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Lender Processing Services, Inc. Reports Strong Second Quarter Earnings
Jul 22, 2010 (04:07 PM EDT)


Year-over-year operating income increases 3.3%

Year-over-year adjusted EPS increases 7.2% to 89 cents per diluted share

JACKSONVILLE, Fla., July 22 /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 $599.1 million for the second quarter of 2010, a decrease of 2.3% compared to the second quarter of 2009; however, net earnings of $80.4 million or 85 cents per diluted share in the second quarter of 2010 increased from $75.2 million or 78 cents per diluted share in the prior year quarter.

Adjusted net earnings for the second quarter of 2010 were $84.0 million, or 89 cents per diluted share, compared to $79.8 million, or 83 cents per diluted share in the second quarter of 2009.  Adjusted net earnings in the current quarter include an adjustment for purchase price amortization of 4 cents per diluted share while the prior year quarter included a similar adjustment of 5 cents per diluted share.

"LPS had a strong quarter despite very difficult conditions in both the origination and default markets and a sustained challenging macro-economic environment.  LPS, with its comprehensive end-to-end solutions for the mortgage and real estate industries, remains well positioned for a solid 2010 and to continue to grow profitably in 2011 and beyond," said Lee A. Kennedy, Executive Chairman of LPS. "Our Mortgage Processing business delivered another strong quarter and while our Loan Facilitation and Default Services businesses were both impacted by sluggish industry trends, we continued to expand market share in both areas," added Jeff Carbiener, President and CEO of LPS.

Operating income of $148.4 million in the quarter increased from $143.7 million in the second quarter of 2009 and operating margins improved by 140 basis points to 24.8%.

Adjusted free cash flow (net cash provided by operating activities minus certain non-recurring expenses and additions to property, equipment and computer software) for the first half of 2010 was $149.5 million compared to $160.2 million in the first half of 2009 primarily due to higher capital expenditures as well as from timing differences in our working capital components.

Technology, Data and Analytics (TD&A)

Revenues for the segment were $185.2 million compared to $171.9 million in the second quarter of 2009 while operating income of $64.8 million compared to $55.1 million in the prior year period.  Mortgage Processing revenues of $102.4 million were 14.3% above the second quarter of 2009 primarily due to higher activity-based fees as well as professional services and license revenues.  Other TD&A revenues of $82.9 million compared to $82.3 million in the same period last year. Overall operating income for TD&A grew 17.6% primarily due to higher contributions from Mortgage Processing somewhat offset by lower contributions from our Desktop business due to investments in key implementations for top-tier financial institutions and also from our Data & Analytics businesses.

Loan Transaction Services (LTS)

Revenues for the segment were $415.5 million compared to $448.0 million in the second quarter of 2009 and operating income of $101.6 million compared to $109.6 million in the prior year quarter.  While Loan Facilitation Services revenues of $140.5 million declined 5.4% year-over-year, they compared favorably to the Mortgage Bankers Association's (MBA) estimate of overall originations being lower by 20% year-over-year.  This positive variance was primarily due to market share gains in our settlement services and appraisal offerings. Default Services revenues of $275.0 million declined 8.2% compared to the second quarter of 2009, due to a decline in industry foreclosure starts of 16.0% for the same period, per LPS's Mortgage Monitor report, which were driven by a broader industry slowdown. Overall operating income for LTS was lower mainly due to lower contributions from Default Services partly offset by higher income in Loan Facilitation services.

Corporate and Other

Net corporate expenses in the second quarter of 2010 were $18.0 million compared to $21.0 million in the prior year quarter primarily due to lower incentive compensation costs.

The company noted that it had repurchased 1.6 million shares for $57.4 million in the second quarter.  Following these purchases, $68.8 million remained available under the previous authorization.  Also, the company announced that its Board of Directors had authorized a new share repurchase program of $150 million for a one year period that replaced the previous authorization.

Outlook

"Second quarter and first half 2010 results were solid given the challenges in our specific markets and the broader economic environment.  LPS with its market-leading presence remains well positioned to grow revenue and earnings in the second half of 2010 as well as in 2011," said Jeff Carbiener. "Based on trends in the first half of 2010 and the outlook for the remainder of the year for the origination and default markets, we now expect full year 2010 revenues to grow 3%-6% compared to 2009.  Also, we continue to expect full year 2010 adjusted earnings to be in the $3.49-$3.56 per diluted share range with third quarter adjusted earnings in the 88-90 cents 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), 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 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 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 Friday, July 23, 2010, at 8:00 a.m. EDT. 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 July 30, 2010 by dialing 888-203-1112 (access code: 7113478).

