first quarter revenues were $75 million down 9.7% from prior year, mainly due to the impact of lower market activity.

The impact of our strategy of focusing on growing our higher margin segments was clearly evident in the first quarter. During the first three months of 2012, 80% of our revenues came from Data and Analytics and Mortgage Origination and 20% from Default Services. This compares to 74% from Data Analytics and Mortgage Origination Services and 26% from Default Services in the first quarter of last year. We expect this mix shift trend to continue as we progress in 2012 and beyond.

Operating income from continuing operations totaled $45.2 million for the first three months of 2012 compared with $26.6 million for the first quarter of 2011. This 70.2% increase was driven primarily by higher revenues and cost reductions. First quarter 2012 operating income included approximately $2.2 million in one-time cost related to the strategic review process. Excluding this one-time cost, operating income from continuing operations was up 78.2% to $47.4 million.

First quarter adjusted EBITDA totaled a $100.2 million, $31 million or 45% increase from 2011. Adjusted EBITDA margins were 28% up 620 basis points in the first quarter of 2011.

For the quarter, data analytics adjusted EBITDA margins were 29%, 3 percentage points higher than prior year. Adjusted EBITDA margins in our Mortgage Origination Services segment jumped to 37.8% from 26.8% in the first quarter of 2011. Both of these segments benefited from double-digit increases in revenues. We also captured the operating leverage inherent in our origination related businesses and realized $13.5 million in cost reduction through Project 30.

Regarding Project 30, the company is targeting to achieve $60 million in cost reductions in 2012 in addition to the $20 million in savings realized in 2011. The first quarter savings were in line with our plan and relate primarily to work force reductions as well as cuts and spending on real estate and outside services.

During the first quarter of 2012 CoreLogic reduced its total U.S. workforce by approximately 4%, including an 18% reduction in corporate share services staff. Although not a source of significant savings in 2012, we recently launched a multi-year strategic partnership with the firm that’s specialized in comprehensive procurement solutions. Over the course of this five year agreement, the company expects to reduce spending on purchase goods and services by approximately $20 million compared with current level.

First quarter net income from continuing operations totaled $29.5 million, a $7 million or 31.4% increase from prior year. Diluted earnings per share totaled $0.27 for the first quarter, an increase of $0.08 or 42% from 2011. Adjusted EPS for the first quarter was $0.32 significantly ahead of expectations and $0.13 higher than prior year levels.

As we discussed on our past earnings calls as well as our first quarter earnings release, CoreLogic is progressively simplifying our financial presentation. In current with this release, the company is no longer reporting adjusted revenues. In addition we have reduced the number of adjustments to our non-GAAP EBITDA metric. Together with the introduction of our simplified reporting segmentation in the fourth quarter of 2011, the company believes these changes will enhance the review and analysis of its financial results.

To ensure comparability with prior periods we have provided recast historical results that conform to our new recording convention in the appendix to today’s slide deck. Our final enhancement to our financial reporting entails the introduction of reporting of gross margins. This will occur in conjunction with the filing of our 2012 Form 10-K.

The balance of my remarks today will focus on free cash flow, capital management and the outlook for 2012.

As we drive profitable revenue growth and boost margins, we are also intently focused on improving cash flow. During the first quarter, we made significant strides in this area. Free cash flow for the first quarter of 2012 totaled $49.2 million or 49% of adjusted EBITDA. We are defining free cash flow as net cash provided by continuing operating activities, which was $69.7 million for the first quarter of 2012, less expenditures for property and equipment, capitalized data, and other intangible assets which totaled $20.5 million during the same period.

Free cash flow in the first quarter was up over eight fold from the first quarter of 2011 and compares with free cash flow of approximately $99 million for all of 2011. In addition to improving cash flow, we are close to completing our previously announced plan to reduce indebtedness by at least $100 million during the first half of 2012. In the first three months of 2012 we cut debt balances by approximately $52 million. We also paid down a $35 million note on April the 16th.

As of the close of business yesterday the company had unrestricted cash of $256.2 million. Given our ample cash reserves as well as significant improvements in profitability and free cash flow, the company has elected to initiate a program to repurchase at least 5 million of its common shares over the balance of 2012.

As Anand discussed earlier, we view this action as a means of delivering additional value to our shareholders as well an indication that management believes our current share price is below our view of its strategic value. The final topic I will cover today is our financial guidance and the outlook for 2012.

For the full year we expect to generate revenues of $1.4 billion to $1.45 billion with adjusted EBITDA of $340 million to $360 million and adjusted EBITDA of $1 to $1.05. Our guidance for 2012 is largely unchanged from our previously issued estimates and reflects the following underlying assumptions.

First, our revenue guidance is now based on GAAP revenues; previous guidance was based on adjusted revenues which included pre-tax equity and earnings of affiliates. Second, mortgage origination volumes in the range of $1 trillion to $1.1 trillion. Third, delinquency volumes will contract approximately 10% from 2011 levels. Fourth, the company will achieve double digit growth in our data analytics segment. And finally, the achievement of our Project 30 objectives as outlined earlier.

