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

Exhibit 99.1

Press Release

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

Lender Processing Services, Inc. Reports Strong Third Quarter Earnings
Year-over-year revenues up 11.1 %
Adjusted EPS of 61 cents per diluted share

     JACKSONVILLE, Fla. – October 29, 2008 – Lender Processing Services, Inc. (NYSE:LPS), a leading provider of integrated technology and services to the mortgage industry, today reported consolidated revenues of $472.7 million for third quarter 2008, an increase of 11.1% compared to third quarter 2007, and net earnings of $51.3 million or 54 cents per share.

     Adjusted net earnings for third quarter 2008 were $57.8 million, or 61 cents per share, compared to $59.7 million, or 61 cents per share in third quarter 2007. Adjusted net earnings in the current quarter were impacted by $4.2 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 third quarter 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 strong results in its first quarter as a stand-alone company despite challenging market conditions and a difficult macro-economic environment affecting some of its businesses. With its strong market position and unique capabilities, LPS remains well-positioned to grow in the fourth quarter and beyond,” said William P. Foley II, Chairman of LPS. “Overall, third

quarter earnings were in line with expectations. Continued strong results in our Default Services business more than offset a decline in our Loan Facilitation services,” added Jeff Carbiener, President and CEO of LPS.

     Operating income of $110.9 million in the quarter compared to $112.3 million in third quarter 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 nine months ended September 30, 2008 was $184.1 million compared to $115.6 million for the same period in 2007, primarily due to lower working capital requirements.

Technology, Data and Analytics

     Revenue for the segment of $139.0 million compared to $139.8 million in third quarter 2007 while operating income of $49.2 million was $4.1 million above the prior year quarter. Mortgage Processing revenue of $83.6 million compared to $81.3 million in third quarter 2007, primarily due to higher sales of activity based services. Other TD&A revenues were $55.4 million compared to $58.6 million in the prior year, mainly due to declines in loan origination software offerings, partially offset by strong growth in our Desktop application. Overall operating income improved primarily due to higher contributions from Mortgage Processing and Desktop, partially offset by fewer sales of higher margin loan origination software offerings.

Loan Transaction Services

     For the quarter, revenues of $335.4 million compared to $289.3 million in third quarter 2007 while operating income of $77.3 million compared to $76.3 million in the prior year period. Loan Facilitation Services revenues of $93.5 million declined 43.8% compared to the same period last year, mainly due to continued weakness in the refinance and origination markets, which resulted in lower appraisal and settlement service volumes and decreased tax and other

loan origination related revenues. Default Services, on the other hand, more than offset this decline with revenues of $241.8 million which grew 97.1% over third quarter 2007, primarily due to strong growth in the default market and our ability to continue to expand market share. Overall operating income 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 $15.6 million compared to $9.2 million in third quarter 2007 primarily due to the incremental public company costs of $6.8 million in the current quarter.

     The company announced that its Board of Directors had authorized a share repurchase program of $75 million which is effective immediately subject to the standard black-out restrictions. The company also noted that due to restrictions in its debt covenants, it is limited to repurchases of $20 million in 2008.

Outlook

     “We’re off to a solid start as an independent public company. While the broader economy, and the real estate market in particular, remain challenging, LPS has a strong presence in each of its markets and remains well positioned to grow profitably,” said Carbiener. “Given our strong results year-to-date, we now expect 2008 revenue growth to be in the 10% range and fourth quarter 2008 adjusted earnings to be in the 62-64 cents per diluted share range.”

Use of Non-GAAP Financial Information

     LPS reports several non-GAAP measures, including adjusted net earnings and 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, October 29, 2008, at 5:00 pm 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 November 5, 2008 by dialing 888-203-1112 (access code: 5345174).

     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, 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 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.

