Black Knight InfoServ 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

Press Release

Investors:	Media:
Parag Bhansali (904) 854-8640	Michelle Kersch (904) 854-5043

Lender Processing Services, Inc. Reports Strong Fourth Quarter Earnings
Year-over-year revenues up 8.5 %
Adjusted EPS of 64 cents per diluted share

     JACKSONVILLE, Fla. – February 11, 2009 – Lender Processing Services, Inc. (NYSE:LPS), a leading provider of integrated technology and services to the mortgage industry, today reported consolidated revenues of $476.1 million for the fourth quarter of 2008, an increase of 8.5% compared to the fourth quarter of 2007, and net earnings of $54.3 million or 57 cents per share.

     Pro forma adjusted net earnings for the fourth quarter of 2008 were $60.9 million, or 64 cents per share, compared to $63.6 million, or 65 cents per share, in the fourth quarter of 2007. Pro forma adjusted net earnings in the current quarter were impacted by $3.4 million in after-tax incremental public company costs incurred as a result of LPS being spun-off on July 2, 2008. Also, these results include an adjustment for purchase amortization of 7 cents per share for the fourth quarter of 2008 while adjustments for the prior year quarter included pro forma interest expense of 15 cents per share and purchase amortization of 7 cents per share.

     “LPS had a solid fourth quarter despite continued difficult market conditions and a tenuous macro-economic environment impacting some of its businesses. LPS, with its unique capabilities and market leading presence, remains well positioned to achieve its growth

objectives in 2009 and beyond,” said William P. Foley II, Chairman of LPS. “Fourth quarter earnings were in line with expectations. Our Default Services business continued to deliver strong results which more than offset a decline in our Loan Facilitation Services. Also, our Servicing and other technology businesses had another solid quarter,” added Jeff Carbiener, President and CEO of LPS.

     Operating income was $120.4 million in the quarter compared to $121.2 million in the fourth quarter of 2007.

     Full year 2008 revenues of $1.9 billion were up 10.1% compared to 2007 and net earnings for full year 2008 were $230.9 million. Pro forma adjusted net earnings for full year 2008 were $230.7 million compared to $221.2 million in 2007.

     Pro forma adjusted free cash flow (net cash provided by operating activities including the pro forma interest expense noted earlier, minus additions to property and equipment and capitalized software) for the year ended December 31, 2008 of $276.5 million was well above the $150.2 million for the same period in 2007, primarily due to lower working capital requirements.

Technology, Data and Analytics

     Revenues for the segment were $149.1 million compared to $145.9 million in the fourth quarter of 2007 while operating income of $53.5 million was $1.7 million below the prior year quarter. Mortgage Processing revenues of $88.4 million were $4.5 million lower compared to the fourth quarter of 2007, primarily due to lower non-account based fees. Other TD&A revenues increased by 14.6% to $60.8 million compared to the prior year quarter, mainly due to strong growth in our Desktop application and Data and Analytics services. Overall operating income for the segment was lower primarily due to lower non-account based fees, partially offset by higher contributions from Desktop and Mortgage Processing.

Loan Transaction Services

     Revenues for the segment increased by 11.6% to $329.9 million compared to the fourth quarter of 2007 while operating income increased by 14.8% to $82.9 million compared to the prior year period. Loan Facilitation Services revenues of $86.1 million declined 42.9% compared to the same period last year, mainly due to ongoing weakness in the refinance and origination markets, which translated into decreased appraisal and settlement service volumes and lower tax and other loan origination related revenues. Default Services, on the other hand, more than offset this decline with revenues of $243.7 million which increased 68.3% over the fourth quarter of 2007, primarily due to continued strength in the default market and our ability to gain market share. Overall operating income for the segment grew due to higher income in Default Services, partially offset by lower contributions from some of our loan origination related services like appraisal, settlement, tax and our property exchange business.

Other Items

     Net corporate expenses totaled $16.1 million compared to $10.4 million in the fourth quarter of 2007 primarily due to the incremental public company costs of $5.6 million in the current quarter.

Outlook

     “We had a strong finish in 2008 and while some of our markets and the broader economy in general pose challenges, LPS has a solid presence in each of its businesses and remains well-positioned to grow earnings in 2009,” said Jeff Carbiener. “Building on the strong fourth quarter, we expect first quarter and full year 2009 adjusted earnings to be in the range of $0.60-$0.62 and $2.64-$2.74 per diluted share, respectively.”

