JACKSONVILLE, Fla.,
Oct. 22, 2013 /PRNewswire/
-- Lender Processing Services, Inc. (NYSE: LPS), a leading
provider of integrated technology, data and services to the
mortgage and real estate industries, today announced third quarter
2013 GAAP net earnings of $35.5
million, or $0.41 per diluted
share, compared to $58.3 million, or
$0.69 per diluted share, in the prior
year quarter.
(Logo:
http://photos.prnewswire.com/prnh/20120802/FL50731LOGO)
Third Quarter Highlights
- GAAP EPS of $0.41 reflects a
charge totaling $0.09 per diluted
share for severance costs, merger related costs, and legal and
regulatory contingencies
- Adjusted EPS of $0.51, excluding
charge and reflecting add-back for purchase accounting
amortization
- Adjusted EBITDA margin of 24%
- Adjusted free cash flow of $56
million, or $0.65 per diluted
share
"LPS continues to successfully execute our technology-driven
strategy recently signing a five year commitment with a major
mortgage servicer to convert a minimum of 500,000 loans to the MSP
servicing system. In addition, we are beginning to benefit
from investments in our origination technology platforms as we
recently signed a top ten mortgage lender," said Hugh Harris, president and chief executive
officer of LPS. "Our unique combination of scale, expertise
and innovation continues to define LPS as a leader in
technology-driven solutions for the evolving mortgage
industry."
"We also continue to adjust to changing market dynamics
including lower mortgage refinance volumes, declining foreclosure
activity, and the cost of implementing new mortgage industry
regulations," added Harris.
Chief Financial Officer Tom
Schilling commented, "LPS delivered solid third quarter
adjusted earnings of $44 million or
$0.51 per share and strong adjusted
free cash flow of $56 million, while
continuing to invest in our core technology and data
platforms. We are rigorously managing expenses to mitigate
the impact of the sharp decline in Origination and Default Services
transaction volumes as we have in prior market cycles."
Third quarter 2013 revenue was $419.0
million, a decrease of 15.8% from $497.5 million in the prior year quarter
primarily due to lower contributions from Origination and Default
Services. Third quarter 2013 GAAP operating income was
$63.4 million, a decrease of 43.3%
from $111.9 million in the prior year
quarter. Adjusted operating income was $76.2 million, a decrease of 31.9% from the prior
year quarter, primarily due to a decline in contributions from
Origination and Default Services. During the third
quarter, the Company lowered its effective tax rate to reflect the
realization of various tax planning initiatives. Third
quarter 2013 adjusted net earnings were $44.0 million, or $0.51 per diluted share, compared to $60.0 million, or $0.71 per diluted share in the prior year
quarter.
Adjusted results from continuing operations in the third quarter
2013 exclude a pre-tax charge of $12.8
million, or $0.09 per diluted
share after-tax, including $0.06 per
share for severance costs, $0.02 for
estimated legal and regulatory contingencies, and $0.01 for costs related to the pending merger
with Fidelity National Financial, Inc.
Net cash provided by operating activities for the third quarter
of 2013 was $101.1 million, while
adjusted free cash flow was $56.0
million, a decrease from $69.2
million in the prior year period primarily due to lower
earnings. 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 third quarter 2013 with cash of
$203.2 million and credit facility
availability of $398.1 million.
The legal and regulatory accrual was $86.6
million at the end of the third quarter 2013.
Technology, Data and Analytics (TD&A)
Revenue for the third quarter 2013 was $183.4 million, a decrease of 3.0% from
$189.0 million in the prior year
quarter. Revenue from Servicing Technology increased 1.8%
from the prior year quarter due to higher loan counts and
professional services and decreased 3.1% sequentially primarily due
to lower transactional usage volume on the platform.
Origination Technology revenue decreased 8.3% from the prior
year quarter due to lower refinance transaction volume on the Loan
Quality Gateway platform. Default Technology revenue
decreased 14.5% from the prior year quarter due to lower
foreclosure referral volumes. Data and Analytics revenue
decreased 1.4% primarily due to lower transactional volumes.
Adjusted operating income was $49.4
million, a 15.2% decrease from $58.3
million in the prior year quarter primarily due to lower
revenue and increased operating expenses driven by continued
investment in technology and data platforms.
Transaction Services
Revenue for the third quarter 2013 was $235.5 million, a decrease of 23.6% from
$308.5 million in the prior year
period. Origination Services revenue was $120.9 million, a decrease of 21.5% from the
prior year period due to a decline in mortgage refinance volumes
resulting in lower title, escrow and appraisal revenue.