###

Exhibit A

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

	Three Months Ended						Nine Months Ended
	Sept 30,						Sept 30,
	2008			2007			2008			2007
	(Unaudited)						(Unaudited)
Processing and services revenues	$	472,678		$	425,464		$	1,385,784		$	1,251,902
Cost of revenues		302,081			261,655			887,218			788,478
Selling, general and administrative expenses		59,746			51,528			178,745			160,600
Operating income		110,851			112,281			319,821			302,824
Other income (expense):
Interest income		476			427			1,039			1,172
Interest expense		(24,565	)		(34	)		(24,623	)		(111	)
Other income, net		(5	)		—			277			—
Total other income (expense)		(24,094	)		393			(23,307	)		1,061
Earnings before income taxes, equity in losses of unconsolidated entity and minority interest		86,757			112,674			296,514			303,885
Provision for income taxes		33,662			43,610			115,048			117,620
Earnings before equity in losses of unconsolidated entity and minority interest		53,095			69,064			181,466			186,265
Equity in losses of unconsolidated entity		(1,484	)		(794	)		(3,854	)		(2,514	)
Minority interest		(330	)		(279	)		(1,053	)		(715	)
Net earnings	$	51,281		$	67,991		$	176,559		$	183,036

Exhibit B

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

	Sept 30, 2008			December 31,
	(Unaudited)			2007
Assets
Current assets:
Cash and cash equivalents	$	49,417		$	39,566
Trade receivables, net of allowance for doubtful accounts		371,098			286,236
Other receivables		15,582			7,971
Due from affiliates		1,082			—
Prepaid expenses and other current assets		22,387			33,323
Deferred income taxes		34,640			40,440
Total current assets		494,206			407,536
Property and equipment, net of accumulated depreciation and amortization		92,473			95,620
Goodwill		1,086,606			1,078,154
Intangible assets, net of accumulated amortization		93,481			118,129
Computer software, net of accumulated amortization		150,170			150,372
Other non-current assets		133,049			112,232
Total assets	$	2,049,985		$	1,962,043
Liabilities and Stockholders’ Equity
Current liabilities:
Trade accounts payable	$	32,367		$	19,499
Accrued salaries and benefits		33,629			22,908
Recording and transfer tax liabilities		16,708			10,657
Due to affiliates		1,030			—
Other accrued liabilities		102,737			57,053
Current portion of long-term debt		110,105			—
Deferred revenues		53,946			58,076
Total current liabilities		350,522			168,193
Deferred revenues		32,866			23,146
Deferred income taxes		45,249			55,196
Long-term debt, less current portion		1,438,625			—
Other long-term liabilities		21,439			34,419
Total liabilities		1,888,701			280,954
Minority interest		11,103			10,050
Stockholders’ equity:
Preferred stock $0.0001 par value; 50 million shares authorized, none issued at September 30, 2008 or December 31, 2007		—			—
Common stock $0.0001 par value; 500 million shares authorized, 95.3 million shares issued at September 30, 2008		9			—
Treasury stock $0.0001 par value; 7,000 shares at September 30, 2008		(241	)		—
Additional paid-in capital		101,640			—
Retained earnings		48,738			—
FIS’s equity		—			1,671,039
Accumulated other comprehensive earnings		35			—
Total stockholders’ equity		150,181			1,671,039
Total liabilities and stockholders’ equity	$	2,049,985		$	1,962,043