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's Mortgage Servicing Package (MSP). 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; 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; 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, 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 June 30,


Six months ended June 30,





2010


2009


2010


2009





(In thousands, except per share data)












Processing and services revenues


$ 599,081


$ 613,171


$ 1,191,475


$ 1,142,988












Cost of revenues


390,847


404,014


786,869


758,716













Gross profit


208,234


209,157


404,606


384,272













59,815


65,431


120,535


136,609













Operating income


148,419


143,726


284,071


247,663












Other income (expense):










Interest income


300


442


923


966


Interest expense


(18,615)


(21,625)


(37,460)


(43,539)


Other expense, net


119


(13)


123


(14)



Total other income (expense)


(18,196)


(21,196)


(36,414)


(42,587)













Earnings from continuing operations before income taxes and equity in losses of unconsolidated entity


130,223


122,530


247,657


205,076












Provision for income taxes


49,810


46,866


94,728


78,441













Earnings from continuing operations before equity in losses of unconsolidated entity


80,413


75,664


152,929


126,635












Equity in losses of unconsolidated entity


-


-


-


(37)













Earnings from continuing operations


80,413


75,664


152,929


126,598













Discontinued operation, net of tax


-


-


-


(504)














Net earnings


80,413


75,664


152,929


126,094












Noncontrolling minority interest


-


(424)


-


(808)














Net earnings attributable to Lender Processing Services, Inc.


$   80,413


$   75,240


$    152,929


$    125,286























Net earnings per share - diluted from continuing operations


$       0.85


$       0.78


$          1.60


$          1.31

Net earnings per share - diluted from discontinued operation


-


-


-


-












Net earnings per share - diluted


$       0.85


$       0.78


$          1.60


$          1.31












Weighted average shares outstanding - diluted


94,910


96,133


95,660


95,709









Exhibit B















LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)










June 30, 2010


December 31, 2009



(In thousands)

Assets





Current assets:













Cash and cash equivalents


$       108,593


$          70,528


Trade receivables, net of allowance for doubtful accounts


383,821


401,333


Other receivables


3,932


3,770


Prepaid expenses and other current assets


35,146


26,985


Deferred income taxes


44,377


47,528










Total current assets


575,869


550,144








Property and equipment, net of accumulated depreciation


122,230


113,108

Computer software, net of accumulated amortization


202,646


185,376

Other intangible assets, net of accumulated amortization


60,841


72,796

Goodwill


1,166,142


1,166,142

Other non-current assets


107,448


109,738










Total assets


$    2,235,176


$     2,197,304















Liabilities and Equity





Current liabilities:













Current portion of long-term debt


$       110,100


$          40,100


Trade accounts payable


46,194


38,166


Accrued salaries and benefits


34,854


54,376


Recording and transfer tax liabilities


14,038


15,208


Due to affiliates


-


3,321


Other accrued liabilities


149,108


151,601


Deferred revenues


52,849


66,602



Total current liabilities


407,143


369,374








Deferred revenues


36,404


37,681

Deferred income taxes, net


73,695


65,215

Long-term debt, net of current portion


1,176,700


1,249,250

Other non-current liabilities


19,818


19,926










Total liabilities


1,713,760


1,741,446








Equity:







Preferred stock $0.0001 par value; 50 million shares authorized, none issued at June 30, 2010 or December 31, 2009, respectively


-


-


Common stock $0.0001 par value; 500 million shares authorized, 97.8 million and 97.0 million shares issued at June 30, 2010 and December 31, 2009, respectively


10


10


Additional paid-in capital


199,769


173,424


Retained earnings


464,936


330,963


Accumulated other comprehensive loss


(2,928)


(7,630)


Treasury stock $0.0001 par value; 3.9 million and 1.2 million shares at June 30, 2010 and December 31, 2009, respectively


(140,371)


(40,909)



Total equity


521,416


455,858










Total liabilities and equity


$    2,235,176


$   2,197,304













Exhibit C












LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)













Six Months ended June 30,



2010


2009



(In thousands)

Cash flows from operating activities:






Net earnings attributable to Lender Processing Services, Inc.


