JACKSONVILLE, Fla.,
Aug. 8, 2013 /PRNewswire/
-- Lender Processing Services, Inc. (NYSE: LPS), a leading
provider of integrated technology and services to the mortgage and
real estate industries, today announced second quarter 2013 GAAP
net earnings of $19.1 million, or
$0.22 per diluted share, compared to
a net loss of $37.9 million, or
$0.45 per diluted share, in the prior
year quarter.
(Logo: http://photos.prnewswire.com/prnh/20120802/FL50731LOGO
)
Second Quarter Highlights
- Technology, Data & Analytics (TD&A) revenue increased
6% over the prior year
- Adjusted EBITDA margin of 27%
- GAAP EPS from continuing operations of $0.24, reflecting a charge totaling $0.39 per diluted share primarily for estimated
legal and regulatory contingencies
- Adjusted EPS from continuing operations of $0.65, excluding charge and reflecting add-back
for purchase accounting amortization
- Adjusted free cash flow of $78
million or $0.91 per diluted
share
"LPS' solid second quarter operating results demonstrate our
ongoing commitment to meeting our customers' technology and service
needs in today's complex mortgage market," said Hugh Harris, president and chief executive
officer of LPS.
"LPS' positive performance reflects solid demand for Technology
Data & Analytics solutions and strong Origination Services
volumes as we benefitted from continued low interest rates and
elevated refinance activity during most of the quarter," commented
chief financial officer Tom
Schilling. "As a result of rising mortgage interest rates
late in the second quarter 2013, refinance volumes were negatively
impacted in June and July. We expect Origination Services
revenue to decrease sequentially in the third quarter based on
these trends. As we have in prior market cycles, we
will continue to rigorously manage expenses to reduce the impact of
lower Origination and Default Services transaction volumes on
profitability."
Second quarter 2013 revenue was $468.9
million, a decrease of 8.7% from the prior year quarter, due
to lower Default Services revenue, partially offset by higher
revenue in TD&A and Origination Services. Second quarter
2013 GAAP operating income was $45.1
million, compared to an operating loss of $24.1 million in the prior year quarter.
Adjusted operating income in the second quarter 2013 was
$98.4 million, a decrease of 18.3%
from $120.4 million in the prior year
quarter, primarily due to a decline in Default
Services. Second quarter 2013 adjusted net earnings
from continuing operations were $0.65
per diluted share compared to $0.79
per diluted share in the prior year quarter.
Adjusted results from continuing operations in the second
quarter 2013 exclude a pre-tax charge of $53.3 million, or $0.39 per diluted share, including $0.35 per share for estimated legal and
regulatory contingencies and $0.04
per share primarily for transaction costs associated with the
pending merger with Fidelity National Financial, Inc. and severance
costs resulting from cost reduction initiatives. Adjusted
results from continuing operations in the second quarter 2012
exclude a pre-tax charge of $144.5
million, or $1.19 per diluted
share, for estimated legal and regulatory contingencies.
Adjusted net earnings from continuing operations also include
an add-back for purchase accounting amortization of $0.01 per diluted share in the current quarter
and $0.02 per diluted share in the
second quarter 2012.
Net cash provided by operating activities for the second quarter
of 2013 was $104.0 million, compared
to $127.8 million in the prior year
period, while adjusted free cash flow for the second quarter of
2013 was $77.7 million, compared to
$114.9 million in the prior year
period. On an adjusted basis, the decrease was primarily due
to lower earnings and reduced contributions from working capital,
primarily accounts receivable. Adjusted free cash flow is defined
as net cash provided by operating activities minus certain
non-recurring expenses and additions to property, equipment and
computer software.
The company ended the second quarter 2013 with cash of
$142.5 million and credit facility
availability of $398.1 million.
The legal and regulatory accrual was $88.6
million at the end of the second quarter 2013.
Technology, Data and Analytics (TD&A)
Revenue for
the second quarter increased 5.8% from the prior year to
$194.0 million. Revenue from
Servicing Technology increased 5.4% primarily due to higher loan
counts and revenue per loan. Origination Technology revenue
increased 14.7% primarily due to higher origination volumes and
contributions from the LendingSpace platform acquired in
July 2012. Default Technology
revenue decreased 1.8% reflecting lower foreclosure referral
volumes and Data and Analytics revenue increased 13.3% primarily
due to higher demand for loan products data and predictive
analytics. Adjusted operating income increased 6.5% to
$59.6 million in the second quarter
2013 primarily due to increased operating leverage and favorable
revenue mix.
Transaction Services
Revenue for
the second quarter decreased 16.8% from the prior year period to
$274.9 million. Origination
Services revenue increased 4.4% to $157.4
million primarily as a result of higher refinance volumes
due to historically low interest rates resulting in increased
title, escrow and flood revenue. Default Services revenue
decreased 34.6% from the prior year period to $117.4 million primarily as a result of lower
foreclosure activity reflecting a decline in seriously delinquent
mortgages as the U.S. economy and housing market strengthened,
delays in processing foreclosure volumes resulting from new
regulatory requirements, as well as strategic actions to align risk
and return resulting in the non-renewal of certain contracts.
Adjusted operating income was $51.1
million, a decrease of 33.3% from the prior year period
primarily due to lower Default Services revenue and reduced
operating leverage.
Corporate and Other
Adjusted net corporate expenses in
the second quarter 2013 were $12.3
million, flat with the prior year period.
