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2014

Lender Processing Services Reports First Quarter 2013 Earnings

Adjusted EPS from continuing operations increased 10% to $0.66 from prior year

Technology, Data and Analytics revenue climbed 10% from prior year

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JACKSONVILLE, Fla., April 24, 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 first quarter 2013 GAAP net earnings of $53.9 million, or $0.63 per diluted share, an increase of 12.5% compared to $47.1 million, or $0.56 per diluted share in the first quarter 2012.  Revenue was $471.7 million in the first quarter 2013, a decrease of 2.9% from the prior year quarter.   

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"LPS' strong first quarter results demonstrate the successful execution of our strategy to deliver technology-driven solutions that our clients need to address evolving mortgage industry requirements," said Hugh Harris, president and chief executive officer of LPS.  

First Quarter 2013

  • Technology, Data & Analytics (TD&A) revenue increased 10.4% over the prior year fueled by growth in all sub-segments
  • Origination Services revenue increased 12.0% from the prior year driven by strong refinance volumes
  • EBITDA margin increased more than two percentage points over the prior year to 26.6%
  • Adjusted earnings per diluted share from continuing operations increased 10.0% to $0.66 compared to the prior year,  reflecting add-back for purchase accounting amortization
  • Completed previously reported settlements of many legal and regulatory matters related to legacy issues, while maintaining a strong financial position

"Strong results in TD&A and Origination Services drove an increase of more than two percentage points in our EBITDA margin year-over-year to 26.6%," Tom Schilling, chief financial officer, said. "TD&A is our growth platform and we expect it to deliver a growing share of LPS' future revenue and profitability.  We also remain focused on delivering high-value Transaction Services while managing for profitability in line with industry volumes." 

First quarter 2013 revenue was $471.7 million, a decrease of 2.9% compared to the prior year quarter, due to lower Default Services revenue that primarily resulted from a decline in industry foreclosure volume, partially offset by higher revenue in TD&A and Origination Services.  First quarter 2013 operating income increased 6.7% from the prior year quarter to $99.4 million due to higher contributions from TD&A and Origination Services.  

Net cash used in operating activities on a GAAP basis was $97.5 million in the first quarter 2013, compared to net cash provided by operating activities of $90.1 million in the prior year quarter.  This decrease was primarily due to the payment of previously announced settlements for legacy legal and regulatory matters in the first quarter 2013.  Excluding the impact of cash payments of previous non-GAAP items, primarily payments of legal and regulatory settlements, adjusted free cash flow was $49.5 million compared to $68.7 million in the prior year quarter.  The decrease in adjusted free cash flow primarily resulted from changes in working capital.  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 maintained a strong balance sheet including cash of $88.4 million and credit facility availability of $398 million at the end of the first quarter 2013.  The legal and regulatory reserve was $61.1 million at the end of the first quarter 2013. 

Technology, Data and Analytics (TD&A)

Revenue for the first quarter increased 10.4% from the prior year to $193.6 million driven by growth in all sub-segments.  Revenue from Servicing Technology increased 6.8% primarily due to growth in loans and revenue per loan; Origination Technology increased 17.7% primarily due to higher industry origination volume which drove incremental transaction fees; Default Technology increased 16.0% primarily as a result of higher professional services revenue and market share gains partially offset by lower foreclosure referral volumes; and Data and Analytics increased 15.5% primarily due to contract wins.  Operating income increased 15.6% to $60.2 million in the first quarter 2013, while operating margin increased to 31.1% from 29.7% in the prior year quarter due to increased operating leverage. 

Transaction Services  

Revenue for the first quarter decreased 11.0% from the prior year period to $278.0 million as a result of a 31.4% decrease in Default Services revenue, which was partially offset by a 12.0% increase in Origination Services revenue.  Default Services revenue and operating income declined primarily as a result of lower industry foreclosure activity and strategic actions to reduce risk and enhance returns.  Origination Services revenue and operating income increased as a result of higher industry refinance volume.  Operating income was $50.5 million, down from $52.3 million in the prior year period, due to lower Default Services contributions, which were partially offset by higher Origination Services contributions.  Operating margin increased to 18.2% from 16.7% in the prior year quarter due to a revenue mix shift toward Origination Services.

Corporate and Other

Net corporate expenses in the first quarter 2013 were $11.3 million, about flat with the prior year period.   

Outlook

Based on the current environment, the company expects second quarter 2013 revenue to be in the range of $460 million to $480 million and adjusted net earnings per diluted share from continuing operations to be in the range of $0.63 to $0.67.   

