UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

February 7, 2011
Date of report (date of earliest event reported)

LPL Investment Holdings Inc.

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdictions of incorporation or organization)		001-34963 (Commission File Number)		20-3717839 (I.R.S. Employer Identification Nos.)

One Beacon Street
Boston MA 02108
(Address of principal executive offices) (Zip Code)

(617) 423-3644
(Registrant’s telephone number, including area code)

N/A
(Former Name or Former Address, if Changed since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:

     o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02 Results of Operations and Financial Condition

          On February 7, 2011, LPL Investment Holdings Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2010. A copy of the press release is furnished with this Form 8-K and attached hereto as Exhibit 99.1.

          Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits

	(d)		Exhibits
	99.1		Press Release dated February 7, 2011 (“LPL Financial Announces Fourth Quarter and Full-Year 2010 Financial Results”)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 7, 2011

Exhibit 99.1

LPL Financial Announces Fourth Quarter and Full-Year 2010 Financial Results

Record Levels of Advisory and Brokerage Assets Help Fuel Record Full Year Profitability
Strong Net New Advisor Growth Underpins Fourth Quarter Expansion

Boston, MA — February 7, 2011 — LPL Investment Holdings Inc. (NASDAQ: LPLA), (the “Company”), parent company of LPL Financial LLC (“LPL Financial”), announced today a fourth quarter net loss of $116.6 million, or $1.20 per diluted share, compared to fourth quarter 2009 net income of $18.6 million, or $0.19 per diluted share. Adjusted Net Income, which excludes certain non-cash charges and other adjustments, including charges related to the initial public offering (“IPO”), rose 6.2% for the fourth quarter to $44.7 million, or $0.42 per diluted share, from $42.1 million, or $0.43 per diluted share, in the fourth quarter of 2009. Adjusted EBITDA for the quarter was $99.2 million, up 4.5% from $94.8 million in the year-ago quarter. A reconciliation of these non-GAAP measures to GAAP measures, along with an explanation of these metrics, is provided below.

Net revenue for the fourth quarter of 2010 increased 11.6% to $820.0 million from $734.9 million in the fourth quarter of 2009. The strong revenue growth in the quarter was driven by double-digit growth in the Company’s advisory fee and asset-based revenues, combined with modest growth in transaction-based fees, as well as market appreciation.

The Company had a full-year 2010 net loss of $56.9 million, or $0.64 per diluted share, compared to a net income of $47.5 million, or $0.47 per diluted share, in 2009. The current-year net loss was driven by the previously disclosed charges recorded in the fourth quarter associated with the Company’s IPO. Adjusted Net Income for 2010 rose 33.3% to a record $172.7 million, or $1.71 per diluted share, versus $129.6 million, or $1.32 per diluted share, in 2009. Adjusted EBITDA for 2010 was $413.1 million, up 16.0% from $356.1 million in 2009.

Net revenue for 2010 was $3.1 billion, a 13.2% increase over the prior year. The solid growth was driven by strong growth in the Company’s advisory fee and asset-based revenues, as well as trail-based commissions, resulting from a combination of advisor-generated growth in assets as well as improved equity market performance relative to 2009.

“The commitment of our financial advisors to help their clients meet their financial goals, coupled with the strength of our business model and breadth of support we provide our customers, enabled us to deliver record profitability to shareholders despite the challenging operating environment of 2010,” said Mark Casady, LPL Financial chairman and CEO. “At the same time, we achieved many important milestones during 2010, including successfully completing our IPO, continuing to provide our advisors and institutions with greater value through our unique integrated technology platform, and expanding our product and service offerings.”

“The increasing demand for unbiased, conflict-free investment advice continues to fuel the strong momentum in our business development efforts. We achieved strong net new advisor growth during the quarter and continue to see excellent growth in our hybrid RIA platform that ended the year well over planned objectives. As we enter 2011, our new business pipeline remains on very solid footing as LPL Financial remains the top choice for advisors and institutions that value working in a conflict-free environment.”

