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Lender Processing Services, Inc. Reports Strong Fourth Quarter Earnings

Year-over-year revenues increase 28.3%

Adjusted EPS of 82 cents per diluted share


News provided by

Lender Processing Services, Inc.

Feb 08, 2010, 05:25 ET

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JACKSONVILLE, Fla., Feb. 8, 2010 /PRNewswire-FirstCall/ -- Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology and services to the mortgage and real estate industries, today reported consolidated revenues of $608.1 million for the fourth quarter of 2009, an increase of 28.3% compared to the fourth quarter of 2008, and net earnings of $74.9 million or 77 cents per diluted share.

Adjusted net earnings for the fourth quarter of 2009 were $79.6 million, or 82 cents per diluted share, compared to $60.9 million, or 64 cents per diluted share in the fourth quarter of 2008.  Adjusted net earnings in the current quarter include an adjustment for purchase price amortization of 5 cents per diluted share while the prior year quarter included a similar adjustment of 7 cents per diluted share.

"LPS had a strong fourth quarter despite challenging market conditions and a fragile macro-economic environment.  LPS with its market-leading presence and its unique technology-driven solutions for the mortgage and real estate industries, remains well positioned to achieve its growth objectives in 2010 and beyond," said Lee A. Kennedy, Executive Chairman of LPS. "Our Loan Facilitation business posted record growth as it benefitted from a better year-over-year origination market while our Default Services business continued to deliver very strong results.  Also, our Mortgage Processing and other technology businesses had another outstanding quarter.  During 2009, we continued to strengthen our balance sheet and increase our financial flexibility by paying down $262 million in debt," added Jeff Carbiener, President and CEO of LPS.

Operating income of $140.9 million in the quarter compared to $121.6 million in the fourth quarter of 2008.  Operating margins were below fourth quarter 2008 primarily due to certain one-time benefits in last year's quarter.  Operating margins were however consistent with third quarter of 2009.

Full year 2009 revenues of $2.4 billion were a solid 29.0% above 2008 while net earnings of $275.7 million in 2009 compared to $230.9 million in the prior year.  Adjusted net earnings for full year 2009 of $300.3 million were a record 30.2% higher than pro forma adjusted net earnings in 2008.

Adjusted free cash flow (net cash provided by operating activities minus certain non-recurring expenses and additions to property, equipment and computer software) for full year 2009 of $349.2 million was well above the $276.5 million for 2008 (which also reflects the impact of pro forma interest expense for the first six months of 2008) primarily due to strong operating results combined with greater efficiency in working capital management.

Technology, Data and Analytics (TD&A)

Revenues for the segment were $189.4 million compared to $149.1 million in the fourth quarter of 2008 while operating income of $63.5 million compared to $53.5 million in the prior year period.  Mortgage Processing revenues of $104.2 million were 17.9% above the fourth quarter of 2008, primarily due to the addition of the JPMorgan Chase portfolio onto our mortgage servicing platform.  Other TD&A revenues increased by 40.3% to $85.2 million compared to the same period last year, primarily due to strong growth in Data and Analytics services, our Desktop application, and the impact of the FNRES acquisition completed in the first quarter of 2009. Excluding the impact of FNRES, Other TD&A revenues were up a strong 23.6%. Overall operating income for TD&A grew mainly due to higher contributions from Mortgage Processing and Data & Analytics.

Loan Transaction Services (LTS)

Revenues for the segment increased by 28.7% to $421.6 million compared to the fourth quarter of 2008 while operating income of $97.2 million compared to $84.1 million in the prior year quarter.  Loan Facilitation Services revenues of $142.9 million were up 70.3% compared to the prior year quarter, primarily due to higher settlement services and increased appraisal volumes. Default Services revenues of $278.6 million increased 14.3% over the fourth quarter of 2008, primarily due to growth in the default market and our ability to continue to gain market share.  Overall operating income for LTS was higher mainly due to higher income in loan origination related offerings, such as settlement services and appraisal.

Corporate and Other

Net corporate expenses were $19.8 million compared to $16.1 million in the fourth quarter of 2008 and were higher primarily due to higher incentive compensation expenses in the current quarter driven by the strong operating results.

The company announced that its Board of Directors had authorized a share repurchase program of $150 million that replaced the previous authorization of $75 million.  The company noted that it had repurchased 1.024 million shares for $39.2 million and $8.0 million of its public bonds under the previous authorization.

Outlook

"We had an exceptional year in 2009 and while the broader economy and the real estate market in particular remain challenging, LPS has a strong presence in each of its businesses and is well positioned to grow revenue and earnings in 2010," said Jeff Carbiener. "Building on the strong 2009 results, we expect first quarter 2010 adjusted earnings to be in the range of 78-80 cents per diluted share. For full year 2010, we expect revenues to grow 8%-10% compared to 2009 and adjusted earnings to be in the $3.49-$3.56 per diluted share range."

Use of Non-GAAP Financial Information

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 "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" (adjusted net earnings divided by diluted weighted average shares), "pro forma adjusted net earnings" (adjusted net earnings less pro forma interest expense on our debt facilities for the first six months of 2008 as if such facilities had been outstanding as of January 1, 2008), "pro forma adjusted net earnings per diluted share" (pro forma adjusted net earnings divided by diluted weighted average shares), "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), and "pro forma adjusted free cash flow" (adjusted free cash flow less pro forma interest expense on our debt facilities for the first six months of 2008 as if such facilities had been outstanding as of January 1, 2008).  LPS provides these measures because it believes that they are helpful to investors in comparing year-over-year performance in light of our 2008 spin-off from Fidelity National Information Services, Inc. (FIS), 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 net earnings.  A reconciliation of these non-GAAP measures to related GAAP measures is included in the attachments to this release.

Conference Call and Webcast

LPS will host a conference call to discuss these results on Tuesday, February 9, 2010, at 8:00 a.m. Eastern time. Interested parties are invited to listen to the live webcast by logging on to the Investor Relations section at www.lpsvcs.com.  Supplemental materials will be available on the website.  Those wishing to participate via the conference call may do so by calling  866-823-5035.  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 conference call will be available through February 16, 2010 by dialing 888-203-1112 (access code: 6799466).

To access a printer friendly version of this release and accompanying exhibits, go to http://www.lpsvcs.com/investor.