Default Services revenue was $114.6
million, a decrease of 25.8% from the prior year period due
to lower foreclosure activity, which reflects the decline in
seriously delinquent mortgages as the U.S. economy and housing
market strengthened, as well as from strategic actions to align
risk and return resulting in the non-renewal of certain
contracts. Adjusted operating income was $37.1 million, a decrease of 43.6% from
$65.7 million in the prior year
period due to lower revenue.
Corporate and Other
Adjusted net corporate expenses in the third quarter 2013 were
$10.3 million, a decrease of 14.9%
from $12.1 million in the prior year
period.
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 and reporting. 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.
|
|
|
|
|
|
|
|
|
|
Exhibit
A
|
LENDER PROCESSING
SERVICES, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Earnings
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
418,981
|
|
$
497,451
|
|
$
1,359,522
|
|
$
1,496,622
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
316,923
|
|
361,351
|
|
1,006,923
|
|
1,099,538
|
|
Depreciation and
amortization
|
|
25,870
|
|
24,241
|
|
78,596
|
|
71,608
|
|
Legal and regulatory
charges
|
|
2,445
|
|
-
|
|
54,011
|
|
144,476
|
|
Exit costs,
impairments and other charges
|
|
10,334
|
|
-
|
|
12,035
|
|
-
|
|
|
Total
expenses
|
|
355,572
|
|
385,592
|
|
1,151,565
|
|
1,315,622
|
|
|
Operating
income
|
|
63,409
|
|
111,859
|
|
207,957
|
|
181,000
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
554
|
|
463
|
|
1,698
|
|
1,365
|
|
Interest
expense
|
|
(13,014)
|
|
(16,112)
|
|
(39,611)
|
|
(48,969)
|
|
Other income
(expense), net
|
|
(79)
|
|
14
|
|
212
|
|
173
|
|
|
Total other income
(expense)
|
|
(12,539)
|
|
(15,635)
|
|
(37,701)
|
|
(47,431)
|
|
|
Earnings from
continuing operations before income taxes
|
|
50,870
|
|
96,224
|
|
170,256
|
|
133,569
|
Provision for income
taxes
|
|
15,421
|
|
35,892
|
|
59,589
|
|
59,860
|
|
|
Net earnings from
continuing operations
|
|
35,449
|
|
60,332
|
|
110,667
|
|
73,709
|
Earnings (loss) from
discontinued operations, net of tax
|
|
31
|
|
(2,028)
|
|
(2,173)
|
|
(6,164)
|
Net
earnings
|
|
$
35,480
|
|
$
58,304
|
|
$
108,494
|
|
$
67,545
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
share - diluted from continuing operations
|
|
$
0.41
|
|
$
0.71
|
|
$
1.29
|
|
$
0.87
|
Net loss per share -
diluted from discontinued operations
|
|
-
|
|
(0.02)
|
|
(0.02)
|
|
(0.07)
|
Net earnings per
share - diluted
|
|
$
0.41
|
|
$
0.69
|
|
$
1.27
|
|
$
0.80
|
Weighted average
shares outstanding - diluted
|
|
85,984
|
|
84,948
|
|
85,569
|
|
84,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LENDER PROCESSING
SERVICES, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
(In
thousands)
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
203,207
|
|
$
236,241
|
|
Trade receivables,
net of allowance for doubtful accounts
|
|
233,322
|
|
274,783
|
|
Other
receivables
|
|
6,344
|
|
3,800
|
|
Prepaid expenses and
other current assets
|
|
37,216
|
|
41,541
|
|
Deferred income
taxes
|
|
88,090
|
|
127,742
|
|
|
Total current
assets
|
|
568,179
|
|
684,107