Exhibit C

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

	Nine months ended
	Sept 30,
	2008			2007
	(Unaudited)
Cash flows from operating activities:
Net earnings	$	176,559		$	183,036
Adjustment to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		68,395			77,852
Amortization of debt issuance costs		1,509			—
Deferred income taxes		3,968			13,688
Stock-based compensation cost		14,910			10,822
Income tax benefit from exercise of stock options		(512	)		—
Equity in losses of unconsolidated entity		3,854			2,514
Minority interest		1,053			715
Changes in assets and liabilities, net of effects from acquisitions
Net increase in trade receivables		(84,167	)		(70,052	)
Net (increase) decrease in other receivables		(7,612	)		23,603
Net decrease (increase) in prepaid expenses and other assets		8,631			(6,953	)
Net increase in deferred contract costs		(3,955	)		(18,776	)
Net decrease (increase) in deferred revenue		5,342			(24,272	)
Net decrease in accounts payable, accrued liabilities and other liabilities		59,317			2,971
Net cash provided by operating activities		247,292			195,148
Cash flows from investing activities:
Additions to property and equipment		(14,657	)		(5,072	)
Additions to capitalized software		(23,685	)		(29,412	)
Acquisitions, net of cash acquired		(15,488	)		(37,305	)
Net cash used in investing activities		(53,830	)		(71,789	)
Cash flows from financing activities:
Borrowings		1,610,700			—
Debt service payments		(61,993	)		—
Capitalized debt issuance costs		(24,882	)		—
Net distributions to FIS		(1,699,855	)		(143,843	)
Stock options exercised		1,433			—
Income tax benefit from exercise of stock options		512			—
Dividends paid		(9,526	)		—
Net cash used in financing activities		(183,611	)		(143,843	)
Net increase (decrease) in cash and cash equivalents		9,851			(20,484	)
Cash and cash equivalents, beginning of period		39,566			47,783
Cash and cash equivalents, end of period	$	49,417		$	27,299
Cash paid for interest	$	15,543		$	—
Cash paid for income taxes	$	720		$	—
Non-cash contribution of stock compensation from FIS	$	9,120		$	10,822
Non-cash contribution for Espiel acquisition	$	—		$	6,000
Non-cash redistribution of assets to FIS	$	(23,064	)	$	—

Exhibit D

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

	Nine Months Ended
	Sept 30,						Quarter Ended																					Full Year
	2008			2007			9/30/2008			6/30/2008			3/31/2008			12/31/2007			9/30/2007			6/30/2007			3/31/2007			2007
1. Revenues
Technology, Data and Analytics (TD&A):
Mortgage Processing	$	245,820		$	246,787		$	83,592		$	82,062		$	80,166		$	92,883		$	81,256		$	83,233		$	82,298		$	339,670