Robert Moore, chief financial officer, said, “Our results for both the quarter and full year, which included record Adjusted EBITDA and Adjusted Net Income, were achieved through a combination of factors that include diverse sources of revenues, the majority of which are recurring; growth in advisory and brokerage assets; a continued focus on disciplined expense management; and instituting operational efficiencies across the organization. These factors, combined with our

significant scale, enabled margin expansion for the year, furthering our ability to convert an even greater portion of revenue growth to bottom-line profitability. The successful refinancing of our debt along with our IPO, places the Company on a strong financial foundation as we look to further expand and grow into the future.”

Operational Highlights

•

Revenue increased 11.6% from the year-ago quarter. Key drivers of this growth include:

	o		Advisory assets in the Company’s fee-based platforms were $93.0 billion at December 31, 2010, up 20.5% from $77.2 billion at December 31, 2009, outpacing the S&P 500, which increased 12.8% from December 31, 2009.
	o		Net new advisory assets were $8.5 billion during the twelve months ended December 31, 2010, up 21.4% compared to $7.0 billion for the twelve months ended December 31, 2009, primarily driven by strong new business development in 2009 and mix shift toward a higher percentage of advisory business.
	o		Asset-based fees increased by 21.5% due to growth in record-keeping, omnibus processing, and other administrative fees.
	o		Mid single-digit commission and transaction fee growth reflects improving advisor confidence in the outlook for equity markets.

•		The Company added 494 net new advisors during the year ending December 31, 2010, including 206 advisors who moved their registrations from National Retirement Partners (“NRP”) to the Company, as noted below. This constitutes an increase of 427 net new advisors during the fourth quarter.
•		Total advisory and brokerage assets hit a record level of $315.6 billion as of December 31, 2010, up 13.0% compared to $279.4 billion as of December 31, 2009.
•		Assets under custody in the LPL Financial hybrid RIA platform, which provides integrated fee and commission-based capabilities for independent advisors with their own Registered Investment Adviser (“RIA”), grew to $13.5 billion as of December 31, 2010, and encompassed 114 RIA firms, compared to $7.3 billion and 92 RIA firms as of December 31, 2009. This strong growth in the firm’s RIA business over the last several years makes LPL Financial one of the largest RIA custodians in the industry.
•		Revenues generated from the Company’s cash sweep programs increased by $5.7 million, or 21.5%, to $32.2 million in the fourth quarter of 2010 compared to $26.5 million in the prior-year period. Variances in fees generated are impacted by assets in the Company’s cash sweep programs, which averaged $18.4 billion for the fourth quarter of 2010 and $18.7 billion for the year-ago quarter, as well as the effective federal funds rate, which averaged 0.19% for the fourth quarter of 2010 compared to 0.12% for the same period in the prior year. The effective federal funds rate remaining at historical low levels dampens revenue growth from cash sweep programs overall.
•		Interest expense for the fourth quarter of 2010 declined $5.4 million compared to the fourth quarter of 2009, largely as the result of debt refinancing in the second quarter of 2010, which included a redemption of the Company’s senior unsecured subordinated notes. At current interest rates, the Company expects annual interest savings of approximately $16.9 million.
•		In connection with the Company’s previously announced agreement to acquire certain assets of NRP, 206 advisors previously registered with (or licensed through) NRP transferred their securities and advisory licenses and registrations to LPL Financial. Approximately 3,800 client accounts with brokerage and advisory assets of $564.3 million were converted from NRP’s former clearing firm to the Company.

Conference Call

The Company will hold a conference call to discuss results at 8:30 a.m. EST on Tuesday, February 8, 2011. The conference call can be accessed by dialing 877-677-9122 (domestic) or 708-290-1401 (international) and entering passcode 35467436.

The conference call will also be webcast simultaneously on the Investor Relations section of Company’s website (www.lpl.com), where a replay of the call will also be available following the live webcast. A telephonic replay will be available one hour after the call and can be accessed by dialing 800-642-1687 (domestic) or 706-645-9291 (international) and entering passcode 35467436. The telephonic replay will be available until 11:59 p.m. on February 22, 2011.