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
121,542
|
|
126,633
|
Computer software,
net
|
|
272,714
|
|
245,271
|
Other intangible
assets, net
|
|
18,978
|
|
23,670
|
Goodwill
|
|
|
|
|
|
1,109,304
|
|
1,109,304
|
Other non-current
assets
|
|
281,808
|
|
256,849
|
|
|
Total
assets
|
|
|
$
2,372,525
|
|
$
2,445,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
$
40,125
|
|
$
-
|
|
Trade accounts
payable
|
|
39,658
|
|
38,901
|
|
Accrued salaries and
benefits
|
|
72,848
|
|
107,984
|
|
Legal and regulatory
accrual
|
|
86,563
|
|
223,149
|
|
Other accrued
liabilities
|
|
152,766
|
|
169,458
|
|
Deferred
revenues
|
|
58,270
|
|
58,868
|
|
|
Total current
liabilities
|
|
450,230
|
|
598,360
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
revenues
|
|
|
27,382
|
|
24,987
|
Deferred income
taxes, net
|
|
189,825
|
|
174,303
|
Long-term debt, net
of current portion
|
|
1,028,000
|
|
1,068,125
|
Other non-current
liabilities
|
|
32,909
|
|
37,163
|
|
|
Total
liabilities
|
|
1,728,346
|
|
1,902,938
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Preferred stock
$0.0001 par value; 50 million shares authorized, none
issued
|
|
|
|
|
|
|
at September 30, 2013
and December 31, 2012
|
|
-
|
|
-
|
|
Common stock $0.0001
par value; 500 million shares authorized, 97.4 million
|
|
|
|
|
|
|
shares issued at
September 30, 2013 and December 31, 2012
|
|
10
|
|
10
|
|
Additional paid-in
capital
|
|
249,145
|
|
250,016
|
|
Retained
earnings
|
|
776,654
|
|
694,148
|
|
Accumulated other
comprehensive loss
|
|
(3,106)
|
|
(3,079)
|
|
Treasury stock at
cost; 12.1 million and 12.5 million shares at September 30, 2013
and
|
|
|
|
|
December 31, 2012,
respectively
|
|
(378,524)
|
|
(398,199)
|
|
|
Total stockholders'
equity
|
|
644,179
|
|
542,896
|
|
|
Total liabilities and
stockholders' equity
|
|
$
2,372,525
|
|
$
2,445,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
C
|
|
|
|
|
|
|
|
|
|
|
|
LENDER PROCESSING
SERVICES, INC. AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30,
|
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
(In
thousands)
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net
earnings
|
|
|
$
108,494
|
|
$
67,545
|
|
Adjustments to
reconcile net earnings to net
|
|
|
|
|
|
|
cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
78,580
|
|
73,407
|
|
|
|
Amortization of debt
issuance costs
|
|
3,141
|
|
3,317
|
|
|
|
Asset impairment
charges
|
|
785
|
|
3,812
|
|
|
|
Gain on sale of
discontinued operations
|
|
-
|
|
(6,688)
|
|
|
|
Deferred income
taxes, net
|
|
54,630
|
|
776
|
|
|
|
Stock-based
compensation cost
|
|
20,777
|
|
19,520
|
|
|
|
Income tax effect of
equity compensation
|
|
(917)
|
|
(494)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities, net of effects of acquisitions:
|
|
|
|
|
|
|
|
|
Trade
receivables
|
|
41,304
|
|
27,543
|
|
|
|
|
Other
receivables
|
|
(2,544)
|
|
(1,748)
|
|
|
|
|
Prepaid expenses and
other assets
|
|
(11,162)
|
|
(18,512)
|
|
|
|
|
Deferred
revenues
|
|
1,798
|
|
10,605
|
|
|
|
|
Accounts payable,
accrued liabilities and other liabilities
|
|
(187,281)
|
|
124,487
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
107,605
|
|
303,570
