CoreLogic Earnings Call Nuggets: Pacing of Cost Savings and EBITDA
Pacing of Cost Savings
Brandon Dobell – William Blair & Company: A couple of quick ones here. Maybe your updated thoughts on the pacing of the TTI, kind of puts and takes on the income statement as you work through the expenses near-term and then how those should flow into savings a little bit later, and maybe perhaps, the same thing relative to Project 30, how should we expect the pacing of the cost savings to feel in 2013?
Frank Martell – CFO: Brandon, this is Frank. So, the cost expense profile was pretty level loaded over the second half of 2012. We would expect there to be a similar quantum of total expenses in 2013, with a tailing down in 2014. In line, it’s essentially in line with what we had said previously, and then the savings numbers will kick in, in 2015, and they’re similar to the numbers that we have previously published, which was about $35 million to $40 million per year.
Brandon Dobell – William Blair & Company: As we think about moving the geospatial business from the MOS segment to D&A, a couple of things there. First, how should we think about the impact to margins this year, EBITDA margins within D&A from CDS now being in there or I guess geospatial now being in there? Then within MOS now, that, that business is out, does your kind of structure around what happens to the EBITDA number give or take $100 billion of origination volumes, how do we think about, I guess, how sensitive that segment now looks relative to mortgage numbers?