Based on current market conditions and the company’s strong start in 2012, we expect to deliver revenues adjusted EBITDA and adjusted EPS at the top end of our guidance range. Regarding time 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 the default markets to remain muted for the balance of 2012.

Finally the positive impact of Project 30 should increase progressively over the year. Specifically in terms of the second quarter of 2012, we believe that the current volumes within our businesses are consistent with those in the first quarter. We also expect to achieve our targeted second quarter Project 30 cost reductions. Based on these assumptions revenue adjusted EBITDA and adjusted EPS from continued operations in the second quarter should approximate first quarter levels.

In summary, CoreLogic has produced a very strong set of financial results in the first quarter with a streamlined and higher margin set of businesses and a laser-like focus on right sizing our cost structure and building cash, we are delivering against a very focused and aggressive business plan. The company’s focus on fundamental value drivers positions us to execute on our strategic vision and generate significant stakeholder value creation over the medium to long term.

Thanks for your time today. I will now call – turn the call over to the operator to kick off the Q&A session.

Question-and-Answer Session

Operator

(Operator Instructions) And your first question comes from the line of Carter Malloy of Stephens. Please go ahead sir.

Carter Malloy – Stephens Inc

Hey guys congratulations on the great quarter.

Frank Martell

Thanks, Carter.

Anand Nallathambi

Thanks.

Carter Malloy – Stephens Inc

Frank thanks to you much for the improved press releases and simplification; it’s very helpful for all of us. So first of all on your outlook for the year $1 trillion to $1.1 trillion, if we’re looking at potentially $400 billion type of market in the first quarter. Can you sort of walk us through the drivers behind that, or really more importantly what your bull and bear case scenarios are for the year? It sounds like the very low end would be $1 trillion, but where do you see the upside?

Frank Martell

Yes, we Carter we’ve obviously moved up to the higher end of that range, the $1.1 trillion. I think if you look at most of the major players out there, they are moving up into that range or slightly higher. We feel pretty good about where the business sits right now and the cost reduction activity and we expect that we will revisit the guidance in the midpoint of the year where we’ll have I think better visibility in the second half of the year. That’s really the area that we are looking at closely at this point.

Carter Malloy – Stephens Inc

Okay. And then great job on the free cash conversion, but can we expect to stay that at least above 40% from EBITDA this year?

Frank Martell

Yes.

Carter Malloy – Stephens Inc

Closer to 50% or 40%?

Frank Martell

Well I think we said previously we are targeting 50% this year. So but we expect certainly to be above 40%.

Carter Malloy – Stephens Inc

Okay, thanks. And then what is the default outlook for down 10% delinquency? Is that just macro or is there anything else specific within your business I know there is been a mix between field services and tax stuff? If you can expand on that.

Frank Martell

Yeah, I think interestingly, although we are seeing the market – the market volumes are down. We are seeing as a result of things like the recent settlements and other issues demand for some of our products and services, loan modifications, etcetera. So it’s a bit of mix, it’s a mix. We’re focused on margin expansion in that segment, and we’re focused on growing in the right way. So, but overall the market is going to be tougher this year and I think that’s what we called earlier and I think we still see that as the case.

Carter Malloy – Stephens Inc

Okay, thanks so much.

Operator

Thank you. And the next question comes from the line of Kevin McVeigh of Macquarie. Please go ahead.

Kevin McVeigh – Macquarie Capital

Great, thanks, nice job. I wonder if – Frank, what percentage of Auto is the business right now? It seem like you saw some nice performance there as well.

Frank Martell

It’s a relatively small part of the business; it’s under 10%.

Kevin McVeigh – Macquarie Capital

Great. And then in terms of the buyback overall at 5 million, is that a good start? And as we think about free cash flow generation and the uses of that on a go forward basis, out of a 100%, how do you think about kind of debt reduction versus capital return? If you could help us in terms of that.

Frank Martell

Yeah we feel – we feel great about where we stand on the debt side, we’ll be through the $100 million in the first half. So we feel really good about where our leverage sits. I think it’s prudent and conservative. I think on the share repurchase, we are – we have ample cash reserves.

So we thought that it was an appropriate time to return some of that capital to shareholders. That was a feedback that we have gotten from a lot of our shareholders. We feel like we can easily do the 5 million shares through the cash flow that we are generating. So we think it’s a good start; it’s about 5% of the total outstanding – little less than 5%. That’s something we can handle quite well.

Kevin McVeigh – Macquarie Capital

And then real quick on the mix of business from a profitability perspective of refi versus purchase, is it pretty similar for you folks in terms of contribution to the business?

Frank Martell

Yes, yes it is. Except that’s not the case for if you’re talking about HARP, it’s a little bit different. But for a standard refi or purchase it is the same.

Kevin McVeigh – Macquarie Capital

Okay. And HARP it varies?

Frank Martell

Yes, it depends on whether it’s HARP 1.0 or HARP 2.0 but it’s less than a full refi.

Kevin McVeigh – Macquarie Capital

Got it. Okay. Thank you. Nice job.

