CoreLogic, Inc. (NYSE:CLGX) Q3 2020 Earnings Conference Call - Final Transcript

Oct 22, 2020 • 05:00 pm ET


CoreLogic, Inc. (NYSE:CLGX) Q3 2020 Earnings Conference Call - Final Transcript


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Good afternoon, and welcome to the CoreLogic's Third Quarter 2020 Conference Call. [Operator Instructions]

I would now like to turn the conference over to Dan Smith, Head of Investor Relations. Please go ahead.

Dan Smith

Thank you, and good afternoon. Welcome to our investor presentation and conference call where we present our financial results for the third quarter 2020. Speaking today will be CoreLogic's President and CEO, Frank Martell; and CFO, Jim Balas.

Before we begin, let me make a few important points. First, we've posted our slide presentation, which includes additional details on our financial results on our website. Second, please note that during today's presentation, we may make forward-looking statements with the meaning --- within the meaning of federal securities laws, including statements concerning our expected business and operational plans, performance outlook and acquisition and growth strategies and our expectations regarding industry conditions. All of these statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

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 subsequent 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. Unless specifically identified, 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 2019.

Third, as outlined in last week's press release, CoreLogic's reseller operations have been classified as discontinued operations as of September 30, 2020. Our discussion today will focus on our results from continuing operations. Fourth, as with our second quarter earnings call, we will be fielding questions focused on the Company, its operational and financial results and our expectations for the future. We do not intend to discuss the ongoing hostile bid process or matters connected to the upcoming special shareholders meeting.

Finally, please limit yourselves to one question with a brief follow-up. We will take additional questions at the end of the call as time permits.

Thanks. And now, let me introduce our President and CEO, Frank Martell.

Frank Martell

Thank you, Dan, and good afternoon, everyone. Thank you for joining us today for CoreLogic's third quarter 2020 earnings call. Today, I will outline the major operating and financial highlights of our third quarter performance, including ongoing market share gains and competitive wins across our businesses, which have been driving higher organic growth rates over the past year. In addition, I will cover the transition of our revenue mix to higher fixed recurring solutions with significantly lower levels of sensitivity to mortgage volumes. I will also outline the drivers behind the step function increase in our adjusted EBITDA margins and discuss