About Lender Processing Services

Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology and services to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, workflow automation (Desktop), servicing, portfolio retention and default, augmented by the company's award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS' Mortgage Servicing Package (MSP). In fact, many of the nation's top servicers rely on MSP, including eight of the top 10 and 14 of the top 20. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com.  

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 on demand for certain of our services; the elimination of existing and potential customers as a result of failures and consolidations in the banking and financial services industries; the effects of our substantial leverage on our ability to make acquisitions and invest in our business; 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; risks associated with our spin-off from Fidelity National Information Services, Inc., including limitations on our strategic and operating flexibility as a result of the tax-free nature of the spin-off; 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, the Company's subsequent reports on Form 10-Q and other filings with the Securities and Exchange Commission.

    
    
                                                                 Exhibit A 
                                                                           
                                                                           
               LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES           
                      Consolidated Statements of Earnings                  
                                  (Unaudited)                              
                                                                           
                                                                           
                                                                           
                                   Three months ended        Year ended    
                                      December 31,          December 31,
                                    --------------        ---------------- 
                                    2009      2008        2009        2008 
                                    ----      ----        ----        ---- 
                                              (In thousands)               
                                                                           
    Processing and services                                                
     revenues                   $608,133  $473,921  $2,370,548  $1,837,590 
                                                                           
    Cost of revenues             403,174   294,069   1,571,003   1,176,479 
                                 -------   -------   ---------   --------- 
                                                                           
      Gross profit               204,959   179,852     799,545     661,111 
                                                                           
    Selling, general and                                                   
     administrative expenses      64,059    58,298     267,339     229,875 
                                  ------    ------     -------     ------- 
                                                                           
      Operating income           140,900   121,554     532,206     431,236 
                                                                           
    Other income (expense):                                                
      Interest income                405       566       1,654       1,605 
      Interest expense           (19,896)  (25,306)    (84,630)    (49,927)
      Other expense, net             (31)       (4)       (248)        273 
                                     ---        --        ----         --- 
        Total other income                                                 
         (expense)               (19,522)  (24,744)    (83,224)    (48,049)
                                 -------   -------     -------     ------- 
                                                                           
      Earnings from continuing
       operations before income
       taxes and equity in losses
       of unconsolidated entity  121,378    96,810     448,982     383,187 
                                                                           
    Provision for income taxes    46,427    35,455     171,735     146,569 
                                  ------    ------     -------     ------- 
                                                                           
      Earnings from continuing
       operations before
       equity in losses of
       unconsolidated entity      74,951    61,355     277,247     236,618 
                                                                           
    Equity in losses of                                                    
     unconsolidated entity             -      (833)        (37)     (4,687)
                                  ------     -----     -------     ------- 
                                                                           
      Earnings from continuing                                             
       operations                 74,951    60,522     277,210     231,931 
                                                                           
      Discontinued operation,                                              
       net of tax                      -    (6,045)       (504)        158 
                                  ------    ------     -------     ------- 
                                                                           
        Net earnings              74,951    54,477     276,706     232,089 
                                                                           
    Noncontrolling minority                                                
     interest                        (50)     (148)       (977)     (1,201)
                                  ------    ------     -------     ------- 
                                                                           
        Net earnings                                                       
         attributable to Lender                                            
         Processing Services,                                              
         Inc.                    $74,901   $54,329    $275,729    $230,888 
                                 =======   =======    ========    ======== 
    
    
                                                        Exhibit B 
                                                                  
                                                                  
           LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES      
                      Consolidated Balance Sheets                 
                              (Unaudited)                         
                                                                  
                                     December 31,     December 31,
                                        2009             2008 
                                     -----------      ----------- 
                                            (In thousands)        
                       Assets                                     
    Current assets:                                               
                                                                  
      Cash and cash equivalents          $70,528         $125,966 
      Trade receivables, net of                                   
       allowance for doubtful                                     
       accounts                          401,333          344,848 
      Other receivables                    3,770           17,393 
      Due from affiliates                     -             2,713 
      Prepaid expenses and                                        
       other current assets               26,985           22,030 
      Deferred income taxes               47,528           40,757 
                                                                  
                                     -----------       ---------- 
        Total current assets             550,144          553,707 
                                     -----------       ---------- 
                                                                  
    Property and equipment, net                                   
     of accumulated depreciation         113,108           95,542 
    Computer software, net of                                     
     accumulated amortization            185,376          157,539 
    Other intangible assets,                                      
     net of accumulated                                           
     amortization                         72,796           83,489 
    Goodwill                           1,166,142        1,091,056 
    Other non-current assets             109,738          122,300 
                                     -----------       ---------- 
                                                                  
        Total assets                  $2,197,304       $2,103,633 
                                     ===========       ========== 
                                                                  
                                                                  
       Liabilities and Equity                                     
    Current liabilities:                                          
                                                                  
      Current portion of long-                                    
       term debt                         $40,100         $145,101 
      Trade accounts payable              38,166           31,720 
      Accrued salaries and                                        
       benefits                           54,376           36,492 
      Recording and transfer                                      
       tax liabilities                    15,208           14,639 
      Due to affiliates                    3,321            1,573 
      Other accrued liabilities          151,601          101,612 
      Deferred revenues                   66,602           51,628 
                                      ----------       ---------- 
        Total current                                             
         liabilities                     369,374          382,765 
                                      ----------       ---------- 
                                                                  
    Deferred revenues                     37,681           40,343 
    Deferred income taxes, net            65,215           36,557 
    Long-term debt, net of                                        
     current portion                   1,249,250        1,402,350 
    Other non-current                                             
     liabilities                          19,926           39,217 
                                                                  
                                      ----------       ---------- 
        Total liabilities              1,741,446        1,901,232 
                                      ----------       ---------- 
                                                                  
                                                                  
    Equity:                                                       
      Lender Processing Services, Inc.
       stockholders' equity:      
      Preferred stock $0.0001                                     
       par value; 50 million                                      
       shares authorized, none                 -                - 
        issued at December 31, 2009
         or 2008, respectively         
      Common stock $0.0001 par                                    
       value; 500 million shares                                  
       authorized, 97.0 million               10                9 
        and 95.3 million shares issued
         at December 31, 2009 and   
         2008, respectively                                       
      Additional paid-in capital         173,424          111,849 
      Retained earnings                  330,963           93,540 
      Accumulated other                                           
       comprehensive loss                 (7,630)         (13,667)
      Treasury stock $0.0001 par value;
       1,209,920 and 19,870 shares at              
        December 31, 2009 and                                     
         2008, respectively              (40,909)            (582)
                                      ----------       ---------- 
        Total Lender Processing                                   
         Services, Inc.                                           
         stockholders' equity            455,858          191,149 
      Noncontrolling minority                                     
       interest                                -           11,252 
                                      ----------       ---------- 
        Total equity                     455,858          202,401 
                                      ----------       ---------- 
                                                                  