$ 152,929


$ 125,286













Adjustments to reconcile net earnings to net cash provided by operating activities:








Depreciation and amortization


47,294


47,579




Amortization of debt issuance costs


2,317


2,645




Gain on sale of discontinued operation


-


(2,574)




Deferred income taxes, net


9,023


(651)




Stock-based compensation cost


13,837


13,302




Tax benefit associated with equity compensation


162


(1,356)




Equity in losses of unconsolidated entity


-


37




Noncontrolling minority interest


-


808















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









Trade receivables


17,512


(76,919)





Other receivables


(162)


10,264





Prepaid expenses and other assets


(13,699)


(11,599)





Deferred revenues


(15,031)


(158)





Accounts payable and other liabilities


(7,513)


97,606

















Net cash provided by operating activities


206,669


204,270












Cash flows from investing activities:






Additions to property and equipment


(23,371)


(23,201)


Additions to capitalized software


(33,795)


(25,206)


Acquisition of title plants


-


(9,395)


Acquisitions, net of cash acquired


-


(16,403)


Proceeds from sale of discontinued operation, net of cash distributed


-


(32,638)

















Net cash used in investing activities


(57,166)


(106,843)

Cash flows from financing activities:






Debt service payments


(2,550)


(143,481)


Stock options exercised


10,906


109


Tax benefit associated with equity compensation


(162)


1,356


Cash dividends paid


(18,956)


(19,134)


Treasury stock purchases


(97,698)


-


Contingent payments related to acquisitions


(2,978)


-

















Net cash used in financing activities


(111,438)


(161,150)

















Net increase (decrease) in cash and cash equivalents


38,065


(63,723)












Cash and cash equivalents, beginning of period


70,528


125,966












Cash and cash equivalents, end of period


$ 108,593


$   62,243























Supplemental disclosures of cash flow information:






Cash paid for interest


$   36,558


$   41,828













Cash paid for taxes


$   71,332


$   47,862













Non-cash redistribution of assets to FIS


$           -


$        434













Non-cash consideration received from sale of discontinued operation


$           -


$   40,310













Non-cash consideration issued in acquisition of business


$           -


$   (5,162)





















Exhibit D




















LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION - UNAUDITED

(In thousands)











































Six months ended June 30,







2010


2009


6/30/2010


3/31/2010


12/31/2009


9/30/2009


6/30/2009


3/31/2009




















1.

Revenues - Continuing Operations




































Technology, Data and Analytics (TD&A):


















Mortgage Processing

$    199,990


$    180,717


$ 102,356


$   97,634


$ 104,184


$ 102,973


$   89,567


$   91,150



Other TD&A

164,680


151,051


82,852


81,828


85,247


83,313


82,322


68,729




Total

364,670


331,768


185,208


179,462


189,431


186,286


171,889


159,879





















Loan Transaction Services:


















Loan Facilitation Services

287,085


267,724


140,471


146,614


142,919


136,657


148,510


119,214



Default Services

543,717


554,843


275,046


268,671


278,647


303,823


299,534


255,309




Total

830,802


822,567


415,517


415,285


421,566


440,480


448,044


374,523





















Corporate and Other

(3,997)


(11,347)


(1,644)


(2,353)


(2,864)


(7,339)


(6,762)


(4,585)






















Total Revenue

$ 1,191,475


$ 1,142,988


$ 599,081


$ 592,394


$ 608,133


$ 619,427


$ 613,171


$ 529,817





















Revenue Growth from Prior Year Period




































Technology, Data and Analytics:


















Mortgage Processing

10.7%


11.4%


14.3%


7.1%


17.9%


23.2%


9.1%


13.7%



Other TD&A

9.0%


31.0%


0.6%


19.1%


40.3%


50.5%


37.9%


23.5%




Total

9.9%


19.5%


7.7%


12.2%


27.0%


34.1%


21.3%


17.7%





















Loan Transaction Services:


















Loan Facilitation Services

7.2%


2.9%


-5.4%


23.0%


70.3%


55.9%


25.8%


-16.1%



Default Services

-2.0%


51.5%


-8.2%


5.2%


14.3%


25.6%


51.9%


51.0%




Total

1.0%


31.3%


-7.3%


10.9%


28.7%


33.7%


42.1%


20.4%





















Corporate and Other

n/m


n/m


n/m


n/m


n/m


n/m


n/m


n/m






















Total Revenue

4.2%


27.4%


-2.3%


11.8%


28.3%


32.7%


35.3%


19.4%







































2.