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Additions to property
and equipment
|
|
(20,208)
|
|
(16,109)
|
|
Additions to
capitalized software
|
|
(65,909)
|
|
(56,088)
|
|
Purchases of
investments, net of proceeds from sales
|
|
(8,094)
|
|
(17,604)
|
|
Acquisition of title
plants and property records data
|
|
(18,484)
|
|
(33,600)
|
|
Acquisitions, net of
cash acquired
|
|
-
|
|
(12,250)
|
|
Proceeds from sales
of discontinued operations, net of cash distributed
|
-
|
|
16,206
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(112,695)
|
|
(119,445)
|
Cash flows from
financing activities:
|
|
|
|
|
|
Debt service
payments
|
|
-
|
|
(72,082)
|
|
Exercise of stock
options and restricted stock vesting
|
|
(2,186)
|
|
(1,792)
|
|
Income tax effect of
equity compensation
|
|
917
|
|
494
|
|
Dividends
paid
|
|
(25,723)
|
|
(25,384)
|
|
Payment of contingent
consideration related to acquisitions
|
|
(952)
|
|
(2,000)
|
|
|
|
|
|
Net cash used in
financing activities
|
|
(27,944)
|
|
(100,764)
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
|
(33,034)
|
|
83,361
|
Cash and cash
equivalents, beginning of period
|
|
236,241
|
|
77,355
|
Cash and cash
equivalents, end of period
|
|
$
203,207
|
|
$
160,716
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
Cash paid for
interest
|
|
$
30,398
|
|
$
54,774
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for
taxes
|
|
$
6,956
|
|
$
46,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
D
|
LENDER PROCESSING
SERVICES, INC. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
FINANCIAL INFORMATION - UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE
|
|
QUARTER
|
|
YEAR
ENDED
|
|
|
|
|
|
Q3-2013
|
|
Q3-2012
|
|
Q3-2013
|
|
Q2-2013
|
|
Q1-2013
|
|
Q4-2012
|
|
Q3-2012
|
|
Q2-2012
|
|
Q1-2012
|
|
12/31/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
|
Revenues -
Continuing Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology, Data and
Analytics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology
|
$
523,286
|
|
$
503,790
|
|
$
168,596
|
|
$
177,265
|
|
$
177,425
|
|
$
174,110
|
|
$
173,985
|
|
$
168,515
|
|
$161,290
|
|
$
677,900
|
|
|
|
|
Servicing
Technology
|
346,552
|
|
331,207
|
|
113,621
|
|
117,264
|
|
115,667
|
|
114,818
|
|
111,572
|
|
111,284
|
|
108,351
|
|
446,025
|
|
|
|
|
Default
Technology
|
100,959
|
|
101,790
|
|
30,911
|
|
33,425
|
|
36,623
|
|
34,762
|
|
36,163
|
|
34,051
|
|
31,576
|
|
136,552
|
|
|
|
|
Origination
Technology
|
75,775
|
|
70,793
|
|
24,064
|
|
26,576
|
|
25,135
|
|
24,530
|
|
26,250
|
|
23,180
|
|
21,363
|
|
95,323
|
|
|
|
Data and
Analytics
|
47,735
|
|
43,803
|
|
14,795
|
|
16,735
|
|
16,205
|
|
15,202
|
|
15,009
|
|
14,767
|
|
14,027
|
|
59,005
|
|
|
|
|
Total
|
571,021
|
|
547,593
|
|
183,391
|
|
194,000
|
|
193,630
|
|
189,312
|
|
188,994
|
|
183,282
|
|
175,317
|
|
736,905
|
|
|
Transaction
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination
Services
|
442,785
|
|
451,548
|
|
120,927
|
|
157,433
|
|
164,425
|
|
173,934
|
|
154,057
|
|
150,741
|
|
146,750
|
|
625,482
|
|
|
|
Default
Services
|
345,585
|
|
499,473
|
|
114,597
|
|
117,427
|
|
113,561
|
|
137,783
|
|
154,394
|
|
179,618
|
|
165,461
|
|
637,256