        Total liabilities and                                     
         equity                       $2,197,304       $2,103,633 
                                      ==========       ========== 
    
    
                                                         Exhibit C
                                                                    
          LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES         
                Consolidated Statements of Cash Flows               
                             (Unaudited)                            
                                                                    
                                             Year ended December 31,  
                                             ----------------------   
                                              2009           2008     
                                              ----           ----     
                                               (In thousands)       
    Cash flows from operating activities:                           
      Net earnings attributable to                                  
       Lender Processing Services, Inc.     $275,729       $230,888 
                                                                    
      Adjustments to reconcile net earnings
        to net cash provided by operating
        activities:                      
          Depreciation and amortization       97,922         93,416  
          Amortization of debt issuance                             
           costs                               5,404          3,002     
          Gain on sale of discontinued                              
           operation                          (2,574)             -     
          Deferred income taxes, net          25,463            (28)    
          Stock-based compensation cost       28,042         21,513     
          Tax benefit associated with                               
           equity compensation                (2,921)          (533)    
          Equity in losses of                                       
           unconsolidated entity                  37          4,687     
          Noncontrolling minority                                   
           interest                              977          1,201  
                                                                    
          Changes in assets and liabilities,
           net of effects of      
           acquisitions:                                            
            Trade receivables                (49,602)       (57,918) 
            Other receivables                 13,637         (9,423)    
            Prepaid expenses and other                              
             assets                          (11,578)        11,666     
            Deferred revenues                 11,316         10,501     
            Accounts payable and other                              
             liabilities                      51,836         54,888     
                                            --------    -----------     
                                                                    
              Net cash provided by                                  
               operating activities          443,688        363,860     
                                            --------    -----------     
                                                                    
    Cash flows from investing activities:                           
      Additions to property and equipment    (40,890)       (23,012) 
      Additions to capitalized software      (57,885)       (39,276)    
      Acquisition of title plants            (17,219)             -     
      Acquisitions, net of cash acquired     (31,103)       (19,938)    
      Proceeds from sale of discontinued                              
       operation, net of cash distributed    (32,638)             -     
                                            --------    -----------     
                                                                    
              Net cash used in investing                            
               activities                   (179,735)       (82,226)    
                                            --------    -----------     
    Cash flows from financing activities:                           
      Borrowings                                   -         25,700     
      Debt service payments                 (254,497)       (63,272)    
      Stock options exercised                  8,098          1,448     
      Tax benefit associated with equity                            
       compensation                            2,921            533     
      Cash dividends paid                    (38,306)       (19,053)    
      Capitalized debt issuance costs              -        (25,735)    
      Repurchase of minority interests                              
       in subsidiary                          (6,850)             -     
      Net distributions to FIS                     -       (114,855)    
      Treasury stock purchases               (22,757)             -     
      Bond repurchases                        (8,000)             -     
                                            --------    -----------     
                                                                    
              Net cash used in financing                            
               activities                   (319,391)      (195,234)    
                                                                    
              Net (decrease) increase in                            
               cash and cash equivalents     (55,438)        86,400     
                                                                    
    Cash and cash equivalents, beginning                            
     of period                               125,966         39,566     
                                            --------    -----------     
                                                                    
    Cash and cash equivalents, end of                               
     period                                  $70,528       $125,966     
                                            ========    ===========     
                                                                    
                                                                    
    Supplemental disclosures of cash flow
     information:              
      Cash paid for interest                 $81,698        $32,330     
                                            ========    ===========     
                                                                    
      Cash paid for taxes                   $154,595        $62,229     
                                            ========    ===========     
                                                                    
      Non-cash contribution of stock                                
       compensation by FIS                        $-         $9,120     
                                            ========    ===========     
                                                                    
      Non-cash redistribution of assets                             
       to FIS                                   $434        $(1,308)    
                                            ========    ===========     
                                                                    
      Non-cash consideration received                               
       from sale of discontinued                                    
       operation                             $40,310             $-     
                                            ========    ===========     
                                                                    
      Non-cash consideration issued in                              
       acquisition of business               $(5,162)            $-     
                                            ========    ===========     
                                                                    
      Non-cash exchange of FIS note               $-    $(1,585,000)    
                                            ========    ===========     
    
    
                                                                   Exhibit D
    
    LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES                        
    SUPPLEMENTAL FINANCIAL INFORMATION - UNAUDITED                           
    (In thousands)                           
                                                     Year ended December 31,
                                                     -----------------------
                                                         2009        2008
                                                         ----        ----
                                                                        
    1. Revenues - Continuing Operations                               
                                                                            
       Technology, Data and Analytics (TD&A):                  
         Mortgage Processing                            $387,874    $334,184
         Other TD&A                                      319,611     231,466
                                                       ---------   ---------
           Total                                         707,485     565,650
                                                       ---------   ---------
              
       Loan Transaction Services:                                
         Loan Facilitation Services                      547,300     431,673
         Default Services                              1,137,313     851,828
                                                      ----------   ---------
           Total                                       1,684,613   1,283,501
                                                      ----------   ---------
    
       Corporate and Other                               (21,550)    (11,561)
                                                      ----------  ----------
         Total Revenue                                $2,370,548  $1,837,590
                                                      ==========  ==========
    
       Revenue Growth from Prior Year Period         
                                                                
       Technology, Data and Analytics:   
         Mortgage Processing                                16.1%       -1.6%
         Other TD&A                                         38.1%        0.4%
                                                            ----        ---- 
           Total                                            25.1%       -0.8%
                                                            ----        ---- 
                   
       Loan Transaction Services:          
         Loan Facilitation Services                         26.8%      -28.2%
         Default Services                                   33.5%       80.1%
                                                            ----        ----
           Total                                            31.3%       19.5%
                                                            ----        ----
             
       Corporate and Other                                   n/m         n/m
                                                            ----        ----
         Total Revenue                                      29.0%       12.1%
                                                            ====        ====
    
    
    2. Depreciation and Amortization
        - Continuing Operations     
    
       Depreciation and Amortization                      $61,331    $51,075
       Purchase Price Amortization                         30,749     40,018
       Other Amortization                                   5,837      2,244
                                                          -------    -------
    