Earnings Conference Call and Webcast

LPS will host a conference call tomorrow at 10:00 a.m. ET with a live webcast on the Investor Relations section of its website at www.lpsvcs.com.  Earnings information, including this press release and our financial results presentation, is available on the website.  A replay of the webcast will be available on the website shortly after the call where it will be archived for one month.  A replay of the call will be available until May 3, 2013, by dialing 888-203-1112 (access code: 6301734).

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., employing approximately 8,000 professionals. 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. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.  The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: our ability to adapt our services to changes in technology or the marketplace; the impact of adverse changes in the level of real estate activity (including among others, loan originations and foreclosures) on demand for certain of our services; our ability to maintain and grow our relationships with our customers; the effects of our substantial leverage on our ability to make acquisitions and invest in our business; the level of scrutiny being placed on participants in the mortgage industry and the foreclosure process in particular; risks associated with federal and state enforcement proceedings, inquiries and examinations currently underway or that may be commenced in the future with respect to our default management operations, and with civil litigation related to these matters; the impact of continued delays in the foreclosure process on the timing and collectability of our fees for certain  services; changes to the laws, rules and regulations that regulate our 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 our business and reputation; risks associated with protecting information security and privacy; and other risks and uncertainties detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.

 







Exhibit A















LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(Unaudited)


























Three months ended March 31,





2013


2012





(In thousands, except per share data)








Revenues


$        471,661


$         485,794

Expenses:






Operating expenses


346,159


368,674


Depreciation and amortization


26,074


23,914



Total expenses


372,233


392,588



Operating income


99,428


93,206








Other income (expense):






Interest income


579


448


Interest expense


(13,514)


(16,402)


Other income, net


9


85



Total other income (expense)


(12,926)


(15,869)



Earnings from continuing operations before income taxes


86,502


77,337

Provision for income taxes


32,006


28,846



Net earnings from continuing operations


54,496


48,491

Loss from discontinued operations, net of tax


(566)


(1,370)

Net earnings


$          53,930


$           47,121








Net earnings per share - diluted from continuing operations


$              0.64


$               0.58

Net loss per share - diluted from discontinued operations


(0.01)


(0.02)

Net earnings per share - diluted


$              0.63


$               0.56

Weighted average shares outstanding - diluted


85,144


84,567

 

 











Exhibit B























LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)




















March 31,


December 31,









2013


2012









(In thousands)

Assets





Current assets:








Cash and cash equivalents


$         88,418


$      236,241


Trade receivables, net of allowance for doubtful accounts


253,562


274,783


Other receivables


9,674


3,800


Income tax receivable


24,912


--


Prepaid expenses and other current assets


41,403


41,541


Deferred income taxes


82,079


127,742



Total current assets


500,048


684,107












Property and equipment, net


127,161


126,633

Computer software, net


252,388


245,271

Other intangible assets, net


21,416


23,670

Goodwill






1,109,304


1,109,304

Other non-current assets


268,692


256,849



Total assets



$     2,279,009


$   2,445,834























Liabilities and Stockholders' Equity





Current liabilities:







Current portion of long-term debt


$         13,375


$               --


Trade accounts payable


36,912


38,901


Accrued salaries and benefits


61,664


107,984


Legal and regulatory accrual


61,061


223,149


Other accrued liabilities


152,525


169,458


Deferred revenues


59,937


58,868



Total current liabilities


385,474


598,360












Deferred revenues



23,546


24,987

Deferred income taxes, net


185,640


174,303

Long-term debt, net of current portion


1,054,750


1,068,125

Other non-current liabilities


34,947


37,163



Total liabilities


1,684,357


1,902,938












Stockholders' equity:






Preferred stock $0.0001 par value; 50 million shares authorized, none issued







at March 31, 2013 and December 31, 2012


--


--


Common stock $0.0001 par value; 500 million shares authorized, 97.4 million







shares issued at March 31, 2013 and December 31, 2012


10


10


Additional paid-in capital


255,076


250,016


Retained earnings


739,489


694,148


Accumulated other comprehensive loss


(2,740)


(3,079)


Treasury stock at cost; 12.5 million shares at March 31, 2013 and







December 31, 2012


(397,183)


(398,199)



Total stockholders' equity


594,652


542,896



Total liabilities and stockholders' equity


$     2,279,009


$   2,445,834












 

 











Exhibit C












LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)




















Three months ended March 31,









2013


2012









(In thousands)

Cash flows from operating activities:






Net earnings



$          53,930


$          47,121


Adjustments to reconcile net earnings to net 







cash (Used in) provided by operating activities:








Depreciation and amortization


26,056


24,902




Amortization of debt issuance costs


1,044


1,117




Asset impairment charges


--


2,842




Gain on sale of discontinued operations


--


(8,064)




Deferred income taxes, net


56,793


11,036




Stock-based compensation cost


6,529


5,257




Income tax effect of equity compensation


(9)


342















Changes in assets and liabilities, net of effects of acquisitions:









Trade receivables


21,219


12,700





Other receivables


(5,875)


(2,159)





Income tax receivable


(24,912)


--





Prepaid expenses and other assets


(4,137)


(8,853)





Deferred revenues


(371)


8,965





Accounts payable, accrued liabilities and other liabilities


(227,808)


(5,155)





     Net cash (Used in) provided by operating activities



(97,541)


90,051












Cash flows from investing activities:






Additions to property and equipment


(8,736)


(6,595)


Additions to capitalized software


(19,404)


(17,124)


Purchases of investments, net of proceeds from sales


(3,563)


(5,763)


Acquisition of title plants and property records data


(8,767)


(11,821)


Proceeds from sales of discontinued operations, net of cash distributed

--


6,398





Net cash used in investing activities



(40,470)


(34,905)

Cash flows from financing activities:






Debt service payments


--


(17,327)


Exercise of stock options and restricted stock vesting


(376)


(655)


Income tax effect of equity compensation


9


(342)


Dividends paid


(8,493)


(8,449)


Payment of contingent consideration related to acquisitions


(952)


(2,000)





Net cash used in financing activities



(9,812)


(28,773)





Net (decrease) increase in cash and cash equivalents



(147,823)


26,373

Cash and cash equivalents, beginning of period


236,241


77,355

Cash and cash equivalents, end of period


$          88,418


$        103,728












Supplemental disclosures of cash flow information:






Cash paid for interest


$            4,406


$          20,830













Cash paid for taxes


$            5,435


$            4,053












 

 




















Exhibit D

LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES














SUPPLEMENTAL FINANCIAL INFORMATION - UNAUDITED















(In thousands)





















QUARTER


QUARTER


YEAR ENDED






Q1-2013


Q1-2012


Q1-2013


Q4-2012


Q3-2012


Q2-2012


Q1-2012


12/31/2012





















1.


Revenues - Continuing Operations


















Technology, Data and Analytics:



















Technology

$   177,425


$   161,290


$  177,425


$  174,110


$  173,985


$  168,515


$161,290


$    677,900





Servicing Technology

115,667


108,351


115,667


114,818


111,572


111,284


108,351


446,025





Default Technology

36,623


31,576


36,623


34,762


36,163


34,051


31,576


136,552





Origination Technology

25,135


21,363


25,135


24,530


26,250


23,180


21,363


95,323




Data and Analytics

16,205


14,027


16,205


15,202


15,009


14,767


14,027


59,005





Total

193,630


175,317


193,630


189,312


188,994


183,282


175,317


736,905



Transaction Services:



















Origination Services

164,425


146,750


164,425


173,934


154,057


150,741


146,750


625,482




Default Services

113,561


165,461


113,561


137,783


154,394


179,618


165,461


637,256





Total

277,986


312,211


277,986


311,717


308,451


330,359


312,211


1,262,738



Corporate

45


(1,734)


45


--


6


(264)


(1,734)


(1,992)




Total Revenues

$   471,661


$   485,794


$  471,661


$  501,029


$  497,451


$  513,377


$485,794


$ 1,997,651























Revenue Growth from Prior Year Period


















Technology, Data and Analytics:



















Technology

10.0%


6.6%


10.0%


8.0%


11.2%


10.4%


6.6%


9.1%





Servicing Technology

6.8%


4.9%


6.8%


7.2%


4.0%


7.3%


4.9%


5.9%





Default Technology

16.0%


8.3%


16.0%


3.0%


28.3%


16.6%


8.3%


13.5%





Origination Technology

17.7%


13.7%


17.7%


20.3%


25.3%


17.1%


13.7%


19.2%




Data and Analytics

15.5%


-4.2%


15.5%


6.3%


7.8%


-2.6%


-4.2%


1.7%





Total

10.4%


5.7%


10.4%


7.8%


11.0%


9.2%


5.7%


8.4%



Transaction Services:



