Other TD&A		170,712			177,447			55,372			59,682			55,658			53,029			58,593			58,776			60,078			230,476
Total		416,532			424,234			138,964			141,744			135,824			145,912			139,849			142,009			142,376			570,146
Loan Transaction Services:
Loan Facilitation Services		369,874			501,969			93,545			125,124			151,205			150,889			166,546			177,710			157,713			652,858
Default Services		608,092			328,216			241,844			197,223			169,025			144,805			122,710			103,967			101,539			473,021
Total		977,966			830,185			335,389			322,347			320,230			295,694			289,256			281,677			259,252			1,125,879
Corporate and Other		(8,714	)		(2,517	)		(1,675	)		(3,711	)		(3,328	)		(2,940	)		(3,641	)		1,324			(200	)		(5,457	)
Total Revenue	$	1,385,784		$	1,251,902		$	472,678		$	460,380		$	452,726		$	438,666		$	425,464		$	425,010		$	401,428		$	1,690,568
Revenue Growth from Prior Year Period
Technology, Data and Analytics:
Mortgage Processing		-0.4	%		3.4	%		2.9	%		-1.4	%		-2.6	%		13.9	%		-1.9	%		5.8	%		1.0	%		4.7	%
Other TD&A		-3.8	%		9.4	%		-5.5	%		1.5	%		-7.4	%		-9.0	%		5.6	%		2.8	%		16.8	%		3.6	%
Total		-1.8	%		5.8	%		-0.6	%		-0.2	%		-4.6	%		4.4	%		1.1	%		4.5	%		7.1	%		4.2	%
Loan Transaction Services:
Loan Facilitation Services		-26.3	%		12.7	%		-43.8	%		-29.6	%		-4.1	%		-6.2	%		1.2	%		20.8	%		4.8	%		4.8	%
Default Services		85.3	%		69.9	%		97.1	%		89.7	%		66.5	%		72.1	%		68.8	%		69.2	%		70.6	%		70.3	%
Total		17.8	%		29.2	%		15.9	%		14.4	%		23.5	%		20.7	%		21.9	%		35.0	%		23.4	%		25.0	%
Corporate and Other		n/m			n/m			n/m			n/m			n/m			n/m			n/m			n/m			n/m			n/m
Total Revenue		10.7	%		16.7	%		11.1	%		8.3	%		12.8	%		11.9	%		10.6	%		19.0	%		14.3	%		13.8	%
2. Depreciation and Amortization
Depreciation and Amortization	$	37,440		$	44,437		$	12,613		$	11,306		$	13,521		$	12,831		$	14,207		$	15,484		$	14,746		$	57,268
Purchase Price Amortization		29,307			31,961			10,627			8,980			9,700			11,428			10,670			10,316			10,975			43,389
Other Amortization		1,648			1,454			579			594			475			496			602			452			400			1,950
Total Depreciation and Amortization	$	68,395		$	77,852		$	23,819		$	20,880		$	23,696		$	24,755		$	25,479		$	26,252		$	26,121		$	102,607
3. Stock Compensation Expense
Stock Compensation Expense, Excluding Acceleration Charges	$	14,772		$	10,822		$	5,790		$	4,295		$	4,687		$	3,235		$	3,607		$	3,645		$	3,570		$	14,057
Stock Acceleration Expense		138			—			—			138			—			—			—			—			—			—
Total Stock Compensation Expense	$	14,910		$	10,822		$	5,790		$	4,433		$	4,687		$	3,235		$	3,607		$	3,645		$	3,570		$	14,057

