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Lender Processing Services' CEO Discusses Q4 2011 Results - Earnings Call Transcript

Stocks in this article: LPS

In addition our discussion today will contain references to non-GAAP results in an attempt to provide a more meaningful presentation and comparison to prior periods. Reconciliations between GAAP and non-GAAP results have been provided in the earnings release.

Now I'll turn the call over to Hugh Harris, President and CEO.

Hugh Harris

Thank you, Nancy, and good afternoon, everyone. I appreciate you joining us today to discuss Lender Processing Services' financial results for the fourth quarter and full year 2011.

I'm going to start the call today by giving an overview of our progress, then Tom Schilling, our CFO will walk through the company's financials. Finally, we will open the call up to questions. As you know, I joined LPS a little over four months ago. In that short time we made a lot of progress moving LPS forward. We began 2012 as a different and improved company. I'm excited about the company's future. We have a new management team in place. We have embraced the regulatory changes that are being made, and we have an employee base of 8,000 people who are committed to exceeding the needs of our customers.

2011 was a challenging environment in the mortgage industry, a year defined by changing regulations, declining origination volume, and delays in the foreclosure process. However, our team remained focused on meeting the needs of our customers, and as a result, we were able to expand relationships with many of the largest lenders in the industry.

Our financial results for the fiscal year demonstrate that we have a sound business model, which allowed us to outpace overall market growth in both the origination and foreclosure businesses, while maintaining consistent growth in our Technology, Data and Analytics segment. Our fourth quarter revenue, adjusted earnings per share, and cash flow were all ahead of our guidance.

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