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

Stocks in this article: LPS

For the full year of 2011, we generated revenue of $2.1 billion and adjusted EBITDA of $516 million. On our third quarter earnings call, I said that my objective was for LPS to start 2012 with a clear vision and the right resources to execute that vision. At that time, I set several key priorities. These included conducting a full review of the business, making sure the right people were in the right positions, to execute our business objectives, ensuring that what LPS does and the value LPS delivers to our clients is being shared with all of our stakeholders, and focusing on resolving our regulatory and legal challenges so that the Company can move forward and focus on the future. We have aggressively pursued this agenda and during the fourth quarter, LPS implemented many key business and operational initiatives.

As I mentioned, we recently completed a full strategic review of our business operations. This review accomplished many things. First and foremost, it confirmed for me that we have some of the most talented people in the industry. Second, it confirmed that our core technology, our Transaction Services business, and our offerings are in demand from our customers and provide opportunity for growth. The review helped us indentify and make the decision to exit non-strategic and underperforming businesses and it confirmed for us that both our Default and Data and Analytics businesses are important to the future success of our Company.

The review also allow us the opportunity to evaluate the senior management team and to identify experienced, well respected and trusted executives to put in leadership positions. Today, our new senior management team has an average of over 25 years of industry experience, operates at the highest levels of integrity and accountability, and each is committed to the Company's values and goals.

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