Use of Non-GAAP Financial Information

     LPS reports several non-GAAP measures, including pro forma adjusted net earnings and pro forma adjusted free cash flow. The adjusted results exclude acquisition related amortization costs and include pro forma debt related interest expenses. 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 Wednesday, February 11, 2009, at 5:00 p.m. Eastern time. Interested parties are invited to listen to the live webcast by logging on to the Investor Relations section atwww.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 18, 2009 by dialing 888-203-1112 (access code: 4530769).

     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 industry.LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop), portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages are serviced using LPS’s Mortgage Servicing Package (MSP). In fact, many of the nation’s top servicers rely on MSP, including seven of the top 10 and 16 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, please 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: changes in general economic, business and political conditions, including changes in the financial markets; the effects of our substantial leverage on our ability to make acquisitions and invest in our business; the elimination of existing and potential customers as a result of failures and consolidations in the banking and financial services industries; changes to the laws, rules and regulations that regulate our businesses as a result of the current economic and financial environment; the impact of adverse changes in the level of real estate activity on demand for certain of our services; our ability to adapt our services to changes in technology or the marketplace; risks associated with protecting information security and privacy; the impact of any potential defects, development delays, installation difficulties or system failures on our business and reputation; risks associated with our spin-off from Fidelity National Information Services, Inc. (“FIS”), including those relating to our new stand-alone public company status and 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 and other filings with the Securities and Exchange Commission.

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Exhibit A

LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES AND AFFILIATES
Consolidated and Combined Statements of Earnings
(In thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2008			2007			2008			2007
	(Unaudited)						(Unaudited)
Processing and services revenues	$	476,125		$	438,666		$	1,861,909		$	1,690,568
Cost of revenues		295,640			270,169			1,182,858			1,058,647
Selling, general and administrative expenses		60,112			47,259			238,857			207,859
Operating income		120,373			121,238			440,194			424,062
Other income (expense):
Interest income		566			518			1,605			1,690
Interest expense		(25,306	)		(35	)		(49,929	)		(146	)
Other expense, net		(8,704	)		—			(8,427	)		—
Total other income (expense)		(33,444	)		483			(56,751	)		1,544
Earnings before income taxes, equity in losses of unconsolidated entity and minority interest		86,929			121,721			383,443			425,606
Provision for income taxes		31,619			47,114			146,667			164,734
Earnings before equity in losses of unconsolidated entity and minority interest		55,310			74,607			236,776			260,872
Equity in losses of unconsolidated entity		(833	)		(534	)		(4,687	)		(3,048	)
Minority interest		(148	)		(304	)		(1,201	)		(1,019	)
Net earnings	$	54,329		$	73,769		$	230,888		$	256,805

Exhibit B

LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES AND AFFILIATES
Condensed Consolidated and Combined Balance Sheets
(In thousands)

	December 31,
	2008			2007
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	125,966		$	39,566
Trade receivables, net of allowance for doubtful accounts		344,848			286,236
Other receivables		17,393			7,971
Due from afflilates		2,713			—
Prepaid expenses and other current assets		22,030			33,323
Deferred income taxes		52,646			40,440
Total current assets		565,596			407,536
Property and equipment, net of accumulated depreciation and amortization		95,542			95,620
Goodwill		1,091,056			1,078,154
Intangible assets, net of accumulated amortization		83,489			118,129
Computer software, net of accumulated amortization		157,539			150,372
Other non-current assets		122,300			112,232
Total assets	$	2,115,522		$	1,962,043
Liabilities and Stockholders’ Equity
Current liabilities:
Trade accounts payable	$	31,720		$	19,499
Accrued salaries and benefits		36,492			22,908
Recording and transfer tax liabilities		14,639			10,657
Due to affiliates		1,573			—
Other accrued liabilities		101,612			57,053
Current portion of long-term debt		145,101			—
Deferred revenues		51,628			58,076
Total current liabilities		382,765			168,193
Deferred revenues		40,343			23,146
Deferred income taxes		53,329			55,196
Long-term debt, less current portion		1,402,350			—
Other long-term liabilities		39,217			34,419
Total liabilities		1,918,004			280,954
Minority interest		11,252			10,050
Stockholders’ equity:
Preferred stock $0.0001 par value; 50 million shares authorized, none issued at December 31, 2008 or 2007		—			—
Common stock $0.0001 par value; 500 million shares authorized, 95.3 million shares issued at December 31, 2008		9			—
Treasury stock $0.0001 par value; 19,870 shares at December 31, 2008		(582	)		—
Additional paid-in capital		106,966			—
Retained earnings		93,540			1,671,039
Accumulated other comprehensive earnings		(13,667	)		—
Total stockholders’ equity		186,266			1,671,039
Total liabilities and stockholders’ equity	$	2,115,522		$	1,962,043