Financial Highlights and Key Metrics
(Dollars in thousands except per share data and where noted)

		Three Months Ended December 31,												Year Ended December 31,
		2010				2009				Change				2010				2009				Change
Financial Highlights (unaudited)
Net Revenue		$	819,955			$	734,884				11.6	%		$	3,113,486			$	2,749,505				13.2	%
Net (Loss) Income		$	(116,560	)		$	18,598				*			$	(56,862	)		$	47,520				*
Adjusted Net Income (1)		$	44,677			$	42,057				6.2	%		$	172,720			$	129,556				33.3	%
(Loss) Earnings Per Share (diluted)		$	(1.20	)		$	0.19				*			$	(0.64	)		$	0.47				*
Adjusted Net Income per Share (1)		$	0.42			$	0.43				(2.3	)%		$	1.71			$	1.32				29.5	%
Adjusted EBITDA (1)		$	99,159			$	94,849				4.5	%		$	413,113			$	356,068				16.0	%

		As of December 31,
		2010				2009				Change
Metric Highlights
Financial Advisors (2)			12,444				11,950				4.1	%
Advisory and Brokerage Assets (3) (billions)		$	315.6			$	279.4				13.0	%
Net New Advisory Assets (4) (billions)		$	8.5			$	7.0				21.4	%
Insured Cash Account Balances (billions)		$	12.2			$	11.6				5.2	%
Money Market Account Balances (billions)		$	6.9			$	7.0				(1.4	)%

(1)

Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per share have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of the Company’s results as reported under GAAP. Some of these limitations are:

•

Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per share do not reflect all cash expenditures, future requirements for capital expenditures, or contractual commitments;

•

Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per share do not reflect changes in, or cash requirements for, working capital needs; and

•

Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt.

The reconciliation from net (loss) income to Adjusted EBITDA and Adjusted Net Income for the periods presented is as follows (in thousands):

		Three Months Ended								Year Ended
		December 31,								December 31,
		2010				2009				2010				2009
		(unaudited)								(unaudited)
Net (loss) income		$	(116,560	)		$	18,598			$	(56,862	)		$	47,520
Interest expense			18,877				24,323				90,407				100,922
Income tax (benefit) expense			(71,645	)			1,521				(31,987	)			25,047
Amortization of purchased intangible assets and software (a)			9,257				14,416				43,658				59,577
Depreciation and amortization of all other fixed assets			9,308				12,284				42,379				48,719
EBITDA			(150,763	)			71,142				87,595				281,785

		Three Months Ended								Year Ended
		December 31,								December 31,
		2010				2009				2010				2009
		(unaudited)								(unaudited)
EBITDA Adjustments:
Share-based compensation expense (b)			2,801				2,525				10,429				6,437
Acquisition and integration related expenses (c)			2,784				648				12,569				3,037
Restructuring and conversion costs (d)			6,122				20,139				22,835				64,078
Debt amendment and extinguishment costs (e)			—				—				38,633				—
Equity issuance and IPO related costs (f)			238,177				358				240,902				580
Other (g)			38				37				150				151
Total EBITDA Adjustments			249,922				23,707				325,518				74,283
Adjusted EBITDA		$	99,159			$	94,849			$	413,113			$	356,068

		Three Months Ended								Year Ended
		December 31,								December 31,
		2010				2009				2010				2009
		(unaudited)								(unaudited)
Net (loss) income		$	(116,560	)		$	18,598			$	(56,862	)		$	47,520
After-Tax:
EBITDA Adjustments (h)
Share-based compensation expense (i)			2,263				1,940				8,400				5,146
Acquisition and integration related expenses			1,692				392				7,638				1,833
Restructuring and conversion costs			3,721				12,174				13,877				38,669
Debt amendment and extinguishment costs			—				—				23,477				—
Equity issuance and IPO related costs (j)			147,912				216				149,568				350
Other			23				23				91				91
Total EBITDA Adjustments			155,611				14,745				203,051				46,089
Amortization of purchased intangible assets and software (h)			5,626				8,714				26,531				35,947
Adjusted Net Income		$	44,677			$	42,057			$	172,720			$	129,556
Adjusted Net Income per share (k)		$	0.42			$	0.43			$	1.71			$	1.32
Weighted average shares outstanding — diluted			105,873				98,787				100,933				98,494