Origination Services

12.0%


13.8%


12.0%


14.8%


15.7%


42.4%


13.8%


20.4%




Default Services

-31.4%


-22.4%


-31.4%


-26.0%


-19.9%


-9.4%


-22.4%


-19.4%





Total

-11.0%


-8.8%


-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




Total Revenues

-2.9%


-4.1%


-2.9%


-2.1%


0.6%


9.1%


-4.1%


0.7%























Revenue Growth from Sequential Period

















Technology, Data and Analytics:



















Technology

1.9%


0.0%


1.9%


0.1%


3.2%


4.5%


0.0%


9.1%





Servicing Technology

0.7%


1.2%


0.7%


2.9%


0.3%


2.7%


1.2%


5.9%





Default Technology

5.4%


-6.4%


5.4%


-3.9%


6.2%


7.8%


-6.4%


13.5%





Origination Technology

2.5%


4.7%


2.5%


-6.6%


13.2%


8.5%


4.7%


19.2%




Data and Analytics

6.6%


-1.9%


6.6%


1.3%


1.6%


5.3%


-1.9%


1.7%





Total

2.3%


-0.1%


2.3%


0.2%


3.1%


4.5%


-0.1%


8.4%



Transaction Services:



















Origination Services

-5.5%


-3.2%


-5.5%


12.9%


2.2%


2.7%


-3.2%


20.4%




Default Services

-17.6%


-11.2%


-17.6%


-10.8%


-14.0%


8.6%


-11.2%


-19.4%





Total

-10.8%


-7.6%


-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




Total Revenues

-5.9%


-5.1%


-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)
























QUARTER


QUARTER


YEAR ENDED









Q1-2013


Q1-2012


Q1-2013


Q4-2012


Q3-2012


Q2-2012


Q1-2012


12/31/2012

1.


Operating Results - Continuing Operations


















Consolidated




















Revenues


$   471,661


$   485,794


$   471,661


$   501,029


$   497,451


$   513,377


$   485,794


$1,997,651




Operating Income (Loss), as reported

99,428


93,206


99,428


51,935


111,859


(24,065)


93,206


232,935




Adjustments:




















Legal, Regulatory and Other Charges (1)

--


--


--


58,401


--


144,476


--


202,877




Operating Income, as adjusted

99,428


93,206


99,428


110,336


111,859


120,411


93,206


435,812




Depreciation and Amortization

26,074


23,914


26,074


25,136


24,241


23,453


23,914


96,744




EBITDA, as adjusted

$   125,502


$   117,120


$   125,502


$   135,472


$   136,100


$   143,864


$   117,120


$   532,556






Operating Margin, as adjusted

21.1%


19.2%


21.1%


22.0%


22.5%


23.5%


19.2%


21.8%






EBITDA Margin, as adjusted

26.6%


24.1%


26.6%


27.0%


27.4%


28.0%


24.1%


26.7%


























Technology, Data and Analytics



















Revenues


$   193,630


$   175,317


$   193,630


$   189,312


$   188,994


$   183,282


$   175,317


$   736,905




Operating Income, as reported

60,204


52,075


60,204


51,971


58,318


56,003


52,075


218,367




Adjustments:




















Legal, Regulatory and Other Charges (1)

--


--


--


2,827


--


--


--


2,827




Operating Income, as adjusted

60,204


52,075


60,204


54,798


58,318


56,003


52,075


221,194




Depreciation and Amortization

20,332


18,546


20,332


19,730


18,726


17,997


18,546


74,999




EBITDA, as adjusted

$     80,536


$     70,621


$     80,536


$     74,528


$     77,044


$     74,000


$     70,621


$   296,193






Operating Margin, as adjusted

31.1%


29.7%


31.1%


28.9%


30.9%


30.6%


29.7%


30.0%






EBITDA Margin, as adjusted

41.6%


40.3%


41.6%


39.4%


40.8%


40.4%


40.3%


40.2%


























Transaction Services



















Revenues


$   277,986


$   312,211


$   277,986


$   311,717


$   308,451


$   330,359


$   312,211


$1,262,738




Operating Income, as reported

50,517


52,250


50,517


65,892


65,651


76,603


52,250


260,396




Adjustments:




















Legal, Regulatory and Other Charges (1)

--


--


--


1,531


--


--


--


1,531




Operating Income, as adjusted

50,517


52,250


50,517


67,423


65,651


76,603


52,250


261,927




Depreciation and Amortization

4,860


4,400


4,860


4,498


4,531


4,408


4,400


17,837




EBITDA, as adjusted

$     55,377


$     56,650


$     55,377


$     71,921


$     70,182


$     81,011


$     56,650


$   279,764






Operating Margin, as adjusted

18.2%


16.7%


18.2%


21.6%


21.3%


23.2%


16.7%


20.7%






EBITDA Margin, as adjusted

19.9%


18.1%


19.9%


23.1%


22.8%


24.5%


18.1%


22.2%


























Corporate and Other



















Revenues


$           45


$      (1,734)