Exhibit E

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

	Nine Months Ended Sept 30,						Quarter Ended																					Full Year
	2008			2007			9/30/2008			6/30/2008			3/31/2008			12/31/2007			9/30/2007			6/30/2007			3/31/2007			2007
1. EBIT — Consolidated
Revenue	$	1,385,784		$	1,251,902		$	472,678		$	460,380		$	452,726		$	438,666		$	425,464		$	425,010		$	401,428		$	1,690,568
Cost of Sales		887,218			788,478			302,081			294,963			290,174			270,169			261,655			269,042			257,781			1,058,647
Selling, General and Administrative Expenses		178,745			160,600			59,746			60,782			58,217			47,259			51,528			55,603			53,469			207,859
Operating Income		319,821			302,824			110,851			104,635			104,335			121,238			112,281			100,365			90,178			424,062
Less Non-recurring Charges:
Restructuring Costs		2,353			—			—			2,353			—			(4,235	)		—			—			—			(4,235	)
LPS Spin Related Costs		2,963			—			—			1,960			1,003			—			—			—			—			—
Acceleration of Performance-Based Shares		138			—			—			138			—			—			—			—			—			—
EBIT, as adjusted	$	325,275		$	302,824		$	110,851		$	109,086		$	105,338		$	117,003		$	112,281		$	100,365		$	90,178		$	419,827
EBIT Margin, as adjusted		23.5	%		24.2	%		23.5	%		23.7	%		23.3	%		26.7	%		26.4	%		23.6	%		22.5	%		24.8	%
Depreciation and Amortization	$	68,395		$	77,852		$	23,819		$	20,880		$	23,696		$	24,755		$	25,479		$	26,252		$	26,121		$	102,607
2. EBIT — Technology, Data and Analytics
Revenue	$	416,532		$	424,234		$	138,964		$	141,744		$	135,824		$	145,912		$	139,849		$	142,009		$	142,376		$	570,146
Cost of Sales		229,487			238,699			73,980			81,397			74,110			75,048			78,391			78,187			82,121			313,747
Selling, General and Administrative Expenses		49,519			49,095			15,790			17,471			16,258			15,675			16,319			16,954			15,822			64,770
Operating Income		137,526			136,440			49,194			42,876			45,456			55,189			45,139			46,868			44,433			191,629
Less Non-recurring Charges:
Restructuring Costs		2,178			—			—			2,178			—			—			—			—			—			—
LPS Spin Related Costs		—			—			—			—			—			—			—			—			—			—
Acceleration of Performance-Based Shares		—			—			—			—			—			—			—			—			—			—
EBIT, as adjusted	$	139,704		$	136,440		$	49,194		$	45,054		$	45,456		$	55,189		$	45,139		$	46,868		$	44,433		$	191,629
EBIT Margin, as adjusted		33.5	%		32.2	%		35.4	%		31.8	%		33.5	%		37.8	%		32.3	%		33.0	%		31.2	%		33.6	%
Depreciation and Amortization	$	45,216		$	52,577		$	15,230		$	13,971		$	16,015		$	16,143		$	16,958		$	17,437		$	18,182		$	68,720
3. EBIT — Loan Transaction Services
Revenue	$	977,966		$	830,185		$	335,389		$	322,347		$	320,230		$	295,694		$	289,256		$	281,677		$	259,252		$	1,125,879
Cost of Sales		666,597			553,762			229,804			217,337			219,456			196,412			184,595			192,174			176,993			750,174
Selling, General and Administrative Expenses		86,153			83,104			28,324			29,366			28,463			27,028			28,351			27,711			27,042			110,132
Operating Income		225,216			193,319			77,261			75,644			72,311			72,254			76,310			61,792			55,217			265,573
Less Non-recurring Charges:
Restructuring Costs		163			—			—			163			—			—			—			—			—			—
LPS Spin Related Costs		—			—			—			—			—			—			—			—			—			—
Acceleration of Performance-Based Shares		—			—			—			—			—			—			—			—			—			—
EBIT, as adjusted	$	225,379		$	193,319		$	77,261		$	75,807		$	72,311		$	72,254		$	76,310		$	61,792		$	55,217		$	265,573
EBIT Margin, as adjusted		23.0	%		23.3	%		23.0	%		23.5	%		22.6	%		24.4	%		26.4	%		21.9	%		21.3	%		23.6	%
Depreciation and Amortization	$	18,165		$	21,498		$	6,669		$	5,310		$	6,186		$	7,254		$	7,279		$	7,449		$	6,770		$	28,752
4. EBIT — Corporate and Other
Revenue	$	(8,714	)	$	(2,517	)	$	(1,675	)	$	(3,711	)	$	(3,328	)	$	(2,940	)	$	(3,641	)	$	1,324		$	(200	)	$	(5,457	)
Cost of Sales		(8,866	)		(3,983	)		(1,703	)		(3,771	)		(3,392	)		(1,291	)		(1,331	)		(1,319	)		(1,333	)		(5,274	)
Selling, General and Administrative Expenses		43,073			28,401			15,632			13,945			13,496			4,556			6,858			10,938			10,605			32,957
Operating Income		(42,921	)		(26,935	)		(15,604	)		(13,885	)		(13,432	)		(6,205	)		(9,168	)		(8,295	)		(9,472	)		(33,140	)
Less Non-recurring Charges:
Restructuring Costs		12			—			—			12			—			(4,235	)		—			—			—			(4,235	)
LPS Spin Related Costs		2,963			—			—			1,960			1,003			—			—			—			—			—
Acceleration of Performance-Based Shares		138			—			—			138			—			—			—			—			—			—
EBIT, as adjusted	$	(39,808	)	$	(26,935	)	$	(15,604	)	$	(11,775	)	$	(12,429	)	$	(10,440	)	$	(9,168	)	$	(8,295	)	$	(9,472	)	$	(37,375	)
Depreciation and Amortization	$	5,014		$	3,777		$	1,920		$	1,599		$	1,495		$	1,357		$	1,242		$	1,366		$	1,169		$	5,135