Exhibit C

LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES AND AFFILIATES
Consolidated and Combined Statements of Cash Flows
(In thousands)

	Year Ended December 31,
	2008			2007
	(Unaudited)
Cash flows from operating activities:
Net earnings	$	230,888		$	256,805
Adjustment to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		93,416			102,607
Amortization of debt issuance costs		3,002			—
Deferred income taxes		(28	)		12,840
Stock-based compensation cost		21,513			14,057
Income tax benefit from exercise of stock options		(533	)		—
Equity in losses of unconsolidated entity		4,687			3,048
Minority interest		1,201			1,019
Changes in assets and liabilities, net of effects from acquisitions
Net increase in trade receivables		(57,918	)		(99,234	)
Net (increase) decrease in other receivables		(9,423	)		28,325
Net decrease (increase) in prepaid expenses and other assets		11,666			(48,556	)
Net decrease (increase) in deferred revenue		10,501			(29,946	)
Net decrease in accounts payable, accrued liabilities and other liabilities		54,888			42,029
Net cash provided by operating activities		363,860			282,994
Cash flows from investing activities:
Additions to property and equipment		(23,012	)		(20,754	)
Additions to capitalized software		(39,276	)		(49,798	)
Acquisitions, net of cash acquired		(19,938	)		(37,305	)
Net cash used in investing activities		(82,226	)		(107,857	)
Cash flows from financing activities:
Borrowings		25,700			—
Debt service payments		(63,272	)		—
Capitalized debt issuance costs		(25,735	)		—
Net distributions to FIS		(114,855	)		(183,354	)
Stock options exercised		1,448			—
Income tax benefit from exercise of stock options		533			—
Dividends paid		(19,053	)		—
Net cash used in financing activities		(195,234	)		(183,354	)
Net increase (decrease) in cash and cash equivalents		86,400			(8,217	)
Cash and cash equivalents, at beginning of period		39,566			47,783
Cash and cash equivalents, at end of period	$	125,966		$	39,566
Cash paid for interest	$	32,330		$	—
Cash paid for income taxes	$	62,229		$	—
Non-cash contribution relating to stock compensation	$	9,120		$	14,057
Non-cash contribution for Espiel acquisition	$	—		$	6,000
Non-cash redistribution of assets to FIS	$	(6,191	)	$	—
Non-cash exchange of FIS note	$	(1,585,000	)	$	—

LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES AND AFFILIATES	Exhibit D
SUPPLEMENTAL FINANCIAL INFORMATION — UNAUDITED
(In thousands)

