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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 their GAAP equivalents is included in the appendix to today's presentation. Finally, unless specifically identified, comparisons of second quarter financial results to prior periods should be understood on a year-over-year basis, that is in reference to the second quarter of 2011. Thanks, and now let me introduce our President and CEO, Anand Nallathambi. Anand Nallathambi Thank you, Dan and good morning everyone. Welcome to CoreLogic's second quarter 2012 earnings call. I will lead off with a recap of our second quarter and first half performance, and then discuss our focus for the balance of 2012. Frank will follow and cover our financial results and we will end the call with Q&A. CoreLogic delivered strong, double digit revenue growth and record levels of operating and net income, earnings per share, adjusted EBITDA and free cash flow in the second quarter. In addition to the double-digit top line growth, all three of our operating segments delivered significant margin expansion in the second quarter. We also exceeded our target for Project 30 cost reductions, free cash flow conversions and debt reduction. Finally, we returned capital to our shareholders in the form of significant repurchases of our common stock. In terms of revenue growth, we generated more than 18% in the second quarter led by a 29% jump in revenues from our Mortgage Origination Services segment. The Data and Analytics and Default Services segments also grew revenue revenues at double-digit rates.
The company continued to drive significant cost productivity and improved profit margins in the second quarter. Progress in this area was evidenced by a 92% year-over-year increase in adjusted EBITDA and adjusted EBITDA margins of 32%, 12 percentage points higher than last year.We believe that our focus on profitable revenue growth, together with the strong expansion of adjusted EBITDA margins, demonstrate that the company is on the right trajectory to achieve its target of at least 30% adjusted EBITDA margins as we exit 2013. Our strong second quarter and year to-date operating results and the recent increase in our full year financial guidance are the result of our laser-like focus on executing against our strategic business plan. As we discussed on past calls, our strategic business plan is focused on our four main pillars. First, grow the Data and Analytic segment at double-digit rates. Second, drive operating leverage and margin expansion and position the Mortgage Origination and Default segments to outperform their respective markets. Third, achieve Project 30 cost reduction target. Fourth, deliver consistent free cash flow in excess of 50% of adjusted EBITDA and build financial flexibility. I will focus the balance of my remarks today, on the progress we are making in each of these areas and what we are focusing on over the balance of 2012 and into 2013. The long-term expansion of our Data and Analytic segment is the major strategic imperative for CoreLogic. We have grown this segment from about 32% of the company's total revenues in 2009 to just under 40% in 2011. We are targeting to increase this percentage to over 50% in the next three years. Year to-date, our Data and Analytic segment revenues are up 16%. As we have discussed in the past, a strong base of subscription revenues, high client retention rates and continued demand for our analytical solutions and advisory projects is driving the growth. We expect to see continued strong growth in this segment by improving market activity over the balance of the year. Read the rest of this transcript for free on seekingalpha.com