Depreciation and Amortization - Continuing Operations




































Depreciation and Amortization

$      30,773


$      29,505


$   15,780


$   14,993


$   15,932


$   15,894


$   15,431


$   14,074


Purchase Price Amortization

12,602


15,487


5,884


6,718


7,654


7,608


7,404


8,083


Other Amortization

3,919


2,582


1,976


1,943


1,713


1,542


753


1,829



Total Depreciation and Amortization

$      47,294


$      47,574


$   23,640


$   23,654


$   25,299


$   25,044


$   23,588


$   23,986







































3.

Stock Compensation Expense




































Stock Compensation Expense, Excluding Acceleration Charges

$      13,837


$      12,503


$     7,280


$     6,557


$     7,678


$     7,062


$     6,459


$     6,044


Stock Acceleration Expense

-


799


-


-


-


-


-


799



Total Stock Compensation Expense

$      13,837


$      13,302


$     7,280


$     6,557


$     7,678


$     7,062


$     6,459


$     6,843
























Exhibit E























LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL INFORMATION - UNAUDITED

(In thousands, except per share data)








Six months ended June 30,










2010


2009


6/30/2010


3/31/2010


12/31/2009


9/30/2009


6/30/2009


3/31/2009

1.

EBIT - Continuing Operations







































Consolidated 


















Revenue

$    1,191,475


$     1,142,988


$ 599,081


$ 592,394


$ 608,133


$ 619,427


$ 613,171


$ 529,817

























Cost of Sales

786,869


758,716


390,847


396,022


403,174


409,113


404,014


354,702

























Selling, General and Administrative Expenses

120,535


136,609


59,815


60,720


64,059


66,671


65,431


71,178


























Operating Income

284,071


247,663


148,419


135,652


140,900


143,643


143,726


103,937

























Less Non-recurring Charges:



















Restructuring Costs

-


8,186


-


-


-


-


-


8,186




Acceleration of Performance-Based Shares

-


799


-


-


-


-


-


799

























EBIT, as adjusted

$       284,071


$        256,648


$ 148,419


$ 135,652


$ 140,900


$ 143,643


$ 143,726


$ 112,922

























EBIT Margin, as adjusted

23.8%


22.5%


24.8%


22.9%


23.2%


23.2%


23.4%


21.3%

























Depreciation and Amortization

$         47,294


$          47,574


$   23,640


$   23,654


$   25,299


$   25,044


$   23,588


$   23,986
























Technology, Data and Analytics


















Revenue



$       364,670


$        331,768


$ 185,208


$ 179,462


$ 189,431


$ 186,286


$ 171,889


$ 159,879

























Cost of Sales

206,112


189,392


100,317


105,795


107,368


105,651


98,929


90,463

























Selling, General and Administrative Expenses

39,877


33,890


20,066


19,811


18,571


18,256


17,824


16,066


























Operating Income

118,681


108,486


64,825


53,856


63,492


62,379


55,136


53,350

























Less Non-recurring Charges:



















Restructuring Costs

-


-


-


-


-


-


-


-




Acceleration of Performance-Based Shares

-


-


-


-


-


-


-


-

























EBIT, as adjusted

$       118,681


$        108,486


$   64,825


$   53,856


$   63,492


$   62,379


$   55,136


$   53,350

























EBIT Margin, as adjusted

32.5%


32.7%


35.0%


30.0%


33.5%


33.5%


32.1%


33.4%

























Depreciation and Amortization

$         32,585


$          33,816


$   16,047


$   16,538


$   18,066


$   17,595


$   16,441


$   17,375
























Loan Transaction Services


















Revenue

$       830,802


$        822,567


$ 415,517


$ 415,285


$ 421,566


$ 440,480


$ 448,044


$ 374,523

























Cost of Sales


584,716


580,285


292,107


292,609


298,723


311,230


311,349


268,936

























Selling, General and Administrative Expenses

45,655


54,423


21,798


23,857


25,681


27,665


27,064


27,359


























Operating Income

200,431


187,859


101,612


98,819


97,162


101,585


109,631


78,228

























Less Non-recurring Charges:



