	Year Ended December 31,						Quarter Ended
	2008			2007			12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007			9/30/2007			6/30/2007			3/31/2007
1. Revenues
Technology, Data and Analytics (TD&A):
Mortgage Processing	$	334,184		$	339,670		$	88,364		$	83,592		$	82,062		$	80,166		$	92,883		$	81,256		$	83,233		$	82,298
Other TD&A		231,466			230,476			60,754			55,372			59,682			55,658			53,029			58,593			58,776			60,078
Total		565,650			570,146			149,118			138,964			141,744			135,824			145,912			139,849			142,009			142,376
Loan Transaction Services:
Loan Facilitation Services		455,992			652,858			86,118			93,545			125,124			151,205			150,889			166,546			177,710			157,713
Default Services		851,828			473,021			243,736			241,844			197,223			169,025			144,805			122,710			103,967			101,539
Total		1,307,820			1,125,879			329,854			335,389			322,347			320,230			295,694			289,256			281,677			259,252
Corporate and Other		(11,561	)		(5,457	)		(2,847	)		(1,675	)		(3,711	)		(3,328	)		(2,940	)		(3,641	)		1,324			(200	)
Total Revenue	$	1,861,909		$	1,690,568		$	476,125		$	472,678		$	460,380		$	452,726		$	438,666		$	425,464		$	425,010		$	401,428
Revenue Growth from Prior Year Period
Technology, Data and Analytics:
Mortgage Processing		-1.6	%		4.7	%		-4.9	%		2.9	%		-1.4	%		-2.6	%		13.9	%		-1.9	%		5.8	%		1.0	%
Other TD&A		0.4	%		3.6	%		14.6	%		-5.5	%		1.5	%		-7.4	%		-9.0	%		5.6	%		2.8	%		16.8	%
Total		-0.8	%		4.2	%		2.2	%		-0.6	%		-0.2	%		-4.6	%		4.4	%		1.1	%		4.5	%		7.1	%
Loan Transaction Services:
Loan Facilitation Services		-30.2	%		4.8	%		-42.9	%		-43.8	%		-29.6	%		-4.1	%		-6.2	%		1.2	%		20.8	%		4.8	%
Default Services		80.1	%		70.3	%		68.3	%		97.1	%		89.7	%		66.5	%		72.1	%		68.8	%		69.2	%		70.6	%
Total		16.2	%		25.0	%		11.6	%		15.9	%		14.4	%		23.5	%		20.7	%		21.9	%		35.0	%		23.4	%
Corporate and Other		111.9	%		-114.7	%		-3.2	%		-54.0	%		-380.3	%		n/m			-140.4	%		-140.3	%		-89.4	%		-102.4	%
Total Revenue		10.1	%		13.8	%		8.5	%		11.1	%		8.3	%		12.8	%		11.9	%		10.6	%		19.0	%		14.3	%
2. Depreciation and Amortization
Depreciation and Amortization	$	51,154		$	57,268		$	13,714		$	12,613		$	11,306		$	13,521		$	12,831		$	14,207		$	15,484		$	14,746
Purchase Price Amortization		40,018			43,389			10,711			10,627			8,980			9,700			11,428			10,670			10,316			10,975
Other Amortization		2,244			1,950			596			579			594			475			496			602			452			400
Total Depreciation and Amortization	$	93,416		$	102,607		$	25,021		$	23,819		$	20,880		$	23,696		$	24,755		$	25,479		$	26,252		$	26,121
3. Stock Compensation Expense
Stock Compensation Expense, Excluding Acceleration Charges	$	21,375		$	14,057		$	6,603		$	5,790		$	4,295		$	4,687		$	3,235		$	3,607		$	3,645		$	3,570
Stock Acceleration Expense		138			—			—			—			138			—			—			—			—			—
Total Stock Compensation Expense	$	21,513		$	14,057		$	6,603		$	5,790		$	4,433		$	4,687		$	3,235		$	3,607		$	3,645		$	3,570

LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES AND AFFILIATES	Exhibit E
NON-GAAP FINANCIAL INFORMATION — UNAUDITED
(In thousands, except per share data)