         Total Depreciation and Amortization              $97,917    $93,337
                                                          =======    =======
                                   
    
    3. Stock Compensation Expense (1)              
                                                                  
       Stock Compensation Expense,
        Excluding Acceleration Charges                    $27,243    $21,375
       Stock Acceleration Expense                             799        138
                                                           ------     ------
         Total Stock Compensation Expense                 $28,042    $21,513
                                                          =======    =======
                                            
                                                         
    4. EBIT - Discontinued Operations (2)                      
                                                                          
       Revenue                                               $296    $24,319
                                                                         
       Cost of Sales                                          503      6,379
                               
       Selling, General and Administrative Expenses           499      8,982
                                                           ------    -------
                        
         Operating Income                                    (706)     8,958
                                          
       Less Non-recurring Charges:               
         Restructuring Costs                                    -          -
         LPS Spin Related Costs                                 -          -
         Acceleration of Performance-Based Shares               -          -
                                                            -----     ------
       EBIT, as adjusted                                    $(706)    $8,958
                                                            -----     ------
                           
       Depreciation and Amortization                           $5        $79
                                                            =====     ======
               
                                              Quarter ended                
                                              -------------                
                                12/31/2009   9/30/2009  6/30/2009  3/31/2009
                                ----------   ---------  ---------  --------- 
                                                      
    1. Revenues
        - Continuing Operations                                 
                                                                         
       Technology, Data and
        Analytics (TD&A):                   
         Mortgage Processing      $104,184    $102,973    $89,567    $91,150
         Other TD&A                 85,247      83,313     82,322     68,729
                                   -------     -------     ------     ------
           Total                   189,431     186,286    171,889    159,879
                                   -------     -------    -------    -------
                   
       Loan Transaction Services:                                         
         Loan Facilitation
          Services                 142,919     136,657    148,510    119,214
         Default Services          278,647     303,823    299,534    255,309
                                   -------     -------    -------    -------
           Total                   421,566     440,480    448,044    374,523
                                   -------     -------    -------    -------
                                                          
       Corporate and Other          (2,864)     (7,339)    (6,762)    (4,585)
                                    ------      ------     ------     ------
        
         Total Revenue            $608,133    $619,427   $613,171   $529,817
                                  ========    ========   ========   ========
                                                           
       Revenue Growth from Prior
        Year Period                                               
                                              
       Technology, Data and
        Analytics:                                                    
         Mortgage Processing          17.9%       23.2%       9.1%      13.7%
         Other TD&A                   40.3%       50.5%      37.9%      23.5%
                                      ----        ----       ----       ---- 
           Total                      27.0%       34.1%      21.3%      17.7%
                                      ----        ----       ----       ---- 
                                                              
       Loan Transaction Services:                                    
         Loan Facilitation Services   70.3%       55.9%      25.8%     -16.1%
         Default Services             14.3%       25.6%      51.9%      51.0%
                                      ----        ----       ----       ---- 
           Total                      28.7%       33.7%      42.1%      20.4%
                                      ----        ----       ----       ---- 
                                                                       
       Corporate and Other             0.6%      338.1%       n/m        n/m 
                                      ----       -----       ----       ---- 
         Total Revenue                28.3%       32.7%      35.3%      19.4%
                                      ====        ====       ====       ==== 
                                                              
    
    2. Depreciation and Amortization
        - Continuing Operations                               
                                                     
       Depreciation and
        Amortization               $15,932     $15,894    $15,431    $14,074
       Purchase Price
        Amortization                 7,654       7,608      7,404      8,083
       Other Amortization            1,713       1,542        753      1,829
                                    ------      ------     ------     ------
         Total Depreciation and
          Amortization             $25,299     $25,044    $23,588    $23,986
                                   =======     =======    =======    ======= 
                                                        
                                                                           
    3. Stock Compensation Expense (1)              
                                                                            
       Stock Compensation Expense,
        Excluding Acceleration
        Charges                     $7,678      $7,062     $6,459     $6,044
       Stock Acceleration Expense        -           -          -        799
                                     -----       -----      -----      -----
         Total Stock Compensation
          Expense                   $7,678      $7,062     $6,459     $6,843
                                    ======      ======     ======     ======
                                                 
                                                    
    4. EBIT – Discontinued
       Operations (2)
    
       Revenue                          $-          $-         $-       $296
                                                        
       Cost of Sales                     -           -          -        503
                                                            
       Selling, General and
        Administrative Expenses          -           -          -        499
                                     -----       -----      -----      ----- 
                                               
         Operating Income                -           -          -       (706)
                                     -----       -----      -----      ----- 
       Less Non-recurring Charges:                                   
         Restructuring Costs             -           -          -          - 
         LPS Spin Related Costs          -           -          -          - 
         Acceleration of
          Performance-Based Shares       -           -          -          - 
                                     -----       -----      -----      ----- 
       EBIT, as adjusted                $-          $-         $-      $(706)
                                     -----       -----      -----      ----- 
                                        
       Depreciation and Amortization    $-          $-         $-         $5 
                                     =====       =====      =====      ===== 
    
    
                                              Quarter ended                
                                              -------------                
    
                                 12/31/2008   9/30/2008  6/30/2008  3/31/2008
                                 ----------   ---------  ---------  --------- 
         
    1. Revenues
        - Continuing Operations                                 
    
       Technology, Data and
        Analytics (TD&A):                                                
         Mortgage Processing       $88,364     $83,592    $82,062    $80,166
         Other TD&A                 60,754      55,372     59,682     55,658
                                  --------    --------   --------   --------
           Total                   149,118     138,964    141,744    135,824
                                  --------    --------   -------    --------
                                               
       Loan Transaction Services:             
         Loan Facilitation
          Services                  83,914      87,629    118,091    142,039
         Default Services          243,736     241,844    197,223    169,025
                                  --------    --------   --------   --------
           Total                   327,650     329,473    315,314    311,064
                                  --------    --------   --------   --------
                
       Corporate and Other          (2,847)     (1,675)    (3,711)    (3,328)
                                  --------    --------   --------   --------
    
         Total Revenue            $473,921    $466,762   $453,347   $443,560
                                  ========    ========   ========   ========
                                           
