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 the GAAP equivalent is included in the appendix to today's presentation. Finally, unless specified, comparisons of third quarter financial results to prior periods should be understood on a year-over-year basis, that is in reference to the third quarter of 2010. Thanks. And now let me introduce our President and CEO, Anand Nallathambi. Anand Nallathambi Thank you, Dan, and good morning everyone. Welcome to our third quarter earnings conference call. During the third quarter, CoreLogic took aggressive actions to enhance our business model to deliver high-revenue growth at significantly improved EBITDA margins. Specifically, we took five keys steps. We invested in new and innovative products to strengthen our core growth areas in the data and analytic segment. We achieved significant cost savings in corporate and support functions. We increased operating leverage into business and information services segment. We exited non-core businesses that lack significant data, intellectual property, returns to scale or profitability and finally we managed our capital structure to provide financial flexibility. As a result of our progress in these areas and strong mortgage refinancing volumes, CoreLogic generated better than expected revenues and adjusted EBITDA in the third quarter. We expect the benefit from these trends into fourth quarter as well. So we have raised our guidance for full-year results. In other key development in the third quarter was the hiring of our Chief Financial Officer, Frank Martell. We’re excited to have him on board. Frank will play a pivotal role in overseeing and managing the cost actions which will be the near-term impetus for increasing profits and margins.
I will outline our go-forward strategy and the actions we took in the quarter. Then I will hand it over to Frank for the details from the third quarter results, our guidance and the outlook on the efficiency initiatives going forward.Slide four, shows our core businesses following the exit of five areas in the third quarter. As we can see, we have sharpened our focus on businesses that benefit from a leading market presence. Unique data assets or intellectual property, differentiated analytical abilities, high operating leverage and a long-term client relationship. If you look at our core areas, it is clear that the combination of deep and unique set of public records, consortium data and proprietary data basis provides CoreLogic with strong competitive advantages. The infrastructure to interact with 22,000 taxing authorities, process $58 billion in property taxes and having the most accurate and complete flood and other hazard information have made our financial results resilient over the past five years. These competitive strengths wrapped with the world class domain expertise of our staff provide us a solid foundation for future growth. Slide 5 lays out our strategy for the future. CoreLogic’s value proposition is to provide high-value financial, property and consumer information to the real estate and financial services industries. Supporting our data and analytic assets are the suite of mortgage services that possess high operating leverage. This was clearly illustrated in how increased refinance volumes drove higher third quarter results. Leveraging these assets, we help our clients reduce risk and improve their financial performance by providing decision support and insights into their most complex business problems. First we will continue to invest in growth areas of data and analytics. We made headway here in the third quarter by developing new fraud tools, launching new analytical products and solidifying our competitive position in the MLF space.
We recently announced our new supplemental credit bureau solution and [corescore] our partnership with FICO to offer new alternative credit scores. These steps integrate our property, mortgage loan and alternative credit data into comprehensive solutions that will greatly enhance our customer’s view of financial risks.Read the rest of this transcript for free on seekingalpha.com