Outlook
Based on the current environment, the company
expects third quarter 2013 revenue to be in the range of
$415 million to $435 million and
adjusted net earnings per diluted share from continuing operations
to be in the range of $0.51 to
$0.55. The expected sequential decrease in
revenue and net earnings per share is primarily a result of lower
Origination Services revenue due to higher interest rates leading
to a decline in refinance volumes.
Merger Agreement
On May 28,
2013, LPS and Fidelity National Financial, Inc. (NYSE: FNF)
executed an Agreement and Plan of Merger pursuant to which LPS
would be acquired by FNF. The agreement was approved by the Board
of Directors and is subject to customary closing conditions. Those
conditions include the expiration of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, the approval
of LPS and FNF stockholders and approvals from applicable federal
and state regulators.
Conference Call
Due to the pending acquisition by
Fidelity National Financial, Inc., LPS will not host a conference
call.
About Lender Processing Services
LPS (NYSE: LPS)
delivers comprehensive technology solutions and services, as well
as powerful data and analytics, to the nation's top mortgage
lenders, servicers and investors. As a proven and trusted partner
with deep client relationships, LPS offers the only end-to-end
suite of solutions that provides major U.S. banks and many federal
government agencies the technology and data needed to support
mortgage lending and servicing operations, meet unique regulatory
and compliance requirements and mitigate risk.
These integrated solutions support origination, servicing,
portfolio retention and default servicing. LPS' servicing solutions
include MSP, the industry's leading loan-servicing platform, which
is used to service approximately 50 percent of all U.S. mortgages
by dollar volume. The company also provides proprietary data and
analytics for the mortgage, real estate and capital markets
industries. Lender Processing Services is a Fortune 1000 company
headquartered in Jacksonville,
Fla. For more information, please
visit www.lpsvcs.com.
Use of Non-GAAP Financial Information
U.S. Generally
Accepted Accounting Principles (GAAP) is the term used to refer to
the standard framework of guidelines for financial
accounting. GAAP includes the standards, conventions, and
rules accountants follow in recording and summarizing transactions,
and in the preparation of financial statements. In addition
to reporting financial results in accordance with GAAP, LPS reports
several non-GAAP measures, including "EBITDA" (GAAP operating
income plus depreciation and amortization); "EBITDA, as adjusted"
(EBITDA adjusted for the impact of certain non-recurring
adjustments, if applicable); "adjusted operating income" (GAAP
operating income adjusted for the impact of certain non-recurring
adjustments, if applicable); "adjusted net earnings" (GAAP net
earnings adjusted for the impact of certain non-recurring
adjustments, if applicable, plus the after-tax purchase price
amortization of intangible assets added through acquisitions);
"adjusted net earnings per diluted share" or "adjusted EPS per
diluted share" (adjusted net earnings divided by diluted weighted
average shares); and "adjusted free cash flow" (net cash provided
by operating activities less additions to property, equipment and
computer software, as well as non-recurring adjustments, if
applicable). LPS provides these measures because it believes that
they are helpful to investors in comparing year-over-year
performance in light of certain non-recurring and other charges,
and to better understand our financial performance, competitive
position and future prospects. Non-GAAP measures should be
considered in conjunction with the GAAP financial presentation and
should not be considered in isolation or as a substitute for GAAP
measures. A reconciliation of these non-GAAP measures to
related GAAP measures is included in the attachments to this
release.
Forward-Looking Statements
This press release
contains forward-looking statements that involve a number of risks
and uncertainties. Those forward-looking statements include all
statements that are not historical facts, including statements
about our beliefs and expectations. Forward-looking statements are
based on management's beliefs, as well as assumptions made by and
information currently available to management. Because such
statements are based on expectations as to future economic
performance and are not statements of historical fact, actual
results may differ materially from those projected. Among the key
factors that could cause actual results to differ materially from
those projected in the forward-looking statements are the
following: the ability to consummate the proposed transaction with
Fidelity National Financial, Inc. ("FNF"); the ability to obtain
requisite regulatory and stockholder approval and the satisfaction
of other conditions to the consummation of the proposed transaction
with FNF; the ability of FNF to successfully integrate LPS'
operations and employees and realize anticipated synergies and cost
savings; the potential impact of the announcement or consummation
of the proposed transaction on relationships, including with
employees, suppliers, customers and competitors; FNF and LPS
are subject to intense competition and increased competition is
expected in the future; LPS' ability to adapt its services to
changes in technology or the marketplace; the impact of changes in
the level of real estate activity (including, among others, loan
originations, and refinancings in particular, and foreclosures) on
demand for certain of LPS' services; LPS' ability to maintain and
grow its relationship with its customers; the effects of LPS'
substantial leverage on its ability to make acquisitions and invest
in its business; the level of scrutiny being placed on participants
in the foreclosure business; risks associated with federal and
state enforcement proceedings, inquiries and examinations currently
underway or that may be commenced in the future with respect to
LPS' default management operations, and with civil litigation
relating to these matters; changes to the laws, rules and
regulations that regulate LPS' businesses as a result of the
current economic and financial environment; changes in general
economic, business and political conditions, including changes in
the financial markets; the impact of any potential defects,
development delays, installation difficulties or system failures on
LPS' business and reputation; and risks associated with protecting
information security and privacy. Additional information concerning
these and other factors can be found in LPS' filings with the
Securities and Exchange Commission ("SEC"), including its most
recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K. LPS assumes no
obligation to update the information in this communication, except
as otherwise required by law. Readers are cautioned not
to place undue reliance on these forward-looking statements that
speak only as of the date hereof and LPS undertakes no obligation
to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or
otherwise.
