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. Read the rest of this transcript for free on seekingalpha.com