|
|
|
|
|
Total
|
788,370
|
|
951,021
|
|
235,524
|
|
274,860
|
|
277,986
|
|
311,717
|
|
308,451
|
|
330,359
|
|
312,211
|
|
1,262,738
|
|
|
Corporate
|
131
|
|
(1,992)
|
|
66
|
|
20
|
|
45
|
|
-
|
|
6
|
|
(264)
|
|
(1,734)
|
|
(1,992)
|
|
|
|
Total
Revenue
|
$1,359,522
|
|
$1,496,622
|
|
$
418,981
|
|
$
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
|
3.9%
|
|
9.4%
|
|
-3.1%
|
|
5.2%
|
|
10.0%
|
|
8.0%
|
|
11.2%
|
|
10.4%
|
|
6.6%
|
|
9.1%
|
|
|
|
|
Servicing
Technology
|
4.6%
|
|
5.4%
|
|
1.8%
|
|
5.4%
|
|
6.8%
|
|
7.2%
|
|
4.0%
|
|
7.3%
|
|
4.9%
|
|
5.9%
|
|
|
|
|
Default
Technology
|
-0.8%
|
|
17.6%
|
|
-14.5%
|
|
-1.8%
|
|
16.0%
|
|
3.0%
|
|
28.3%
|
|
16.6%
|
|
8.3%
|
|
13.5%
|
|
|
|
|
Origination
Technology
|
7.0%
|
|
18.9%
|
|
-8.3%
|
|
14.7%
|
|
17.7%
|
|
20.3%
|
|
25.3%
|
|
17.1%
|
|
13.7%
|
|
19.2%
|
|
|
|
Data and
Analytics
|
9.0%
|
|
0.2%
|
|
-1.4%
|
|
13.3%
|
|
15.5%
|
|
6.3%
|
|
7.8%
|
|
-2.6%
|
|
-4.2%
|
|
1.7%
|
|
|
|
|
Total
|
4.3%
|
|
8.6%
|
|
-3.0%
|
|
5.8%
|
|
10.4%
|
|
7.8%
|
|
11.0%
|
|
9.2%
|
|
5.7%
|
|
8.4%
|
|
|
Transaction
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination
Services
|
-1.9%
|
|
22.7%
|
|
-21.5%
|
|
4.4%
|
|
12.0%
|
|
14.8%
|
|
15.7%
|
|
42.4%
|
|
13.8%
|
|
20.4%
|
|
|
|
Default
Services
|
-30.8%
|
|
-17.3%
|
|
-25.8%
|
|
-34.6%
|
|
-31.4%
|
|
-26.0%
|
|
-19.9%
|
|
-9.4%
|
|
-22.4%
|
|
-19.4%
|
|
|
|
|
Total
|
-17.1%
|
|
-2.2%
|
|
-23.6%
|
|
-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
|
|
n/m
|
|
|
|
Total
Revenue
|
-9.2%
|
|
1.7%
|
|
-15.8%
|
|
-8.7%
|
|
-2.9%
|
|
-2.1%
|
|
0.6%
|
|
9.1%
|
|
-4.1%
|
|
0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Growth
from Sequential Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology, Data and
Analytics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology
|
3.9%
|
|
9.4%
|
|
-4.9%
|
|
-0.1%
|
|
1.9%
|
|
0.1%
|
|
3.2%
|
|
4.5%
|
|
0.0%
|
|
9.1%
|
|
|
|
|
Servicing
Technology
|
4.6%
|
|
5.4%
|
|
-3.1%
|
|
1.4%
|
|
0.7%
|
|
2.9%
|
|
0.3%
|
|
2.7%
|
|
1.2%
|
|
5.9%
|
|
|
|
|
Default
Technology
|
-0.8%
|
|
17.6%
|
|
-7.5%
|
|
-8.7%
|
|
5.4%
|
|
-3.9%
|
|
6.2%
|
|
7.8%
|
|
-6.4%
|
|
13.5%
|
|
|
|
|
Origination
Technology
|
7.0%
|
|
18.9%
|
|
-9.5%
|
|
5.7%
|
|
2.5%
|
|
-6.6%
|
|
13.2%
|
|
8.5%
|
|
4.7%
|
|
19.2%
|
|
|
|
Data and
Analytics
|
9.0%
|
|
0.2%
|
|
-11.6%
|
|
3.3%
|
|
6.6%
|
|
1.3%
|
|
1.6%
|
|
5.3%
|
|
-1.9%
|
|
1.7%
|
|
|
|
|
Total
|
4.3%
|
|
8.6%
|
|
-5.5%
|
|
0.2%
|
|
2.3%
|
|
0.2%
|
|
3.1%
|
|
4.5%
|
|
-0.1%
|
|
8.4%
|
|
|
Transaction
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination
Services
|
-1.9%
|
|
22.7%
|
|
-23.2%
|
|
-4.3%
|
|
-5.5%
|
|
12.9%
|
|
2.2%
|
|
2.7%
|
|
-3.2%
|
|
20.4%
|
|
|
|
Default
Services
|
-30.8%
|
|
-17.3%
|
|
-2.4%
|
|
3.4%
|
|
-17.6%
|
|
-10.8%
|
|
-14.0%
|
|
8.6%
|
|
-11.2%
|
|
-19.4%
|
|
|
|
|
Total
|
-17.1%
|
|
-2.2%
|
|
-14.3%
|
|
-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
|
|
n/m
|
|
|
|
Total
Revenue
|
-9.2%
|
|
1.7%
|
|
-10.6%
|
|
-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
|
|
|
|
|
|
|
|
|
Q3-2013
|
|
Q3-2012
|
|
Q3-2013
|
|
Q2-2013
|
|
Q1-2013
|
|
Q4-2012
|
|
Q3-2012
|
|
Q2-2012
|
|
Q1-2012
|
|
12/31/2012
|
1.