|
|
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|
|
|
|
|
|
|
Exhibit
A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LENDER PROCESSING
SERVICES, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
468,880
|
|
$
513,377
|
|
$
940,541
|
|
$
999,171
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
343,841
|
|
369,513
|
|
690,000
|
|
738,187
|
|
Depreciation and
amortization
|
|
26,652
|
|
23,453
|
|
52,726
|
|
47,367
|
|
Legal and regulatory
charges
|
|
47,641
|
|
144,476
|
|
51,566
|
|
144,476
|
|
Exit costs,
impairments and other charges
|
|
5,626
|
|
--
|
|
1,701
|
|
--
|
|
|
Total
expenses
|
|
423,760
|
|
537,442
|
|
795,993
|
|
930,030
|
|
|
Operating income
(loss)
|
|
45,120
|
|
(24,065)
|
|
144,548
|
|
69,141
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
565
|
|
454
|
|
1,144
|
|
902
|
|
Interest
expense
|
|
(13,083)
|
|
(16,455)
|
|
(26,597)
|
|
(32,857)
|
|
Other income,
net
|
|
282
|
|
74
|
|
291
|
|
159
|
|
|
Total other income
(expense)
|
|
(12,236)
|
|
(15,927)
|
|
(25,162)
|
|
(31,796)
|
|
|
Earnings (loss) from
continuing operations before income taxes
|
32,884
|
|
(39,992)
|
|
119,386
|
|
37,345
|
Provision (benefit)
for income taxes
|
|
12,162
|
|
(4,878)
|
|
44,168
|
|
23,968
|
|
|
Net earnings (loss)
from continuing operations
|
|
20,722
|
|
(35,114)
|
|
75,218
|
|
13,377
|
Loss from
discontinued operations, net of tax
|
|
(1,638)
|
|
(2,766)
|
|
(2,204)
|
|
(4,136)
|
Net earnings
(loss)
|
|
$
19,084
|
|
$
(37,880)
|
|
$
73,014
|
|
$
9,241
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
per share -- diluted from continuing operations
|
$
0.24
|
|
$
(0.42)
|
|
$
0.88
|
|
$
0.16
|
Net loss per
share -- diluted from discontinued operations
|
|
(0.02)
|
|
(0.03)
|
|
(0.02)
|
|
(0.05)
|
Net earnings (loss)
per share -- diluted
|
|
$
0.22
|
|
$
(0.45)
|
|
$
0.86
|
|
$
0.11
|
Weighted average
shares outstanding -- diluted
|
|
85,560
|
|
84,578
|
|
85,359
|
|
84,680
|
LENDER PROCESSING
SERVICES, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
(In
thousands)
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
142,490
|
|
$
236,241
|
|
Trade receivables,
net of allowance for doubtful accounts
|
|
248,210
|
|
274,783
|
|
Other
receivables
|
|
5,806
|
|
3,800
|
|
Income tax
receivable
|
|
17,503
|
|
--
|
|
Prepaid expenses and
other current assets
|
|
42,739
|
|
41,541
|
|
Deferred income
taxes
|
|
88,213
|
|
127,742
|
|
|
Total current
assets
|
|
544,961
|
|
684,107
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
122,398
|
|
126,633
|
Computer software,
net
|
|
262,431
|
|
245,271
|
Other intangible
assets, net
|
|
20,161
|
|
23,670
|
Goodwill
|
|
1,109,304
|
|
1,109,304
|
Other non-current
assets
|
|
279,322
|
|
256,849
|
|
|
Total
assets
|
|
$
2,338,577
|
|
$
2,445,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Current portion of
long-term debt
|
|
$
26,750
|
|
$
--
|
|
Trade accounts
payable
|
|
45,373
|
|
38,901
|
|
Accrued salaries and
benefits
|
|
77,175
|
|
107,984
|
|
Legal and regulatory
accrual
|
|
88,578
|
|
223,149
|
|
Other accrued
liabilities
|
|
140,137
|
|
169,458
|
|
Deferred
revenues
|
|
58,144
|
|
58,868
|
|
|
Total current
liabilities
|
|
436,157
|
|
598,360
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
revenues
|
|
23,325
|
|
24,987
|
Deferred income
taxes, net
|
|
194,314
|
|
174,303
|
Long-term debt, net
of current portion
|
|
1,041,375
|
|
1,068,125
|
Other non-current
liabilities
|
|
32,862
|
|
37,163
|
|
|
Total
liabilities
|
|
1,728,033
|
|
1,902,938
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Preferred stock
$0.0001 par value; 50 million shares authorized, none
issued
|
|
|
|
|
|
|
at June 30, 2013 and
December 31, 2012
|
|
--
|
|
--
|
|
Common stock $0.0001
par value; 500 million shares authorized, 97.4 million
|
|
|
|
|
|
|
shares issued at June
30, 2013 and December 31, 2012
|
|
10
|
|
10
|
|
Additional paid-in
capital
|
|
245,297
|
|
250,016
|
|
Retained
earnings
|
|
749,876
|
|
694,148
|
|
Accumulated other
comprehensive loss
|
|
(2,983)
|
|
(3,079)
|
|
Treasury stock at
cost; 12.1 million and 12.5 million shares at June 30, 2013