	Year Ended December 31,						Quarter Ended
	2008			2007			12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007			9/30/2007			6/30/2007			3/31/2007
1. EBIT — Consolidated
Revenue	$	1,861,909		$	1,690,568		$	476,125		$	472,678		$	460,380		$	452,726		$	438,666		$	425,464		$	425,010		$	401,428
Cost of Sales		1,182,858		$	1,058,647			295,640			302,081			294,963			290,174			270,169			261,655			269,042			257,781
Selling, General and Administrative Expenses		238,857			207,859			60,112			59,746			60,782			58,217			47,259			51,528			55,603			53,469
Operating Income		440,194			424,062			120,373			110,851			104,635			104,335			121,238			112,281			100,365			90,178
Less Non-recurring Charges:
Restructuring Costs		2,353			(4,235	)		—			—			2,353			—			(4,235	)		—			—			—
LPS Spin Related Costs		2,963			—			—			—			1,960			1,003			—			—			—			—
Acceleration of Performance-Based Shares		138			—			—			—			138			—			—			—			—			—
EBIT, as adjusted	$	445,648		$	419,827		$	120,373		$	110,851		$	109,086		$	105,338		$	117,003		$	112,281		$	100,365		$	90,178
EBIT Margin, as adjusted		23.9	%		24.8	%		25.3	%		23.5	%		23.7	%		23.3	%		26.7	%		26.4	%		23.6	%		22.5	%
Depreciation and Amortization	$	93,416		$	102,607		$	25,021		$	23,819		$	20,880		$	23,696		$	24,755		$	25,479		$	26,252		$	26,121
2. EBIT — Technology, Data and Analytics
Revenue	$	565,650		$	570,146		$	149,118		$	138,964		$	141,744		$	135,824		$	145,912		$	139,849		$	142,009		$	142,376
Cost of Sales		309,969		$	313,747			80,482			73,980			81,397			74,110			75,048			78,391			78,187			82,121
Selling, General and Administrative Expenses		64,640			64,770			15,121			15,790			17,471			16,258			15,675			16,319			16,954			15,822
Operating Income		191,041			191,629			53,515			49,194			42,876			45,456			55,189			45,139			46,868			44,433
Less Non-recurring Charges:
Restructuring Costs		2,178			—			—			—			2,178			—			—			—			—			—
LPS Spin Related Costs		—			—			—			—			—			—			—			—			—			—
Acceleration of Performance-Based Shares		—			—			—			—			—			—			—			—			—			—
EBIT, as adjusted	$	193,219		$	191,629		$	53,515		$	49,194		$	45,054		$	45,456		$	55,189		$	45,139		$	46,868		$	44,433
EBIT Margin, as adjusted		34.2	%		33.6	%		35.9	%		35.4	%		31.8	%		33.5	%		37.8	%		32.3	%		33.0	%		31.2	%
Depreciation and Amortization	$	61,206		$	68,720		$	15,990		$	15,230		$	13,971		$	16,015		$	16,143		$	16,958		$	17,437		$	18,182
3. EBIT — Loan Transaction Services
Revenue	$	1,307,820		$	1,125,879		$	329,854		$	335,389		$	322,347		$	320,230		$	295,694		$	289,256		$	281,677		$	259,252
Cost of Sales		885,410		$	750,174			218,813			229,804			217,337			219,456			196,412			184,595			192,174			176,993
Selling, General and Administrative Expenses		114,281			110,132			28,128			28,324			29,366			28,463			27,028			28,351			27,711			27,042
Operating Income		308,129			265,573			82,913			77,261			75,644			72,311			72,254			76,310			61,792			55,217
Less Non-recurring Charges:
Restructuring Costs		163			—			—			—			163			—			—			—			—			—
LPS Spin Related Costs		—			—			—			—			—			—			—			—			—			—
Acceleration of Performance-Based Shares		—			—			—			—			—			—			—			—			—			—
EBIT, as adjusted	$	308,292		$	265,573		$	82,913		$	77,261		$	75,807		$	72,311		$	72,254		$	76,310		$	61,792		$	55,217
EBIT Margin, as adjusted		23.6	%		23.6	%		25.1	%		23.0	%		23.5	%		22.6	%		24.4	%		26.4	%		21.9	%		21.3	%
Depreciation and Amortization	$	25,210		$	28,752		$	7,045		$	6,669		$	5,310		$	6,186		$	7,254		$	7,279		$	7,449		$	6,770
4. EBIT — Corporate and Other
Revenue	$	(11,561	)	$	(5,457	)	$	(2,847	)	$	(1,675	)	$	(3,711	)	$	(3,328	)	$	(2,940	)	$	(3,641	)	$	1,324		$	(200	)
Cost of Sales		(12,521	)	$	(5,274	)		(3,655	)		(1,703	)		(3,771	)		(3,392	)		(1,291	)		(1,331	)		(1,319	)		(1,333	)
Selling, General and Administrative Expenses		59,936			32,957			16,863			15,632			13,945			13,496			4,556			6,858			10,938			10,605
Operating Income		(58,976	)		(33,140	)		(16,055	)		(15,604	)		(13,885	)		(13,432	)		(6,205	)		(9,168	)		(8,295	)		(9,472	)
Less Non-recurring Charges:
Restructuring Costs		12			(4,235	)		—			—			12			—			(4,235	)		—			—			—
LPS Spin Related Costs		2,963			—			—			—			1,960			1,003			—			—			—			—
Acceleration of Performance-Based Shares		138			—			—			—			138			—			—			—			—			—
EBIT, as adjusted	$	(55,863	)	$	(37,375	)	$	(16,055	)	$	(15,604	)	$	(11,775	)	$	(12,429	)	$	(10,440	)	$	(9,168	)	$	(8,295	)	$	(9,472	)
Depreciation and Amortization	$	7,000		$	5,135		$	1,986		$	1,920		$	1,599		$	1,495		$	1,358		$	1,242		$	1,366		$	1,169