|
|
Operating Results
- Continuing Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
1,359,522
|
|
$
1,496,622
|
|
$
418,981
|
|
$
468,880
|
|
$
471,661
|
|
$
501,029
|
|
$
497,451
|
|
$
513,377
|
|
$
485,794
|
|
$
1,997,651
|
|
|
|
Operating Income
(Loss), as reported
|
207,957
|
|
181,000
|
|
63,409
|
|
45,120
|
|
99,428
|
|
51,935
|
|
111,859
|
|
(24,065)
|
|
93,206
|
|
232,935
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal, Regulatory and
Other Charges (1)
|
66,046
|
|
144,476
|
|
12,779
|
|
53,267
|
|
-
|
|
58,401
|
|
-
|
|
144,476
|
|
-
|
|
202,877
|
|
|
|
Operating Income, as
adjusted
|
274,003
|
|
325,476
|
|
76,188
|
|
98,387
|
|
99,428
|
|
110,336
|
|
111,859
|
|
120,411
|
|
93,206
|
|
435,812
|
|
|
|
Depreciation and
Amortization
|
78,596
|
|
71,608
|
|
25,870
|
|
26,652
|
|
26,074
|
|
25,136
|
|
24,241
|
|
23,453
|
|
23,914
|
|
96,744
|
|
|
|
EBITDA, as
adjusted
|
$
352,599
|
|
$
397,084
|
|
$
102,058
|
|
$
125,039
|
|
$
125,502
|
|
$
135,472
|
|
$
136,100
|
|
$
143,864
|
|
$
117,120
|
|
$
532,556
|
|
|
|
|
|
Operating Margin,
as adjusted
|
20.2%
|
|
21.7%
|
|
18.2%
|
|
21.0%
|
|
21.1%
|
|
22.0%
|
|
22.5%
|
|
23.5%
|
|
19.2%
|
|
21.8%
|
|
|
|
|
|
EBITDA Margin, as
adjusted
|
25.9%
|
|
26.5%
|
|
24.4%
|
|
26.7%
|
|
26.6%
|
|
27.0%
|
|
27.4%
|
|
28.0%
|
|
24.1%
|
|
26.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology, Data
and Analytics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
571,021
|
|
$
547,593
|
|
$
183,391
|
|
$
194,000
|
|
$
193,630
|
|
$
189,312
|
|
$
188,994
|
|
$
183,282
|
|
$
175,317
|
|
$
736,905
|
|
|
|
Operating Income, as
reported
|
168,768
|
|
166,396
|
|
49,058
|
|
59,506
|
|
60,204
|
|
51,971
|
|
58,318
|
|
56,003
|
|
52,075
|
|
218,367
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal, Regulatory and
Other Charges (1)
|
501
|
|
-
|
|
386
|
|
115
|
|
-
|
|
2,827
|
|
-
|
|
-
|
|
-
|
|
2,827
|
|
|
|
Operating Income, as
adjusted
|
169,269
|
|
166,396
|
|
49,444
|
|
59,621
|
|
60,204
|
|
54,798
|
|
58,318
|
|
56,003
|
|
52,075
|
|
221,194
|
|
|
|
Depreciation and
Amortization
|
61,665
|
|
55,269
|
|
20,453
|
|
20,880
|
|
20,332
|
|
19,730
|
|
18,726
|
|
17,997
|
|
18,546
|
|
74,999
|
|
|
|
EBITDA, as
adjusted
|
$
230,934
|
|
$
221,665
|
|
$
69,897
|
|
$
80,501
|
|
$
80,536
|
|
$
74,528
|
|
$
77,044
|
|
$
74,000
|
|
$
70,621
|
|
$
296,193
|
|
|
|
|
|
Operating Margin,
as adjusted
|
29.6%
|
|
30.4%
|
|
27.0%
|
|
30.7%
|
|
31.1%
|
|
28.9%
|
|
30.9%
|
|
30.6%
|
|
29.7%
|
|