and
|
|
|
|
|
December 31, 2012,
respectively
|
|
(381,656)
|
|
(398,199)
|
|
|
Total stockholders'
equity
|
|
610,544
|
|
542,896
|
|
|
Total liabilities and
stockholders' equity
|
|
$
2,338,577
|
|
$
2,445,834
|
|
|
|
|
|
|
|
|
|
|
Exhibit
C
|
|
|
|
|
|
|
|
|
|
|
|
LENDER PROCESSING
SERVICES, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
June 30,
|
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
(In
thousands)
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net
earnings
|
|
$
73,014
|
|
$
9,241
|
|
Adjustments to
reconcile net earnings to net
|
|
|
|
|
|
|
cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
52,710
|
|
48,889
|
|
|
|
Amortization of debt
issuance costs
|
|
2,091
|
|
2,231
|
|
|
|
Asset impairment
charges
|
|
785
|
|
3,688
|
|
|
|
Gain on sale of
discontinued operations
|
|
--
|
|
(8,321)
|
|
|
|
Deferred income
taxes, net
|
|
59,086
|
|
(15,415)
|
|
|
|
Stock-based
compensation cost
|
|
13,653
|
|
12,348
|
|
|
|
Income tax effect of
equity compensation
|
|
(533)
|
|
1,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities, net of effects of acquisitions:
|
|
|
|
|
|
|
|
|
Trade
receivables
|
|
26,484
|
|
26,911
|
|
|
|
|
Other
receivables
|
|
(2,006)
|
|
(2,296)
|
|
|
|
|
Income tax
receivable
|
|
(17,503)
|
|
--
|
|
|
|
|
Prepaid expenses and
other assets
|
|
(10,847)
|
|
(14,053)
|
|
|
|
|
Deferred
revenues
|
|
(2,385)
|
|
7,752
|
|
|
|
|
Accounts payable,
accrued liabilities and other liabilities
|
|
(188,073)
|
|
145,877
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
6,476
|
|
217,886
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Additions to property
and equipment
|
|
(12,619)
|
|
(11,989)
|
|
Additions to
capitalized software
|
|
(42,819)
|
|
(37,988)
|
|
Purchases of
investments, net of proceeds from sales
|
|
(10,039)
|
|
(8,728)
|
|
Acquisition of title
plants and property records data
|
|
(15,482)
|
|
(22,613)
|
|
Proceeds from sales
of discontinued operations, net of cash distributed
|
--
|
|
18,706
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(80,959)
|
|
(62,612)
|
Cash flows from
financing activities:
|
|
|
|
|
|
Debt service
payments
|
|
--
|
|
(71,457)
|
|
Exercise of stock
options and restricted stock vesting
|
|
(1,829)
|
|
(2,734)
|
|
Income tax effect of
equity compensation
|
|
533
|
|
(1,034)
|
|
Dividends
paid
|
|
(17,020)
|
|
(16,913)
|
|
Payment of contingent
consideration related to acquisitions
|
|
(952)
|
|
(2,000)
|
|
|
|
|
|
Net cash used in
financing activities
|
|
(19,268)
|
|
(94,138)
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
(93,751)
|
|
61,136
|
Cash and cash
equivalents, beginning of period
|
|
236,241
|
|
77,355
|
Cash and cash
equivalents, end of period
|
|
$
142,490
|
|
$
138,491
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
Cash paid for
interest
|
|
$
26,087
|
|
$
29,378
|
|
Cash paid for
taxes
|
|
$
6,483
|
|
$
21,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
D
|
LENDER PROCESSING
SERVICES, INC. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
FINANCIAL INFORMATION -- UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE
|
|
QUARTER
|
|
YEAR
ENDED
|
|
|
|
|
|
Q2-2013
|
|
Q2-2012
|
|
Q2-2013
|
|
Q1-2013
|
|
Q4-2012
|
|
Q3-2012
|
|
Q2-2012
|
|
Q1-2012
|
|
12/31/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
|
Revenues --
Continuing Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology, Data and
Analytics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology
|
$
354,690
|
|
$
329,805
|
|
$
177,265
|
|
$
177,425
|
|
$
174,110
|
|
$
173,985
|
|
$
168,515
|
|
$
161,290
|
|
$
677,900
|
|
|
|
|
Servicing
Technology
|
232,931
|
|
219,635
|
|
117,264
|
|
115,667
|
|
114,818
|
|
111,572
|
|
111,284
|
|
108,351
|
|
446,025
|
|
|
|
|
Default
Technology
|
70,048
|
|
65,627
|
|
33,425
|
|
36,623
|
|
34,762
|
|
36,163
|
|
34,051
|
|
31,576
|
|
136,552
|
|
|
|
|
Origination
Technology
|
51,711
|
|
44,543
|
|
26,576
|
|
25,135
|
|
24,530
|
|
26,250
|
|
23,180
|
|
21,363
|
|
95,323
|
|
|
|
Data and
Analytics
|
32,940
|
|
28,794
|
|
16,735
|
|
16,205
|
|
15,202
|
|