       Revenue Growth from
        Prior Year Period                                                
                                                          
       Technology, Data and
        Analytics:                                                 
         Mortgage Processing          -4.9%        2.9%      -1.4%      -2.6%
         Other TD&A                   14.6%       -5.5%       1.5%      -7.4%
                                      ----        ----       ----       ----
           Total                       2.2%       -0.6%      -0.2%      -4.6%
                                      ----        ----       ----       ---- 
                                                                
       Loan Transaction Services:             
         Loan Facilitation
          Services                   -39.6%      -42.8%     -28.3%      -1.3%
         Default Services             68.3%       97.1%      89.7%      66.5%
                                      ----        ----       ----       ---- 
           Total                      15.4%       19.4%      17.3%      26.7%
                                      ----        ----       ----       ---- 
                                                                            
       Corporate and Other             n/m         n/m        n/m        n/m
                                       ---         ---        ---        ---
                                                            
         Total Revenue                11.0%       13.3%      10.0%      14.4%
                                      ====        ====       ====       ==== 
                                            
    
    2. Depreciation and Amortization
        - Continuing Operations                               
                                                        
       Depreciation and
        Amortization               $13,697     $12,594    $11,286    $13,498
       Purchase Price
        Amortization                10,711      10,627      8,980      9,700
       Other Amortization              596         579        594        475 
                                   -------     -------    -------    ------- 
         Total Depreciation and
          Amortization             $25,004     $23,800    $20,860    $23,673 
                                   =======     =======    =======    ======= 
                                               
                                                                 
    3. Stock Compensation
       Expense (1)                    
                                                      
       Stock Compensation Expense,
        Excluding Acceleration
        Charges                     $6,603      $5,790     $4,295     $4,687 
       Stock Acceleration Expense        -           -        138          - 
                                     -----      ------     ------     ------ 
         Total Stock Compensation
          Expense                   $6,603      $5,790     $4,433     $4,687 
                                    ======      ======     ======     ====== 
    
    
    4. EBIT – Discontinued
       Operations (2)      
                            
       Revenue                      $2,204      $5,916     $7,033     $9,166 
                                                       
       Cost of Sales                 1,571       1,521      1,499      1,788 
                                                                             
       Selling, General and
        Administrative Expenses      1,814       1,837      2,212      3,119 
                                    ------      ------     ------     ------ 
         Operating Income           (1,181)      2,558      3,322      4,259 
                                    ------      ------     ------     ------ 
       Less Non-recurring Charges:                       
         Restructuring Costs             -           -          -          - 
         LPS Spin Related Costs          -           -          -          - 
         Acceleration of
          Performance-Based Shares       -           -          -          - 
                                   -------      ------     ------     ------ 
       EBIT, as adjusted           $(1,181)     $2,558     $3,322     $4,259 
                                   -------      ------     ------     ------ 
                                                  
       Depreciation and
        Amortization                   $17         $19        $20        $23 
                                   =======      ======     ======     ====== 
                                 
    
    (1) As the Company does not allocate stock compensation expense to the 
        individual business units, there is no related expense associated 
        with the discontinued operation.                              
    (2) The business unit included in discontinued operations has 
        historically been reported as a component of Loan Facilitation 
        Services in the Loan Transaction Services reporting segment.  
    
    
                                                                   Exhibit E
                                                            
    LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES     
    NON-GAAP FINANCIAL INFORMATION - UNAUDITED
    (In thousands, except per share data)                 
    
                                                      Year ended December 31,
                                                      -----------------------
                                                          2009        2008
                                                          ----        ----
    
    1. EBIT - Continuing Operations                     
       Consolidated                                              
         Revenue                                      $2,370,548  $1,837,590
         Cost of Sales                                 1,571,003   1,176,479
         Selling, General and Administrative 
          Expenses                                       267,339     229,875
                                                         -------     -------
            Operating Income                             532,206     431,236
          Less Non-recurring Charges:
            Restructuring Costs                            8,186       2,353
            LPS Spin Related Costs                             -       2,963
            Acceleration of Performance-Based Shares         799         138
                                                        --------    --------
          EBIT, as adjusted                             $541,191    $436,690
                                                        --------    --------
          EBIT Margin, as adjusted                          22.8%       23.8%
                                                            ====        ==== 
          Depreciation and Amortization                  $97,917     $93,337
                                                         =======     =======
    
        Technology, Data and Analytics
          Revenue                                       $707,485    $565,650
          Cost of Sales                                  402,411     309,969
          Selling, General and Administrative Expenses    70,717      64,640 
                                                          ------      ------
            Operating Income                             234,357     191,041
         Less Non-recurring Charges:
            Restructuring Costs                                -       2,178
            LPS Spin Related Costs                             -           -
            Acceleration of Performance-Based Shares           -           -
                                                        --------    --------
    
          EBIT, as adjusted                             $234,357    $193,219
                                                        --------    --------
          EBIT Margin, as adjusted                          33.1%       34.2%
                                                            ====        ====
          Depreciation and Amortization                  $69,477     $61,205
                                                         =======     ======= 
    
        Loan Transaction Services  
          Revenue                                     $1,684,613  $1,283,501
          Cost of Sales                                1,190,238     879,031
          Selling, General and Administrative Expenses   107,769     105,299
                                                         -------     -------
            Operating Income                             386,606     299,171
          Less Non-recurring Charges:
            Restructuring Costs                                -         163
            LPS Spin Related Costs                             -           -
            Acceleration of Performance-Based Shares           -           -
                                                        --------    --------
          EBIT, as adjusted                             $386,606    $299,334
                                                        --------    --------
          EBIT Margin, as adjusted                          22.9%       23.3%
                                                            ====        ==== 
        Depreciation and Amortization                    $20,310     $25,132
                                                         =======     =======
    
        Corporate and Other
          Revenue                                       $(21,550)   $(11,561)
          Cost of Sales                                  (21,646)    (12,521)
          Selling, General and Administrative Expenses    88,853      59,936
                                                          ------      ------
            Operating Income                             (88,757)    (58,976)
          Less Non-recurring Charges:
            Restructuring Costs                            8,186          12
            LPS Spin Related Costs                             -       2,963
            Acceleration of Performance-Based Shares         799         138
                                                        --------    --------
          EBIT, as adjusted                             $(79,772)   $(55,863)
                                                        --------    --------
          Depreciation and Amortization                   $8,130      $7,000
                                                          ======      ====== 
    