30.0%
|
|
|
|
|
|
EBITDA Margin, as
adjusted
|
40.4%
|
|
40.5%
|
|
38.1%
|
|
41.5%
|
|
41.6%
|
|
39.4%
|
|
40.8%
|
|
40.4%
|
|
40.3%
|
|
40.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
788,370
|
|
$
951,021
|
|
$
235,524
|
|
$
274,860
|
|
$
277,986
|
|
$
311,717
|
|
$
308,451
|
|
$
330,359
|
|
$
312,211
|
|
$
1,262,738
|
|
|
|
Operating Income, as
reported
|
132,598
|
|
194,504
|
|
31,565
|
|
50,516
|
|
50,517
|
|
65,892
|
|
65,651
|
|
76,603
|
|
52,250
|
|
260,396
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal, Regulatory and
Other Charges (1)
|
6,061
|
|
-
|
|
5,486
|
|
575
|
|
-
|
|
1,531
|
|
-
|
|
-
|
|
-
|
|
1,531
|
|
|
|
Operating Income, as
adjusted
|
138,659
|
|
194,504
|
|
37,051
|
|
51,091
|
|
50,517
|
|
67,423
|
|
65,651
|
|
76,603
|
|
52,250
|
|
261,927
|
|
|
|
Depreciation and
Amortization
|
14,243
|
|
13,339
|
|
4,541
|
|
4,842
|
|
4,860
|
|
4,498
|
|
4,531
|
|
4,408
|
|
4,400
|
|
17,837
|
|
|
|
EBITDA, as
adjusted
|
$
152,902
|
|
$
207,843
|
|
$
41,592
|
|
$
55,933
|
|
$
55,377
|
|
$
71,921
|
|
$
70,182
|
|
$
81,011
|
|
$
56,650
|
|
$
279,764
|
|
|
|
|
|
Operating Margin,
as adjusted
|
17.6%
|
|
20.5%
|
|
15.7%
|
|
18.6%
|
|
18.2%
|
|
21.6%
|
|
21.3%
|
|
23.2%
|
|
16.7%
|
|
20.7%
|
|
|
|
|
|
EBITDA Margin, as
adjusted
|
19.4%
|
|
21.9%
|
|
17.7%
|
|
20.3%
|
|
19.9%
|
|
23.1%
|
|
22.8%
|
|
24.5%
|
|
18.1%
|
|
22.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
131
|
|
$
(1,992)
|
|
$
66
|
|
$
20
|
|
$
45
|
|
$
-
|
|
$
6
|
|
$
(264)
|
|
$
(1,734)
|
|
$
(1,992)
|
|
|
|
Operating Loss, as
reported
|
(93,409)
|
|
(179,900)
|
|
(17,214)
|
|
(64,902)
|
|
(11,293)
|
|
(65,928)
|
|
(12,110)
|
|
(156,671)
|
|
(11,119)
|
|
(245,828)
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal, Regulatory and
Other Charges (1)
|
59,484
|
|
144,476
|
|
6,907
|
|
52,577
|
|
-
|
|
54,043
|
|
-
|
|
144,476
|
|
-
|
|
198,519
|
|
|
|
Operating Loss, as
adjusted
|
(33,925)
|
|
(35,424)
|
|
(10,307)
|
|
(12,325)
|
|
(11,293)
|
|
(11,885)
|
|
(12,110)
|
|
(12,195)
|
|
(11,119)
|
|
(47,309)
|
|
|
|
Depreciation and
Amortization
|
2,688
|
|
3,000
|
|
876
|
|
930
|
|
882
|
|
908
|
|
984
|
|
1,048
|
|
968
|
|
3,908
|
|
|
|
EBITDA, as
adjusted
|
$
(31,237)
|
|
$
(32,424)
|
|
$
(9,431)
|
|
$
(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
|
|
|
|
|
|
|
|
|
Q3-2013
|
|
Q3-2012
|
|
Q3-2013
|
|
Q2-2013
|
|
Q1-2013
|
|
Q4-2012
|
|
Q3-2012
|
|
Q2-2012
|
|
Q1-2012
|
|
12/31/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.