15,009
|
|
14,767
|
|
14,027
|
|
59,005
|
|
|
|
|
Total
|
387,630
|
|
358,599
|
|
194,000
|
|
193,630
|
|
189,312
|
|
188,994
|
|
183,282
|
|
175,317
|
|
736,905
|
|
|
Transaction
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination
Services
|
321,858
|
|
297,491
|
|
157,433
|
|
164,425
|
|
173,934
|
|
154,057
|
|
150,741
|
|
146,750
|
|
625,482
|
|
|
|
Default
Services
|
230,988
|
|
345,079
|
|
117,427
|
|
113,561
|
|
137,783
|
|
154,394
|
|
179,618
|
|
165,461
|
|
637,256
|
|
|
|
|
Total
|
552,846
|
|
642,570
|
|
274,860
|
|
277,986
|
|
311,717
|
|
308,451
|
|
330,359
|
|
312,211
|
|
1,262,738
|
|
|
Corporate
|
65
|
|
(1,998)
|
|
20
|
|
45
|
|
--
|
|
6
|
|
(264)
|
|
(1,734)
|
|
(1,992)
|
|
|
|
Total
Revenue
|
$
940,541
|
|
$
999,171
|
|
$
468,880
|
|
$
471,661
|
|
$
501,029
|
|
$
497,451
|
|
$
513,377
|
|
$
485,794
|
|
$
1,997,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Growth
from Prior Year Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology, Data and
Analytics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology
|
7.5%
|
|
8.5%
|
|
5.2%
|
|
10.0%
|
|
8.0%
|
|
11.2%
|
|
10.4%
|
|
6.6%
|
|
9.1%
|
|
|
|
|
Servicing
Technology
|
6.1%
|
|
6.1%
|
|
5.4%
|
|
6.8%
|
|
7.2%
|
|
4.0%
|
|
7.3%
|
|
4.9%
|
|
5.9%
|
|
|
|
|
Default
Technology
|
6.7%
|
|
12.5%
|
|
-1.8%
|
|
16.0%
|
|
3.0%
|
|
28.3%
|
|
16.6%
|
|
8.3%
|
|
13.5%
|
|
|
|
|
Origination
Technology
|
16.1%
|
|
15.4%
|
|
14.7%
|
|
17.7%
|
|
20.3%
|
|
25.3%
|
|
17.1%
|
|
13.7%
|
|
19.2%
|
|
|
|
Data and
Analytics
|
14.4%
|
|
-3.4%
|
|
13.3%
|
|
15.5%
|
|
6.3%
|
|
7.8%
|
|
-2.6%
|
|
-4.2%
|
|
1.7%
|
|
|
|
|
Total
|
8.1%
|
|
7.5%
|
|
5.8%
|
|
10.4%
|
|
7.8%
|
|
11.0%
|
|
9.2%
|
|
5.7%
|
|
8.4%
|
|
|
Transaction
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination
Services
|
8.2%
|
|
26.7%
|
|
4.4%
|
|
12.0%
|
|
14.8%
|
|
15.7%
|
|
42.4%
|
|
13.8%
|
|
20.4%
|
|
|
|
Default
Services
|
-33.1%
|
|
-16.1%
|
|
-34.6%
|
|
-31.4%
|
|
-26.0%
|
|
-19.9%
|
|
-9.4%
|
|
-22.4%
|
|
-19.4%
|
|
|
|
|
Total
|
-14.0%
|
|
-0.6%
|
|
-16.8%
|
|
-11.0%
|
|
-7.7%
|
|
-5.3%
|
|
8.6%
|
|
-8.8%
|
|
-3.6%
|
|
|
Corporate
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
|
|
Total
Revenue
|
-5.9%
|
|
2.3%
|
|
-8.7%
|
|
-2.9%
|
|
-2.1%
|
|
0.6%
|
|
9.1%
|
|
-4.1%
|
|
0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Growth
from Sequential Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology, Data and
Analytics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology
|
7.5%
|
|
8.5%
|
|
-0.1%
|
|
1.9%
|
|
0.1%
|
|
3.2%
|
|
4.5%
|
|
0.0%
|
|
9.1%
|
|
|
|
|
Servicing
Technology
|
6.1%
|
|
6.1%
|
|
1.4%
|
|
0.7%
|
|
2.9%
|
|
0.3%
|
|
2.7%
|
|
1.2%
|
|
5.9%
|
|
|
|
|
Default
Technology
|
6.7%
|
|
12.5%
|
|
-8.7%
|
|
5.4%
|
|
-3.9%
|
|
6.2%
|
|
7.8%
|
|
-6.4%
|
|
13.5%
|
|
|
|
|
Origination
Technology
|
16.1%
|
|
15.4%
|
|
5.7%
|
|
2.5%
|
|
-6.6%
|
|
13.2%
|
|
8.5%
|
|
4.7%
|
|
19.2%
|
|
|
|
Data and
Analytics
|
14.4%
|
|
-3.4%
|
|
3.3%
|
|
6.6%
|
|
1.3%
|
|
1.6%
|
|
5.3%
|
|
-1.9%
|
|
1.7%
|
|
|
|
|
Total
|
8.1%
|
|
7.5%
|
|
0.2%
|
|
2.3%
|
|
0.2%
|
|
3.1%
|
|
4.5%
|
|
-0.1%
|
|
8.4%
|
|
|
Transaction
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination
Services
|
8.2%
|
|
26.7%
|
|
-4.3%
|
|
-5.5%
|
|
12.9%
|
|
2.2%
|
|
2.7%
|
|
-3.2%
|
|
20.4%
|
|
|
|
Default
Services
|
-33.1%
|
|
-16.1%
|
|
3.4%
|
|
-17.6%
|
|
-10.8%
|
|
-14.0%
|
|
8.6%
|
|
-11.2%
|
|
-19.4%
|
|
|
|
|
Total
|
-14.0%
|
|
-0.6%
|
|
-1.1%
|
|
-10.8%
|
|
1.1%
|
|
-6.6%
|
|
5.8%
|
|
-7.6%
|
|
-3.6%
|
|
|
Corporate
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
n/m
|
|
|
|
Total
Revenue
|
-5.9%
|
|
2.3%
|
|
-0.6%
|
|
-5.9%
|
|
0.7%
|
|
-3.1%
|
|
5.7%
|
|
-5.1%
|
|
0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
E
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LENDER PROCESSING
SERVICES, INC. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
INFORMATION -- UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE
|
|
QUARTER
|
|
YEAR
ENDED
|
|
|
|
|
|
|
|
|
Q2-2013
|
|
Q2-2012
|
|
Q2-2013
|
|
Q1-2013
|
|
Q4-2012
|
|
Q3-2012
|
|
Q2-2012
|
|
Q1-2012
|
|
12/31/2012
|
1.