$           45


$            --


$             6


$        (264)


$      (1,734)


$      (1,992)




Operating Loss, as reported

(11,293)


(11,119)


(11,293)


(65,928)


(12,110)


(156,671)


(11,119)


(245,828)




Adjustments:




















Legal, Regulatory and Other Charges (1)

--


--


--


54,043


--


144,476


--


198,519




Operating Loss, as adjusted

(11,293)


(11,119)


(11,293)


(11,885)


(12,110)


(12,195)


(11,119)


(47,309)




Depreciation and Amortization

882


968


882


908


984


1,048


968


3,908




EBITDA, as adjusted

$    (10,411)


$    (10,151)


$    (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)
























QUARTER


QUARTER


YEAR ENDED









Q1-2013


Q1-2012


Q1-2013


Q4-2012


Q3-2012


Q2-2012


Q1-2012


12/31/2012
























2.


Net Earnings - Reconciliation



















Net Earnings (Loss)

$     53,930


$     47,121


$     53,930


$       2,814


$     58,304


$    (37,880)


$     47,121


$     70,359




Adjustments - Continuing Operations:




















Legal, Regulatory and Other Charges, net (1)

--


--


--


34,676


--


100,624


--


135,300






Total Adjustments to Continuing Operations

--


--


--


34,676


--


100,624


--


135,300




Adjustments - Discontinued Operations:




















Impairment, Restructuring and Disposal Charges, net

--


--


--


2,494


--


--


--


2,494






Total Adjustments to Discontinued Operations

--


--


--


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

53,930


47,121


53,930


61,050


58,304


62,744


47,121


229,219




Purchase Accounting Amortization, net (4)

1,567


2,421


1,567


1,712


1,712


1,733


2,421


7,578




Adjusted Net Earnings

$     55,497


$     49,542


$     55,497


$     62,762


$     60,016


$     64,477


$     49,542


$   236,797



























Adjusted EPS - Continuing Operations

$        0.66


$        0.60


$        0.66


$        0.74


$        0.72


$        0.79


$        0.60


$        2.85




Adjusted EPS - Discontinued Operations

(0.01)


(0.01)


(0.01)


--


(0.01)


(0.03)


(0.01)


(0.05)




Adjusted EPS - Consolidated

$        0.65


$        0.59


$        0.65


$        0.74


$        0.71


$        0.76


$        0.59


$        2.80



























Diluted Weighted Average Shares

85,144


84,567


85,144


85,106


84,948


84,578


84,567


84,857
























3.


Cash Flow - Reconciliation



















Cash Flows from Operating Activities:




















Net Earnings (Loss)

$     53,930


$     47,121


$     53,930


$       2,814


$     58,304


$    (37,880)


$     47,121


$     70,359





Adjustments to Reconcile Net Earnings (Loss) to





















Net Cash (Used in) Provided by Operating Activities:






















Non-cash Adjustments

90,413


37,432


90,413


24,978


49,196


7,022


37,432


118,628







Working Capital Adjustments

(241,884)


5,498


(241,884)


103,100


(21,816)


158,693


5,498


245,475








Net Cash (Used in) Provided by Operating Activities

(97,541)


90,051


(97,541)


130,892


85,684


127,835


90,051


434,462





Capital Expenditures Included in Investing Activities

(28,140)


(23,719)


(28,140)


(41,131)


(22,220)


(26,258)


(23,719)


(113,328)




Free Cash Flow

(125,681)


66,332


(125,681)


89,761


63,464


101,577


66,332


321,134





Less Cash Impact of Adjustments, net (5)

175,185


2,353


175,185


2,491


5,746


13,335


2,353


23,925




Adjusted Free Cash Flow

$     49,504


$     68,685


$     49,504


$     92,252


$     69,210


$   114,912


$     68,685


$   345,059




Adjusted Free Cash Flow Per Diluted Share

$         0.58


$         0.81


$         0.58


$         1.08


$         0.82


$         1.36


$         0.81


$         4.07




Diluted Weighted Average Shares

85,144


84,567


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)

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.



























(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, related to adjustments included in item 2. "Net Earnings - Reconciliation" above.

SOURCE Lender Processing Services, Inc.



RELATED LINKS
http://www.lpsvcs.com

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