Operator

Thank you. The next question comes from the line of Geoffrey Dunn of Dowling & Partners. Please go ahead.

Geoffrey Dunn – Dowling & Partners

Thank you. Good morning. You mentioned an expectation for volumes to taper off in the second half. Can you talk about how we should think about the incremental margin impact from the changing volumes on the origination side of your business please?

Frank Martell

Yes, Geoff, this is Frank. We – as Anand said – we are really – we work very hard to right size this business for a margin rate of 25% to 30% in $1 trillion to $1.1 trillion market. And essentially what we’re doing is cash earnings $0.60, $0.70 on the dollar for the upside and we see that in the fourth quarter and certainly in the first quarter. In addition to that, the workflow productivity is being driven through some of these businesses is also boosting the margin significantly.

So we’re capturing a substantial part of the upside and I think we’re relatively protected on the downside because of the way we’ve geared those businesses for $1 trillion to $1.1 trillion market.

Geoffrey Dunn – Dowling & Partners

Okay. And on that 25% to 30% in $1 trillion to $1.1 trillion market, is that something you can quickly achieve or is it something that you transition to over a quarter or two?

Frank Martell

No, I think we’re pretty close.

Geoffrey Dunn – Dowling & Partners

Okay, great. Thank you.

Operator

The next question comes from the line of Geoffrey Dunn. Please go ahead. I’m sorry it’s Brett Horn. Go ahead please, Brett of Morningstar.

Brett Horn – Morningstar

Yeah, yeah hello. Obviously things looked little better on the origination side and I think you pointed to the refinancing volume that is kind of the driver of that. Would you say that HARP 2.0 has been a major factor in that?

Anand Nallathambi

Brett, no we’ve talked to a lot of the customers and they say the HARP volumes are running about 10% to 20%, but we think the majority of that action is going to be in the latter quarters of 2012 and even heading into 2013.

Brett Horn – Morningstar

Okay, good. Thank you.

Operator

Thank you. And the next question comes from the line of Darrin Peller of Barclays. Please go ahead.

Preeta Ragavan – Barclays Capital

Hey guys; this is Preeta in for Darrin today. Just I had two quick ones. First was on the Data Analytics. Frank, I don’t know if you mentioned what the organic growth in Data Analytics was sort of excluding RP Data?

Frank Martell

Yes it’s a little under 4%.

Preeta Ragavan – Barclays Capital

Organically?

Frank Martell

Yes.

Preeta Ragavan – Barclays Capital

Okay. And is that I mean is that trending similar to your expectations for the quarter or?

Frank Martell

Yes, I mean if you look at last quarter or first quarter of last year, it was a very, very strong quarter for Data Analytics.

Preeta Ragavan – Barclays Capital

Right.

Frank Martell

So it’s a tough comp for them.

Preeta Ragavan – Barclays Capital

Okay.

Frank Martell

But we like where RP Data is and where the integration of the acquisitions and where the base business with some of the growth areas like data licensing, we’re really pleased with.

Preeta Ragavan – Barclays Capital

Okay, and sort of going forward after you sort of annualize that tough comps maybe get closer to sort of maybe high single-digit or kind of closer to double-digit for organic growth numbers. Does that seem fair?

Frank Martell

Higher single-digit is where we’re...

Preeta Ragavan – Barclays Capital

High single-digit. Okay, great. And then just a follow up on the procurement savings initiative, wanted to clarify, is that part of the plan to get to Project 30. I know you had mentioned that you were targeting more initiatives in that kind of – in that area or would you say that the additional cost savings that you mentioned over the next five years is incremental to the cost savings plan?

Frank Martell

Yes. This would be – it’s part of the plan and it was really always slotted in for 2013. We have an additional target for 2013, so this is part of that.

Preeta Ragavan – Barclays Capital

Okay. And then just last one from me on the cost savings, do you still see the cost savings modestly sort of back half weighted? I know you’re guiding to refi volume tapering off in the back half, but it seems like maybe a little bit more cost savings that could sort of help off at the operating leverage impact from that?

Frank Martell

Yes. The nice thing is we still see kind of a 40%, 60% split first, second half, and I think we’re really pretty much right on top of that trajectory right now.

Preeta Ragavan – Barclays Capital

That makes sense. All right, thanks Frank.

Operator

Thank you. We do have a further question from the line of Carter Malloy with Stephens. Please go ahead sir.

Carter Malloy – Stephens Inc

Hey guys just real quickly on your data analytics business it looks like the realtor account went up really large this quarter, can you just call out why that is and what that means?

Anand Nallathambi

The realtor accounts have been stabilizing, Carter, but I don’t think it’s a major impact. But I think it bodes well for the future quarters coming up because we have seen that number just consistently go down. So we are excited about it. You maybe also looking at it because as an acquisition impact from Tarasoft.

Carter Malloy – Stephens Inc

Okay. That’s right. Okay, thanks.

Operator

Thank you. We have no further questions in the queue. Thank you, ladies and gentlemen, that concludes your conference call. You may now disconnect. Enjoy the rest of your day. Thank you.

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