|
|
Operating
Results -- Continuing Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
940,541
|
|
$
999,171
|
|
$
468,880
|
|
$
471,661
|
|
$
501,029
|
|
$
497,451
|
|
$
513,377
|
|
$
485,794
|
|
$
1,997,651
|
|
|
|
Operating Income
(Loss), as reported
|
144,548
|
|
69,141
|
|
45,120
|
|
99,428
|
|
51,935
|
|
111,859
|
|
(24,065)
|
|
93,206
|
|
232,935
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal, Regulatory and
Other Charges (1)
|
53,267
|
|
144,476
|
|
53,267
|
|
--
|
|
58,401
|
|
--
|
|
144,476
|
|
--
|
|
202,877
|
|
|
|
Operating Income, as
adjusted
|
197,815
|
|
213,617
|
|
98,387
|
|
99,428
|
|
110,336
|
|
111,859
|
|
120,411
|
|
93,206
|
|
435,812
|
|
|
|
Depreciation and
Amortization
|
52,726
|
|
47,367
|
|
26,652
|
|
26,074
|
|
25,136
|
|
24,241
|
|
23,453
|
|
23,914
|
|
96,744
|
|
|
|
EBITDA, as
adjusted
|
$
250,541
|
|
$
260,984
|
|
$
125,039
|
|
$
125,502
|
|
$
135,472
|
|
$
136,100
|
|
$
143,864
|
|
$
117,120
|
|
$
532,556
|
|
|
|
|
|
Operating Margin,
as adjusted
|
21.0%
|
|
21.4%
|
|
21.0%
|
|
21.1%
|
|
22.0%
|
|
22.5%
|
|
23.5%
|
|
19.2%
|
|
21.8%
|
|
|
|
|
|
EBITDA Margin, as
adjusted
|
26.6%
|
|
26.1%
|
|
26.7%
|
|
26.6%
|
|
27.0%
|
|
27.4%
|
|
28.0%
|
|
24.1%
|
|
26.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology, Data
and Analytics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
387,630
|
|
$
358,599
|
|
$
194,000
|
|
$
193,630
|
|
$
189,312
|
|
$
188,994
|
|
$
183,282
|
|
$
175,317
|
|
$
736,905
|
|
|
|
Operating Income, as
reported
|
119,710
|
|
108,078
|
|
59,506
|
|
60,204
|
|
51,971
|
|
58,318
|
|
56,003
|
|
52,075
|
|
218,367
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal, Regulatory and
Other Charges (1)
|
115
|
|
--
|
|
115
|
|
--
|
|
2,827
|
|
--
|
|
--
|
|
--
|
|
2,827
|
|
|
|
Operating Income, as
adjusted
|
119,825
|
|
108,078
|
|
59,621
|
|
60,204
|
|
54,798
|
|
58,318
|
|
56,003
|
|
52,075
|
|
221,194
|
|
|
|
Depreciation and
Amortization
|
41,212
|
|
36,543
|
|
20,880
|
|
20,332
|
|
19,730
|
|
18,726
|
|
17,997
|
|
18,546
|
|
74,999
|
|
|
|
EBITDA, as
adjusted
|
$
161,037
|
|
$
144,621
|
|
$
80,501
|
|
$
80,536
|
|
$
74,528
|
|
$
77,044
|
|
$
74,000
|
|
$
70,621
|
|
$
296,193
|
|
|
|
|
|
Operating Margin,
as adjusted
|
30.9%
|
|
30.1%
|
|
30.7%
|
|
31.1%
|
|
28.9%
|
|
30.9%
|
|
30.6%
|
|
29.7%
|
|
30.0%
|
|
|
|
|
|
EBITDA Margin, as
adjusted
|
41.5%
|
|
40.3%
|
|
41.5%
|
|
41.6%
|
|
39.4%
|
|
40.8%
|
|
40.4%
|
|
40.3%
|
|
40.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
552,846
|
|
$
642,570
|
|
$
274,860
|
|
$
277,986
|
|
$
311,717
|
|
$
308,451
|
|
$
330,359
|
|
$
312,211
|
|
$
1,262,738
|
|
|
|
Operating Income, as
reported
|
101,033
|
|
128,853
|
|
50,516
|
|
50,517
|
|
65,892
|
|
65,651
|
|
76,603
|
|
52,250
|
|
260,396
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal, Regulatory and
Other Charges (1)
|
575
|
|
--
|
|
575
|
|
--
|
|
1,531
|
|
--
|
|
--
|
|
--
|
|
1,531
|
|
|
|
Operating Income, as
adjusted
|
101,608
|
|
128,853
|
|
51,091
|
|
50,517
|
|
67,423
|
|
65,651
|
|
76,603
|
|
52,250
|
|
261,927
|
|
|
|
Depreciation and
Amortization
|
9,702
|
|
8,808
|
|
4,842
|
|
4,860
|
|
4,498
|
|
4,531
|
|
4,408
|
|
4,400
|
|
17,837
|
|
|
|
EBITDA, as
adjusted
|
$
111,310
|
|
$
137,661
|
|
$
55,933
|
|
$
55,377
|
|
$
71,921
|
|
$
70,182
|
|
$
81,011
|
|
$
56,650
|
|
$
279,764
|
|
|
|
|
|
Operating Margin,
as adjusted
|
18.4%
|
|
20.1%
|
|
18.6%
|
|
18.2%
|
|
21.6%
|
|
21.3%
|
|
23.2%
|
|
16.7%
|
|
20.7%
|
|
|
|
|
|
EBITDA Margin, as
adjusted