    
    2. Net Earnings - Reconciliation
        Net Earnings                                    $275,729     230,888
        Less Non-recurring Charges:
          Restructuring Costs, net of tax                  5,055       1,440
          LPS Spin Related Costs, net of tax                   -       1,814
          Acceleration of Performance-Based Shares, 
           net of tax                                        493          84
          Impact of change in tax rate on 
           non-recurring items                                 -        (223)
                                                             ---        ----
            Net Earnings, excluding non-recurring 
             items                                       281,277     234,003 
    
        Pro Forma Interest Expense, net of tax (1)             -      28,131
                                                             ---      ------
        Pro Forma Net Earnings                           281,277     205,872
        Purchase Price Amortization, net of tax (2)       18,987      24,751
                                                        --------    --------
        Pro Forma Adjusted Net Earnings                 $300,264    $230,623 
                                                        ========    ========
        Pro Forma Net Earnings Per Share                   $2.93       $2.15
                                                           =====       ===== 
        Pro Forma Adjusted Net Earnings Per Share (3)      $3.12       $2.41
                                                           =====       =====
        Pro Forma Diluted Weighted Average Shares (3)     96,152      95,754
                                                          ======      ======
    
    3. Cashflow - Reconciliation
        Cash Flows from Operating Activities:
    
          Net Earnings                                  $275,729    $230,888
          Less Non-recurring Charges:
            Restructuring Costs, net of tax                4,304       1,440
            LPS Spin Related Costs, net of tax                 -       1,814
            Impact of change in tax rate on 
             non-recurring items                               -        (223)
                                                             ---        ----
               Net Earnings, excluding non-recurring 
                items                                    280,033     233,919
    
            Pro Forma Interest Expense, net of tax             -      28,131
                                                             ---      ------
            Pro Forma Adjusted Net Earnings              280,033     205,788
            Adjustments to reconcile net earnings to 
             net cash provided by operating activities: 
              Non-cash adjustments                       152,350     123,258
              Working capital adjustments                 15,609       9,714
                                                          ------      ------
                Net cash provided by operating 
                 activities                              447,992     338,760
                                                         -------     -------
            Capital expenditures included in investing 
             activities                                  (98,775)    (62,288)
                                                         -------     -------
            Pro Forma Adjusted Net Free Cash Flow       $349,217    $276,472
                                                        ========    ========
    
    
                                               Quarter ended
                                               -------------                
                                12/31/2009   9/30/2009  6/30/2009  3/31/2009 
                                ----------   ---------  ---------  --------- 
    
    1. EBIT - Continuing Operations
        Consolidated
          Revenue                 $608,133    $619,427   $613,171   $529,817 
          Cost of Sales            403,174     409,113    404,014    354,702 
          Selling, General and 
           Administrative Expenses  64,059      66,671     65,431     71,178 
                                    ------      ------     ------     ------ 
             Operating Income      140,900     143,643    143,726    103,937 
    
        Less Non-recurring Charges: 
          Restructuring Costs            -           -          -      8,186 
          LPS Spin Related Costs         -           -          -          - 
          Acceleration of Performance-
           Based Shares                  -           -          -        799 
                                  --------    --------   --------   -------- 
    
        EBIT, as adjusted         $140,900    $143,643   $143,726   $112,922 
                                  --------    --------   --------   -------- 
        EBIT Margin, as adjusted      23.2%       23.2%      23.4%      21.3%
                                      ====        ====       ====       ==== 
        Depreciation and 
         Amortization              $25,299     $25,044    $23,588    $23,986 
                                   =======     =======    =======    ======= 
    
    
        Technology, Data and Analytics 
          Revenue                 $189,431    $186,286   $171,889   $159,879 
          Cost of Sales            107,368     105,651     98,929     90,463 
          Selling, General and 
           Administrative Expenses  18,571      18,256     17,824     16,066 
                                    ------      ------     ------     ------ 
            Operating Income        63,492      62,379     55,136     53,350 
    
          Less Non-recurring Charges: 
           Restructuring Costs           -           -          -          - 
           LPS Spin Related Costs        -           -          -          - 
           Acceleration of Performance-
            Based Shares                 -           -          -          - 
                                   -------     -------    -------    ------- 
    
         EBIT, as adjusted         $63,492     $62,379    $55,136    $53,350 
                                   -------     -------    -------    ------- 
    
         EBIT Margin, as adjusted     33.5%       33.5%      32.1%      33.4%
                                   =======     =======    =======    ======= 
         Depreciation and 
          Amortization             $18,066     $17,595    $16,441    $17,375 
                                   =======     =======    =======    ======= 
    
        Loan Transaction Services
          Revenue                 $421,566    $440,480   $448,044   $374,523 
          Cost of Sales            298,723     311,230    311,349    268,936 
          Selling, General and
           Administrative Expenses  25,681      27,665     27,064     27,359 
                                   -------     -------    -------    ------- 
            Operating Income        97,162     101,585    109,631     78,228 
    
          Less Non-recurring Charges:                         
            Restructuring Costs          -           -          -          - 
            LPS Spin Related Costs       -           -          -          - 
            Acceleration of 
             Performance-Based Shares    -           -          -          - 
                                    ------     -------    -------    ------- 
          EBIT, as adjusted        $97,162    $101,585   $109,631    $78,228 
                                   -------    --------   --------    ------- 
          EBIT Margin, as adjusted    23.0%       23.1%      24.5%      20.9%
                                   =======    ========   ========    ======= 
          Depreciation and
           Amortization             $5,281      $5,295     $5,126     $4,608 
                                    ======      ======     ======     ====== 
                      
        Corporate and Other           
          Revenue                  $(2,864)    $(7,339)   $(6,762)   $(4,585)
    
          Cost of Sales             (2,917)     (7,768)    (6,264)    (4,697)
    
          Selling, General and
           Administrative Expenses  19,807      20,750     20,543     27,753 
                                    ------      ------     ------     ------ 
    
            Operating Income       (19,754)    (20,321)   (21,041)   (27,641)
    
          Less Non-recurring Charges:                   
            Restructuring Costs          -           -          -      8,186 
            LPS Spin Related Costs       -           -          -          - 
            Acceleration of
             Performance-Based Shares    -           -          -        799 
                                     -----      ------     ------     ------ 
    
           EBIT, as adjusted      $(19,754)   $(20,321)  $(21,041)  $(18,656)
                                  --------    --------   --------   -------- 
    
           Depreciation and
            Amortization            $1,952      $2,154     $2,021     $2,003 
                                    ======      ======     ======     ====== 
    