Exhibit E

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

	Nine Months Ended Sept 30,						Quarter Ended																					Full Year
	2008			2007			9/30/2008			6/30/2008			3/31/2008			12/31/2007			9/30/2007			6/30/2007			3/31/2007			2007
5. Net Earnings — Reconciliation
Net Earnings	$	176,559		$	183,036		$	51,281		$	63,546		$	61,732		$	73,769		$	67,991		$	60,506		$	54,539		$	256,805
Less Non-recurring Charges:
Restructuring Costs, net of tax		1,440			—			—			1,440			—			(2,596	)		—			—			—			(2,596	)
LPS Spin Related Costs, net of tax		1,814			—			—			1,200			614			—			—			—			—			—
Acceleration of Performance-Based Shares, net of tax		84			—			—			84			—			—			—			—			—			—
Net Earnings, excluding non-recurring items		179,897			183,036			51,281			66,270			62,346			71,173			67,991			60,506			54,539			254,209
Pro Forma Interest Expense, net of tax (1)		28,131			45,035			—			13,951			14,180			14,588			14,805			15,326			14,904			59,623
Pro Forma Net Earnings		151,766			138,001			51,281			52,319			48,166			56,585			53,186			45,180			39,635			194,586
Purchase Price Amortization, net of tax		17,936			19,590			6,504			5,496			5,936			7,005			6,540			6,323			6,727			26,595
Pro Forma Adjusted Net Earnings	$	169,702		$	157,591		$	57,785		$	57,815		$	54,102		$	63,590		$	59,726		$	51,503		$	46,362		$	221,181
Pro Forma Net Earnings Per Share	$	1.58		$	1.41		$	0.54		$	0.55		$	0.49		$	0.58		$	0.54		$	0.46		$	0.41		$	1.99
Pro Forma Adjusted Net Earnings Per Share (2)	$	1.77		$	1.61		$	0.61		$	0.61		$	0.55		$	0.65		$	0.61		$	0.53		$	0.47		$	2.26
Pro Forma Diluted Weighted Average Shares (2)		95,963			97,697			95,223			95,070			97,597			97,697			97,697			97,697			97,697			97,697
6. Cashflow — Reconciliation
Cash Flows from Operating Activities:
Net Earnings	$	176,559		$	183,036		$	51,281		$	63,546		$	61,732		$	73,769		$	67,991		$	60,506		$	54,539		$	256,805
Less Non-recurring Charges:
Restructuring Costs, net of tax		1,440			—			—			1,440			—			(2,596	)		—			—			—			(2,596	)
LPS Spin Related Costs, net of tax		1,814			—			—			1,200			614			—			—			—			—			—
Net Earnings, excluding non-recurring items		179,813			183,036			51,281			66,186			62,346			71,173			67,991			60,506			54,539			254,209
Pro Forma Interest Expense, net of tax		28,131			45,035			—			13,951			14,180			14,588			14,805			15,326			14,904			59,623
Pro Forma Adjusted Net Earnings		151,682			138,001			51,281			52,235			48,166			56,585			53,186			45,180			39,635			194,586
Adjustments to reconcile net earnings to net cash provided by operating activities:
Non-cash adjustments		93,177			105,592			32,420			18,262			42,495			27,980			30,213			31,633			43,745			133,571
Working capital adjustments		(22,444	)		(93,479	)		26,908			(91,474	)		42,122			(13,903	)		(36,445	)		(26,149	)		(30,885	)		(107,382	)
Net cash provided by (used in) operating activities		222,415			150,113			110,609			(20,977	)		132,783			70,662			46,954			50,664			52,495			220,775
Capital expenditures included in investing activities		(38,342	)		(34,484	)		(13,205	)		(14,344	)		(10,793	)		(36,068	)		(9,448	)		(14,531	)		(10,505	)		(70,552	)
Pro Forma Adjusted Net Free Cashflow	$	184,073		$	115,629		$	97,404		$	(35,321	)	$	121,990		$	34,594		$	37,506		$	36,133		$	41,990		$	150,223

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 94.6 million 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.