|
20.1%
|
|
21.4%
|
|
20.3%
|
|
19.9%
|
|
23.1%
|
|
22.8%
|
|
24.5%
|
|
18.1%
|
|
22.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
65
|
|
$
(1,998)
|
|
$
20
|
|
$
45
|
|
$
--
|
|
$
6
|
|
$
(264)
|
|
$
(1,734)
|
|
$
(1,992)
|
|
|
|
Operating Loss, as
reported
|
(76,195)
|
|
(167,790)
|
|
(64,902)
|
|
(11,293)
|
|
(65,928)
|
|
(12,110)
|
|
(156,671)
|
|
(11,119)
|
|
(245,828)
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal, Regulatory and
Other Charges (1)
|
52,577
|
|
144,476
|
|
52,577
|
|
--
|
|
54,043
|
|
--
|
|
144,476
|
|
--
|
|
198,519
|
|
|
|
Operating Loss, as
adjusted
|
(23,618)
|
|
(23,314)
|
|
(12,325)
|
|
(11,293)
|
|
(11,885)
|
|
(12,110)
|
|
(12,195)
|
|
(11,119)
|
|
(47,309)
|
|
|
|
Depreciation and
Amortization
|
1,812
|
|
2,016
|
|
930
|
|
882
|
|
908
|
|
984
|
|
1,048
|
|
968
|
|
3,908
|
|
|
|
EBITDA, as
adjusted
|
$
(21,806)
|
|
$
(21,298)
|
|
$
(11,395)
|
|
$
(10,411)
|
|
$
(10,977)
|
|
$
(11,126)
|
|
$
(11,147)
|
|
$
(10,151)
|
|
$
(43,401)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit E -
Continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LENDER PROCESSING
SERVICES, INC. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL
INFORMATION -- UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE
|
|
QUARTER
|
|
YEAR
ENDED
|
|
|
|
|
|
|
|
|
Q2-2013
|
|
Q2-2012
|
|
Q2-2013
|
|
Q1-2013
|
|
Q4-2012
|
|
Q3-2012
|
|
Q2-2012
|
|
Q1-2012
|
|
12/31/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.
|
|
Net
Earnings -- Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
(Loss)
|
$
73,014
|
|
$
9,241
|
|
$
19,084
|
|
$
53,930
|
|
$
2,814
|
|
$
58,304
|
|
$
(37,880)
|
|
$
47,121
|
|
$
70,359
|
|
|
|
Adjustments -- Continuing
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal, Regulatory and
Other Charges, net (1)
|
33,559
|
|
100,624
|
|
33,559
|
|
--
|
|
34,676
|
|
--
|
|
100,624
|
|
--
|
|
135,300
|
|
|
|
|
|
Total Adjustments to
Continuing Operations
|
33,559
|
|
100,624
|
|
33,559
|
|
--
|
|
34,676
|
|
--
|
|
100,624
|
|
--
|
|
135,300
|
|
|
|
Adjustments -- Discontinued
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment,
Restructuring and Disposal Charges, net
|
1,079
|
|
--
|
|
1,079
|
|
--
|
|
2,494
|
|
--
|
|
--
|
|
--
|
|
2,494
|
|
|
|
|
|
Total Adjustments to
Discontinued Operations
|
1,079
|
|
--
|
|
1,079
|
|
--
|
|
2,494
|
|
--
|
|
--
|
|
--
|
|
2,494
|
|
|
|
Adjustments -- Non-operating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Refinancing
Charges, net (2)
|
--
|
|
--
|
|
--
|
|
--
|
|
15,445
|
|
--
|
|
--
|
|
--
|
|
15,445
|
|
|
|
|
Income Tax
Adjustments (3)
|
--
|
|
--
|
|
--
|
|
--
|
|
5,621
|
|
--
|
|
--
|
|
--
|
|
5,621
|
|
|
|
|
|
Total Non-operating
Adjustments
|
--
|
|
--
|
|
--
|
|
--
|
|
21,066
|
|
--
|
|
--
|
|
--
|
|
21,066
|
|
|
|
Net Earnings, as
adjusted
|
107,652
|
|
109,865
|
|
53,722
|
|
53,930
|
|
61,050
|
|
58,304
|
|
62,744
|
|
47,121
|
|
229,219
|
|
|
|
Purchase
Accounting Amortization, net (4)
|
2,479
|
|
4,154
|
|
912
|
|
1,567
|
|
1,712
|
|
1,712
|
|
1,733
|
|
2,421
|
|
7,578
|
|
|
|
Adjusted Net
Earnings
|
$
110,131
|
|
$
114,019
|
|
$
54,634
|
|
$
55,497
|
|
$
62,762
|
|
$
60,016
|
|
$
64,477
|
|
$
49,542
|
|
$
236,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EPS -- Continuing Operations
|
$
1.31
|
|
$
1.39
|
|
$
0.65
|
|
$
0.66
|
|
$
0.74
|
|
$
0.72
|
|
$
0.79
|
|
$
0.60
|
|
$
2.85
|
|
|
|
Adjusted EPS --
Discontined Operations
|
(0.02)
|
|
(0.04)
|
|
(0.01)
|
|
(0.01)
|
|
--
|
|
(0.01)
|
|
(0.03)
|
|
(0.01)