    
    2. Net Earnings - Reconciliation     
         Net Earnings              $74,901     $75,542    $75,240    $50,046 
         Less Non-recurring
          Charges:  
           Restructuring Costs,
            net of tax                   -           -          -      5,055 
           LPS Spin Related Costs,
            net of tax                   -           -          -          - 
           Acceleration of 
            Performance-Based Shares,
            net of tax                   -           -          -        493 
           Impact of change in tax
            rate on non-recurring items  -           -          -          - 
                                      ----        ----       ----       ---- 
    
             Net Earnings, excluding
              non-recurring items   74,901      75,542     75,240     55,594 
    
         Pro Forma Interest Expense,
          net of tax (1)                 -           -          -          - 
                                    ------      ------     ------     ------ 
    
         Pro Forma Net Earnings     74,901      75,542     75,240     55,594 
    
         Purchase Price
          Amortization, 
          net of tax (2)             4,726       4,698      4,572      4,991 
                                   -------     -------    -------    ------- 
    
         Pro Forma Adjusted
          Net Earnings             $79,627     $80,240    $79,812    $60,585 
                                   =======     =======    =======    ======= 
    
         Pro Forma Net
          Earnings Per Share         $0.77       $0.78      $0.78      $0.58 
                                     =====       =====      =====      ===== 
    
         Pro Forma Adjusted Net
          Earnings Per Share (3)     $0.82       $0.83      $0.83      $0.64 
                                     =====       =====      =====      ===== 
    
         Pro Forma Diluted
          Weighted Average
          Shares (3)                96,781      96,399     96,133     95,284 
                                    ======      ======     ======     ====== 
    
    
    3. Cashflow - Reconciliation             
    
         Cash Flows from
          Operating Activities:  
    
           Net Earnings            $74,901     $75,542    $75,240    $50,046 
    
           Less Non-recurring
            Charges:                    
             Restructuring Costs,
              net of tax                 -           -          -      4,304 
             LPS Spin Related
              Costs, net of tax          -           -          -          - 
             Impact of change in tax
              rate on non-recurring
              items                      -           -          -          - 
                                         -           -          -          - 
               Net Earnings,
                excluding 
                non-recurring
                items               74,901      75,542     75,240     54,350 
    
           Pro Forma Interest
            Expense, net of tax          -           -          -          - 
                                    ------      ------     ------     ------ 
           Pro Forma Adjusted
            Net Earnings            74,901      75,542     75,240     54,350 
    
           Adjustments to
            reconcile net earnings
            to net cash provided
            by operating activities:                
               Non-cash
                adjustments         60,281      32,279     31,700     28,090 
    
               Working capital
                adjustments         13,369     (16,954)    21,957     (2,763)
                                    ------     -------     ------     ------ 
    
                 Net cash provided
                  by operating
                  activities       148,551      90,867    128,897     79,677 
                                   -------      ------    -------     ------ 
           Capital expenditures 
            included in investing  
            activities             (30,913)    (19,455)   (25,836)   (22,571)
                                   -------     -------    -------    ------- 
    
           Pro Forma Adjusted
            Net Free Cash Flow    $117,638     $71,412   $103,061    $57,106 
                                  ========     =======   ========    ======= 
    
                                                Quarter ended
                                                -------------
                                12/31/2008   9/30/2008  6/30/2008  3/31/2008 
                                ----------   ---------  ---------  --------- 
                                                                            
    1. EBIT - Continuing Operations  
                                       
       Consolidated                 
         Revenue                  $473,921    $466,762   $453,347   $443,560 
    
         Cost of Sales             294,069     300,560    293,464    288,386 
    
         Selling, General and
          Administrative Expenses   58,298      57,909     58,570     55,098 
                                    ------      ------     ------     ------ 
            Operating Income       121,554     108,293    101,313    100,076 
    
         Less Non-recurring 
          Charges:                                             
           Restructuring Costs           -           -      2,353          - 
           LPS Spin Related Costs        -           -      1,960      1,003 
           Acceleration of
            Performance-Based Shares     -           -        138          - 
                                    ------     -------    -------    ------- 
    
         EBIT, as adjusted        $121,554    $108,293   $105,764   $101,079 
                                  --------    --------   --------   -------- 
    
         EBIT Margin, as adjusted     25.6%       23.2%      23.3%      22.8%
                                  ========    ========   ========   ======== 
    
         Depreciation and
          Amortization             $25,004     $23,800    $20,860    $23,673 
                                   =======     =======    =======    ======= 
    
       Technology, Data and
         Analytics                            
    
         Revenue                  $149,118    $138,964   $141,744   $135,824 
    
         Cost of Sales              80,482      73,980     81,397     74,110 
    
         Selling, General and
          Administrative Expenses   15,121      15,790     17,471     16,258 
                                    ------      ------     ------     ------ 
    
           Operating Income         53,515      49,194     42,876     45,456 
    
         Less Non-recurring Charges:                                    
           Restructuring Costs           -           -      2,178          - 
           LPS Spin Related Costs        -           -          -          - 
           Acceleration of
            Performance-Based Shares     -           -          -          - 
                                    ------     -------    -------    ------- 
         EBIT, as adjusted         $53,515     $49,194    $45,054    $45,456 
                                   -------     -------    -------    ------- 
    
         EBIT Margin, as adjusted     35.9%       35.4%      31.8%      33.5%
                                   =======     =======    =======    ======= 
    
         Depreciation and
          Amortization             $15,990     $15,229    $13,971    $16,015 
                                   =======     =======    =======    ======= 
    
       Loan Transaction Services                 
         Revenue                  $327,650    $329,473   $315,314   $311,064 
    
         Cost of Sales             217,242     228,283    215,838    217,668 
    
         Selling, General and 
          Administrative Expenses   26,314      26,487     27,154     25,344 
                                    ------      ------     ------     ------ 
    
           Operating Income         84,094      74,703     72,322     68,052 
    
         Less Non-recurring Charges:       
           Restructuring Costs           -           -        163          - 
           LPS Spin Related Costs        -           -          -          - 
           Acceleration of 
            Performance-Based Shares     -           -          -          - 
                                   -------     -------    -------    ------- 
         EBIT, as adjusted         $84,094     $74,703    $72,485    $68,052 
                                   -------     -------    -------    ------- 
         EBIT Margin, as adjusted     25.7%       22.7%      23.0%      21.9%
                                   =======     =======    =======    ======= 
    