LENDER PROCESSING SERVICES, INC. AND SUBSIDIARIES AND AFFILIATES	Exhibit E
NON-GAAP FINANCIAL INFORMATION — UNAUDITED
(In thousands, except per share data)

	Year Ended December 31,						Quarter Ended
	2008			2007			12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007			9/30/2007			6/30/2007			3/31/2007
5. Net Earnings — Reconciliation
Net Earnings	$	230,888		$	256,805		$	54,329		$	51,281		$	63,546		$	61,732		$	73,769		$	67,991		$	60,506		$	54,539
Less Non-recurring Charges:
Restructuring Costs, net of tax		1,452			(2,596	)		—			—			1,440			—			(2,596	)		—			—			—
LPS Spin Related Costs, net of tax		1,828			—			—			—			1,200			614			—			—			—			—
Acceleration of Performance-Based Shares, net of tax		85			—			—			—			84			—			—			—			—			—
Impact of change in tax rate on non-recurring items		(223	)		—			(223	)		—			—			—			—			—			—			—
Net Earnings, excluding non-recurring items		234,030			254,209			54,106			51,281			66,270			62,346			71,173			67,991			60,506			54,539
Pro Forma Interest Expense, net of tax (1)		28,131			59,623			—			—			13,951			14,180			14,588			14,805			15,326			14,904
Pro Forma Net Earnings		205,899			194,586			54,106			51,281			52,319			48,166			56,585			53,186			45,180			39,635
Purchase Price Amortization, net of tax		24,751			26,595			6,815			6,504			5,496			5,936			7,005			6,540			6,323			6,727
Pro Forma Adjusted Net Earnings	$	230,650		$	221,181		$	60,921		$	57,785		$	57,815		$	54,102		$	63,590		$	59,726		$	51,503		$	46,362
Pro Forma Net Earnings Per Share	$	2.15		$	1.99		$	0.57		$	0.54		$	0.55		$	0.49		$	0.58		$	0.54		$	0.46		$	0.41
Pro Forma Adjusted Net Earnings Per Share (2)	$	2.41		$	2.26		$	0.64		$	0.61		$	0.61		$	0.55		$	0.65		$	0.61		$	0.53		$	0.47
Pro Forma Diluted Weighted Average Shares (2)		95,754			97,697			95,126			95,223			95,070			97,597			97,697			97,697			97,697			97,697
6. Cashflow — Reconciliation
Cash Flows from Operating Activities:
Net Earnings	$	230,888		$	256,805		$	54,329		$	51,281		$	63,546		$	61,732		$	73,769		$	67,991		$	60,506		$	54,539
Less Non-recurring Charges:
Restructuring Costs, net of tax		1,452			(2,596	)		—			—			1,440			—			(2,596	)		—			—			—
LPS Spin Related Costs, net of tax		1,828			—			—			—			1,200			614			—			—			—			—
Impact of change in tax rate on non-recurring items		(223	)		—			(223	)		—			—			—			—			—			—			—
Net Earnings, excluding non-recurring items		233,945			254,209			54,106			51,281			66,186			62,346			71,173			67,991			60,506			54,539
Pro Forma Interest Expense, net of tax		28,131			59,623			—			—			13,951			14,180			14,588			14,805			15,326			14,904
Pro Forma Adjusted Net Earnings		205,814			194,586			54,106			51,281			52,235			48,166			56,585			53,186			45,180			39,635
Adjustments to reconcile net earnings to net cash provided by operating activities:
Non-cash adjustments		123,258			133,571			30,081			32,420			18,262			42,495			27,980			30,213			31,633			43,745
Working capital adjustments		9,714			(107,382	)		32,158			26,908			(91,474	)		42,122			(13,903	)		(36,445	)		(26,149	)		(30,885	)
Net cash provided by (used in) operating activities		338,786			220,775			116,345			110,609			(20,977	)		132,783			70,662			46,954			50,664			52,495
Capital expenditures included in investing activities		(62,288	)		(70,552	)		(23,946	)		(13,205	)		(14,344	)		(10,793	)		(36,068	)		(9,448	)		(14,531	)		(10,505	)
Pro Forma Adjusted Net Free Cashflow	$	276,498		$	150,223		$	92,399		$	97,404		$	(35,321	)	$	121,990		$	34,594		$	37,506		$	36,133		$	41,990

Notes:
(1)	Pro forma interest expense for each of the six 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 $5.7 million for the year ended December 31, 2007 and $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)	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-off 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.