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Jim BallanGood morning and welcome to the PHH Corporation’s fourth quarter 2011 earnings conference call. Please note that statements made during this conference call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as further described in slide three of our fourth quarter 2011 supplemental schedules. Such forward-looking statements represents only our current beliefs regarding future events and are not guarantees or performance or results. Actual results performance or achievements may differ materially from those expressed or implied in such forward-looking statements due to a variety of factors including but not limited to the factors under the headings Cautionary Note regarding forward-looking statements and Risk Factors in our periodic reports filed with the US Securities and Exchange Commission including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q which are available in the Investors section of our website at www.phh.com and are also available at www.sec.gov . Investors are cautioned not to place undue reliance on such forward-looking statements. We will also be discussing various non-GAAP financial measures including core earnings pre-tax, core earnings after-tax and core earnings per share, tangible book value and tangible book value per share. Please refer to our earnings release and accompanying supplemental schedules for a description of these non-GAAP financial measures as well as a reconciliation of such measures to their respective most directly comparable GAAP financial measures. The earnings release we issued yesterday may be accessed from our website or you may request a faxed or a mail copy by calling our investor hotline at 856-917-7405. In addition supplemental schedules are posted in the Investors section of our website under webcast and presentations. Speaking on the call today will be, Glenn Messina, President and Chief Executive Officer, and David Coles, Interim Chief Financial Officer, Luke Hayden, Executive Vice President of Mortgage and George Kilroy, Executive Vice President of Fleet are also with us today and will be available to take your questions.
First, Glenn will discuss our strategic plans and provide a brief discussion of the company’s performance in the fourth quarter, then David will review our financial results after which we will take questions.With that, I will turn the call over to Glenn Messina. Glenn Messina Thank you, Jim. Good morning everyone and thank you for your continued interest in PHH. I am pleased to be speaking with you today as CEO and I look forward to working with our shareholders in my new role. I see a significant opportunity at PHH to create value for our shareholders, and in a moment I’ll lay out our key strategies to do that. PHH has been a leader in Mortgage Outsourcing and Fleet Management Services for a decade. We have built the client base of leading institutions that view us as a trusted partner to serve their customers and employees. We have been able to leverage our client base and track record into significant tale that provides us a defensible and expandable market position. The fundamentals of our business remains strong. We continue to grow our private-label relationships in mortgage through new client additions and increasing volume of existing clients. Our delinquencies are amongst the lowest in the industry and we generate substantial cash flows from our Mortgage Servicing business. Our Fleet business continues to deliver double-digit annual earnings growth while providing low risk returns and highly predictable cash flows. Going forward, we are focusing on four key strategies to increase shareholder value. First, we will continue to pursue disciplined growth in our three franchise platforms, consisting of mortgage, private-label services, our mortgage relationship with – and our Fleet Management business. Second, we will focus on driving industry-leading operational execution or operational excellence. Third, we will continue our unwavering commitment to customer service, and finally, in the near term, we look forward tight volatile liquidity, cash flow generation from both Mortgage and Fleet and deleveraging the balance sheet. We believe it’s essential to alleviate any concerns regarding our liquidity. Read the rest of this transcript for free on seekingalpha.com