         Depreciation and 
          Amortization              $7,028      $6,651     $5,290     $6,163 
                                    ======      ======     ======     ====== 
    
       Corporate and Other                                          
    
         Revenue                   $(2,847)    $(1,675)   $(3,711)   $(3,328)
    
         Cost of Sales              (3,655)     (1,703)    (3,771)    (3,392)
    
         Selling, General and 
          Administrative Expenses   16,863      15,632     13,945     13,496 
                                    ------      ------     ------     ------ 
    
           Operating Income        (16,055)    (15,604)   (13,885)   (13,432)
    
         Less Non-recurring Charges:
           Restructuring Costs           -           -         12          - 
           LPS Spin Related Costs        -           -      1,960      1,003 
           Acceleration of
            Performance-Based Shares     -           -        138          - 
                                    ------     -------    -------    ------- 
    
         EBIT, as adjusted        $(16,055)   $(15,604)  $(11,775)  $(12,429)
                                  --------    --------   --------   -------- 
         Depreciation and
          Amortization              $1,986      $1,920     $1,599     $1,495 
                                    ======      ======     ======     ====== 
    
    
    2. Net Earnings - Reconciliation    
    
         Net Earnings              $54,329     $51,281    $63,546    $61,732 
    
         Less Non-recurring Charges:  
           Restructuring Costs,
            net of tax                   -           -      1,440          - 
           LPS Spin Related Costs,
            net of tax                   -           -      1,200        614 
           Acceleration of
            Performance-Based Shares,
            net of tax                   -           -         84          - 
           Impact of change in tax rate
            on non-recurring items    (223)          -          -          - 
                                      ----        ----       ----       ---- 
             Net Earnings, excluding
              non-recurring items   54,106      51,281     66,270     62,346 
    
         Pro Forma Interest Expense,
          net of tax (1)                 -           -     13,951     14,180 
                                    ------      ------     ------     ------ 
    
         Pro Forma Net Earnings     54,106      51,281     52,319     48,166 
    
         Purchase Price 
          Amortization,
           net of tax (2)            6,815       6,504      5,496      5,936 
                                   -------     -------    -------    ------- 
          
         Pro Forma Adjusted Net
          Earnings                 $60,921     $57,785    $57,815    $54,102 
                                   =======     =======    =======    ======= 
    
         Pro Forma Net Earnings 
          Per Share                  $0.57       $0.54      $0.55      $0.49 
                                     =====       =====      =====      ===== 
    
         Pro Forma Adjusted Net
          Earnings Per Share (3)     $0.64       $0.61      $0.61      $0.55 
                                     =====       =====      =====      ===== 
    
         Pro Forma Diluted 
          Weighted Average
          Shares (3)                95,126      95,223     95,070     97,597 
                                    ======      ======     ======     ====== 
    
    
    3. Cashflow - Reconciliation   
    
         Cash Flows from Operating Activities:   
    
           Net Earnings            $54,329     $51,281    $63,546    $61,732 
    
           Less Non-recurring
            Charges:  
             Restructuring Costs,
              net of tax                 -           -      1,440          - 
             LPS Spin Related Costs,
              net of tax                 -           -      1,200        614 
             Impact of change in tax
              rate on non-recurring
              items                   (223)          -          -          - 
                                      ----        ----       ----       ---- 
               Net Earnings,
                excluding
                non-recurring items  54,106      51,281     66,186     62,346 
    
           Pro Forma Interest Expense,
            net of tax                    -           -     13,951     14,180 
                                     ------      ------     ------     ------ 
    
           Pro Forma Adjusted Net
            Earnings                 54,106      51,281     52,235     48,166 
    
           Adjustments to reconcile 
            net earnings to net cash
            provided by operating
            activities: 
             Non-cash adjustments    30,081      32,420     18,262     42,495 
             Working capital
              adjustments            32,158      26,908    (91,474)    42,122 
                                     ------      ------    -------     ------ 
       
               Net cash provided
                by operating 
                activities          116,345     110,609    (20,977)   132,783 
                                    -------     -------    -------    ------- 
            Capital expenditures
             included in investing    
             activities             (23,946)    (13,205)   (14,344)   (10,793)
                                    -------     -------    -------    ------- 
    
            Pro Forma Adjusted Net
             Free Cash Flow         $92,399     $97,404   $(35,321)  $121,990 
                                    =======     =======   ========   ======== 
    
    Notes:   
    
    (1) Pro forma interest expense for each of the two quarters in the period
    ended June 30, 2008 represents the interest expense associated with the 
    $1,610.7 million in debt incurred by us in connection with the spin-off 
    assuming the spin-off occurred on January 1, 2007. Our new bank debt 
    bears interest at a floating rate which we estimate would have been 4.96%
    on the revolving credit agreement, Term Loan A and Term Loan B based on
    the one month LIBOR rate on June 30, 2008 (2.46%) plus a spread of 2.5%. 
    Our new senior notes bear interest at a fixed rate of 8.125%. 
    Amortization of capitalized debt issuance costs in connection with the 
    borrowings included in pro forma interest expense total approximately 
    $2.7 million for the six months ended June 30, 2008. These projections 
    also reflect principal paydowns of approximately $36.3 million ($35 
    million of Term Loan A, $1.3 million of Term Loan B) per quarter under 
    the credit agreement (other than in the first quarter after closing, in 
    which only $1.3 million is payable) and the paydown of the revolver of 
    $25.7 million during the first quarter of 2007.
    
    (2) Purchase price amortization, net of tax represents the periodic 
    amortization of intangible assets acquired through business acquisitions 
    primarily relating to customer lists, trademarks and non-compete 
    agreements.
    
    (3) Pro forma earnings per share and pro forma diluted weighted average 
    shares for the quarter ended June 30, 2008 are provided based on the 
    94,611 shares of Lender Processing Services, Inc. common stock issued to 
    FIS shareholders on the July 2, 2008 spin date along with dilutive 
    common stock equivalents calculated under the treasury stock method using
    the $33 per share closing price of LPS on July 2, 2008 as the average 
    market price and the number of LPS options and awards issued to our 
    employees per the terms of the spin-off. Pro forma earnings per share and
    pro forma diluted weighted average shares for all other periods presented
    above are based on the pro forma diluted shares as included in the 
    Company’s Form 10 filed on June 20, 2008.
    

SOURCE Lender Processing Services, Inc.

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