|
|
(0.05)
|
|
|
|
Adjusted
EPS -- Consolidated
|
$
1.29
|
|
$
1.35
|
|
$
0.64
|
|
$
0.65
|
|
$
0.74
|
|
$
0.71
|
|
$
0.76
|
|
$
0.59
|
|
$
2.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted
Average Shares
|
85,359
|
|
84,680
|
|
85,560
|
|
85,144
|
|
85,106
|
|
84,948
|
|
84,578
|
|
84,567
|
|
84,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.
|
|
Cash Flow --
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
(Loss)
|
$
73,014
|
|
$
9,241
|
|
$
19,084
|
|
$
53,930
|
|
$
2,814
|
|
$
58,304
|
|
$
(37,880)
|
|
$
47,121
|
|
$
70,359
|
|
|
|
|
Adjustments to
reconcile net earnings to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
adjustments
|
127,792
|
|
44,454
|
|
37,379
|
|
90,413
|
|
24,978
|
|
49,196
|
|
7,022
|
|
37,432
|
|
118,628
|
|
|
|
|
|
|
Working capital
adjustments
|
(194,330)
|
|
164,191
|
|
47,554
|
|
(241,884)
|
|
103,100
|
|
(21,816)
|
|
158,693
|
|
5,498
|
|
245,475
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities
|
6,476
|
|
217,886
|
|
104,017
|
|
(97,541)
|
|
130,892
|
|
85,684
|
|
127,835
|
|
90,051
|
|
434,462
|
|
|
|
|
Capital expenditures
included in investing activities
|
(55,438)
|
|
(49,977)
|
|
(27,298)
|
|
(28,140)
|
|
(41,131)
|
|
(22,220)
|
|
(26,258)
|
|
(23,719)
|
|
(113,328)
|
|
|
|
|
Free Cash
Flow
|
(48,962)
|
|
167,909
|
|
76,719
|
|
(125,681)
|
|
89,761
|
|
63,464
|
|
101,577
|
|
66,332
|
|
321,134
|
|
|
|
|
Payment of Legal,
Regulatory and Other Charges, net (5)
|
176,132
|
|
15,688
|
|
947
|
|
175,185
|
|
2,491
|
|
5,746
|
|
13,335
|
|
2,353
|
|
23,925
|
|
|
|
Adjusted Free Cash
Flow
|
$
127,170
|
|
$
183,597
|
|
$
77,666
|
|
$
49,504
|
|
$
92,252
|
|
$
69,210
|
|
$
114,912
|
|
$
68,685
|
|
$
345,059
|
|
|
|
Adjusted Free Cash
Flow Per Diluted Share
|
$
1.49
|
|
$
2.17
|
|
$
0.91
|
|
$
0.58
|
|
$
1.08
|
|
$
0.82
|
|
$
1.36
|
|
$
0.81
|
|
$
4.07
|
|
|
|
Diluted Weighted
Average Shares
|
85,359
|
|
84,680
|
|
85,560
|
|
85,144
|
|
85,106
|
|
84,948
|
|
84,578
|
|
84,567
|
|
84,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(1)
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Reflects the impact
of charges taken for various legal and regulatory matters, costs
associated with the pending merger with Fidelity National
Financial, Inc., and asset and facility lease impairment
charges.
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(2)
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Charge related to the
refinancing of our bonds and senior credit facilities during
2012.
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(3)
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Reflects the impact
of favorable tax true-ups from fiscal 2011 recognized in 2012
offset by non-cash adjustments related to equity forfeitures from
severance and restructuring initiatives.
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(4)
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Purchase accounting
amortization, net represents the periodic amortization of
intangible assets acquired through business acquisitions primarily
relating to customer lists, trademarks and non-compete
agreements.
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(5)
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Reflects the impact
of payments, less applicable taxes, for adjustments included in
item 2. "Net Earnings - Reconciliation" of the GAAP to non-GAAP
reconciliation.
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SOURCE Lender Processing Services, Inc.