Restructuring Costs

-


-


-


-


-


-


-


-




Acceleration of Performance-Based Shares

-


-


-


-


-


-


-


-

























EBIT, as adjusted

$       200,431


$        187,859


$ 101,612


$   98,819


$   97,162


$ 101,585


$ 109,631


$   78,228

























EBIT Margin, as adjusted

24.1%


22.8%


24.5%


23.8%


23.0%


23.1%


24.5%


20.9%

























Depreciation and Amortization

$         10,935


$            9,734


$     5,749


$     5,186


$     5,281


$     5,295


$     5,126


$     4,608
























Corporate and Other


















Revenue

$         (3,997)


$        (11,347)


$   (1,644)


$   (2,353)


$    (2,864)


$   (7,339)


$   (6,762)


$   (4,585)

























Cost of Sales

(3,959)


(10,961)


(1,577)


(2,382)


(2,917)


(7,768)


(6,264)


(4,697)

























Selling, General and Administrative Expenses

35,003


48,296


17,951


17,052


19,807


20,750


20,543


27,753


























Operating Income

(35,041)


(48,682)


(18,018)


(17,023)


(19,754)


(20,321)


(21,041)


(27,641)

























Less Non-recurring Charges:



















Restructuring Costs

-


8,186


-


-


-


-


-


8,186




Acceleration of Performance-Based Shares

-


799


-


-


-


-


-


799

























EBIT, as adjusted

$       (35,041)


$        (39,697)


$ (18,018)


$ (17,023)


$  (19,754)


$ (20,321)


$ (21,041)


$ (18,656)

























Depreciation and Amortization

$           3,774


$            4,024


$     1,844


$     1,930


$     1,952


$     2,154


$     2,021


$     2,003























2.

Net Earnings - Reconciliation


















Net Earnings 

$       152,929


125,286


$   80,413


$   72,516


$   74,901


$   75,542


$   75,240


$   50,046

























Less Non-recurring Charges:



















Restructuring Costs, net of tax

-


5,055


-


-


-


-


-


5,055




Acceleration of Performance-Based Shares, net of tax

-


493


-


-


-


-


-


493





Net Earnings, as adjusted

152,929


130,834


80,413


72,516


74,901


75,542


75,240


55,594

























Purchase Price Amortization, net of tax (1)

7,781


9,563


3,633


4,148


4,726


4,698


4,572


4,991

























Adjusted Net Earnings

$       160,710


$        140,397


$   84,046


$   76,664


$   79,627


$   80,240


$   79,812


$   60,585

























Adjusted Net Earnings Per Diluted Share

$             1.69


$              1.47


$       0.89


$       0.80


$       0.82


$       0.83


$       0.83


$       0.64

























Diluted Weighted Average Shares

95,660


95,709


94,910


96,416


96,781


96,399


96,133


95,284























3.

Cashflow - Reconciliation


















Cash Flows from Operating Activities:









































Net Earnings

$       152,929


$        125,286


$   80,413


$   72,516


$   74,901


$   75,542


$   75,240


$   50,046


























Less Non-recurring Charges:




















Restructuring Costs, net of tax

-


4,304


-


-


-


-


-


4,304






Net Earnings, as adjusted

152,929


129,590


80,413


72,516


74,901


75,542


75,240


54,350


























Adjustments to reconcile net earnings to net cash provided by operating activities:





















Non-cash adjustments

72,633


59,790


34,591


38,042


60,281


32,279


31,700


28,090






Working capital adjustments

(18,893)


19,194


(17,375)


(1,518)


13,369


(16,954)


21,957


(2,763)





























Net cash provided by operating activities

206,669


208,574


97,629


109,040


148,551


90,867


128,897


79,677


























Capital expenditures included in investing activities 

(57,166)


(48,407)


(29,122)


(28,044)


(30,913)


(19,455)


(25,836)


(22,571)


























Adjusted Net Free Cash Flow

$149,503


$   160,167


$   68,507


$80,996


$117,638


$71,412


$103,061


$   57,106























Notes:

(1) 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.



SOURCE Lender Processing Services, Inc.