|
|
Net Earnings -
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
(Loss)
|
$
108,494
|
|
$
67,545
|
|
$
35,480
|
|
$
19,084
|
|
$
53,930
|
|
$
2,814
|
|
$
58,304
|
|
$
(37,880)
|
|
$
47,121
|
|
$
70,359
|
|
|
|
Adjustments -
Continuing Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal, Regulatory and
Other Charges, net (1)
|
41,158
|
|
100,624
|
|
7,599
|
|
33,559
|
|
-
|
|
34,676
|
|
-
|
|
100,624
|
|
-
|
|
135,300
|
|
|
|
|
|
Total Adjustments to
Continuing Operations
|
41,158
|
|
100,624
|
|
7,599
|
|
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
|
150,731
|
|
168,169
|
|
43,079
|
|
53,722
|
|
53,930
|
|
61,050
|
|
58,304
|
|
62,744
|
|
47,121
|
|
229,219
|
|
|
|
Purchase
Accounting Amortization, net (4)
|
3,430
|
|
5,866
|
|
951
|
|
912
|
|
1,567
|
|
1,712
|
|
1,712
|
|
1,733
|
|
2,421
|
|
7,578
|
|
|
|
Adjusted Net
Earnings
|
$
154,161
|
|
$
174,035
|
|
$
44,030
|
|
$
54,634
|
|
$
55,497
|
|
$
62,762
|
|
$
60,016
|
|
$
64,477
|
|
$
49,542
|
|
$
236,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS -
Continuing Operations
|
$
1.82
|
|
$
2.11
|
|
$
0.51
|
|
$
0.65
|
|
$
0.66
|
|
$
0.74
|
|
$
0.72
|
|
$
0.79
|
|
$
0.60
|
|
$
2.85
|
|
|
|
Adjusted EPS -
Discontinued Operations
|
(0.02)
|
|
(0.05)
|
|
-
|
|
(0.01)
|
|
(0.01)
|
|
-
|
|
(0.01)
|
|
(0.03)
|
|
(0.01)
|
|
(0.05)
|
|
|
|
Adjusted EPS -
Consolidated
|
$
1.80
|
|
$
2.06
|
|
$
0.51
|
|
$
0.64
|
|
$
0.65
|
|
$
0.74
|
|
$
0.71
|
|
$
0.76
|
|
$
0.59
|
|
$
2.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted
Average Shares
|
85,569
|
|
84,774
|
|
85,984
|
|
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)
|
$
108,494
|
|
$
67,545
|
|
$
35,480
|
|
$
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
|
156,996
|
|
93,650
|
|
29,204
|
|
37,379
|
|
90,413
|
|
24,978
|
|
49,196
|
|
7,022
|
|
37,432
|
|
118,628
|
|
|
|
|
|
|
Working capital
adjustments
|
(157,885)
|
|
142,375
|
|
36,445
|
|
47,554
|
|
(241,884)
|
|
103,100
|
|
(21,816)
|
|
158,693
|
|
5,498
|
|
245,475
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
107,605
|
|
303,570
|
|
101,129
|
|
104,017
|
|
(97,541)
|
|
130,892
|
|
85,684
|
|
127,835
|
|
90,051
|
|
434,462
|
|
|
|
|
Capital expenditures
included in investing activities
|
(86,117)
|
|
(72,197)
|
|
(30,679)
|
|
(27,298)
|
|
(28,140)
|
|
(41,131)
|
|
(22,220)
|
|
(26,258)
|
|
(23,719)
|
|
(113,328)
|
|
|
|
|
Free Cash
Flow
|
21,488
|
|
231,373
|
|
70,450
|
|
76,719
|
|
(125,681)
|
|
89,761
|
|
63,464
|
|
101,577
|
|
66,332
|
|
321,134
|
|
|
|
|
Payment of Legal,
Regulatory and Other Charges, net (5)
|
161,678
|
|
21,434
|
|
(14,454)
|
|
947
|
|
175,185
|
|
2,491
|
|
5,746
|
|
13,335
|
|
2,353
|
|
23,925
|
|
|
|
Adjusted Free Cash
Flow
|
$
183,166
|
|
$
252,807
|
|
$
55,996
|
|
$
77,666
|
|
$
49,504
|
|
$
92,252
|
|
$
69,210
|
|
$
114,912
|
|
$
68,685
|
|
$
345,059
|
|
|
|
Adjusted Free Cash
Flow Per Diluted Share
|
$
2.14
|
|
$
2.99
|
|
$
0.65
|
|
$
0.91
|
|
$
0.58
|
|
$
1.08
|
|
$
0.82
|
|
$
1.36
|
|
$
0.81
|
|
$
4.07
|
|
|
|
Diluted Weighted
Average Shares
|
85,569
|
|
84,774
|
|
85,984
|
|
85,560
|
|
85,144
|
|
85,106
|
|
84,948
|
|
84,578
|
|
84,567
|
|
84,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Reflects the impact
of charges taken on various legal and regulatory matters, as well
severance, asset impairment and facility lease impairment
charges.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Charge related to the
refinancing of our bonds and senior credit facilities during
2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Primarily reflects
the impact of non-cash adjustments related to equity forfeitures
from severance and restructuring initiatives.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
Reflects the impact
of payments, less applicable taxes, for adjustments included in
item 2. "Net Earnings - Reconciliation" of the GAAP to non-GAAP
reconciliation.
|
|
|
|
|
|
|
SOURCE Lender Processing Services, Inc.