		For the Three
		Months Ended								For the Year Ended
		December 31,								December 31,
		2010				2009				2010				2009
		(unaudited)								(unaudited)
(Loss) earnings per share — diluted		$	(1.20	)		$	0.19			$	(0.64	)		$	0.47
Adjustment to include dilutive shares, not included in GAAP loss per share			0.10				—				0.08				—
Adjustment for allocation of undistributed earnings to stock units			—				—				—				0.01
After-Tax:
EBITDA Adjustments per share			1.47				0.15				2.01				0.47
Amortization of purchased intangible assets and software per share			0.05				0.09				0.26				0.37
Adjusted Net Income per share		$	0.42			$	0.43			$	1.71			$	1.32

Non-GAAP Financial Measures

Adjusted Net Income represents net income before: (a) share-based compensation expense, (b) amortization of intangible assets and software, a component of depreciation and amortization, resulting from the merger transaction in 2005 and the 2007 acquisition of certain broker-dealers, (c) debt amendment and extinguishment costs (d) restructuring and conversion costs and (e) equity issuance and IPO related costs. Reconciling items are tax effected using the income tax rates in effect for the applicable period, adjusted for any potentially non-deductible amounts. Adjusted Net Income per share represents Adjusted Net Income divided by weighted average outstanding shares on a fully diluted basis. The Company prepared Adjusted Net Income and Adjusted Net Income per share to eliminate the effects of items that it does not consider indicative of its core operating performance. The Company believes this measure provides investors with greater transparency by helping illustrate the underlying financial and business trends relating to results of operations and financial condition and comparability between current and prior periods. Adjusted Net Income and Adjusted Net Income per share are not measures of the Company’s financial performance under GAAP and should not be considered as an alternative to net income or earnings per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of profitability or liquidity.

Adjusted EBITDA is defined as EBITDA (net income plus interest expense, income tax expense, depreciation and amortization), further adjusted to exclude certain non-cash charges and other adjustments set forth in the table above. The Company presents Adjusted EBITDA because the Company considers it a useful financial metric in assessing the Company’s operating performance from period to period by excluding certain items that the Company believes are not representative of its core business, such as certain material non-cash items and other adjustments that are outside the control of management. Adjusted EBITDA is not a measure of the Company’s financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of profitability or liquidity. In addition, Adjusted EBITDA can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments.

Forward-Looking Statements

This press release may contain forward-looking statements (regarding the Company’s future financial condition, results of operations, business strategy and financial needs, and other similar matters) that involve risks and uncertainties. Forward-looking statements can be identified by words such as “anticipates,” “expects,” “believes,” “plans,” “predicts,” and similar terms. Forward-looking statements are not guarantees of future performance and actual results may differ significantly from the results discussed in the forward-looking statements. Important factors that may cause such differences include, but are not limited to, changes in general economic and financial market conditions, fluctuations in the value of assets under management, effects of competition in the financial services industry, changes in the number of the Company’s financial advisors and institutions and their ability to effectively market financial products and services, the effect of current, pending and future legislation, regulation and regulatory actions, and other factors set forth in the Company’s Prospectus filed on November 18, 2010, which is available on www.sec.gov.

About LPL Financial

LPL Financial, a wholly owned subsidiary of LPL Investment Holdings Inc., is an independent broker-dealer. LPL Financial and its affiliates offer proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 12,400 independent financial advisors and financial advisors at financial institutions. Additionally, LPL Financial supports approximately 4,000 financial advisors who are affiliated and licensed with insurance companies with customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have over 2,500 employees with employees and offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com. Member FINRA/SIPC

# # #

LPLA-F

Media Relations		Investor Relations
Joseph Kuo		Mark Barnett
LPL Financial		LPL Financial
Phone: 704-733-3931		Phone: 617-897-4574
Email: media.inquiries@lpl.com		Email: investor.relations@lpl.com

LPL Investment Holdings Inc.
Condensed Consolidated Statements of Income
(Dollars in thousands except per share data and where noted)
(Unaudited)

		Three Months Ended												Year Ended
		December 31,								%				December 31,								%
		2010				2009				Change				2010				2009				Change
Revenues
Commissions		$	426,397			$	392,755				8.6	%		$	1,620,811			$	1,477,655				9.7	%
Advisory fees			226,407				196,630				15.1	%			860,227				704,139				22.2	%
Asset-based fees			87,020				71,606				21.5	%			317,505				272,893				16.3	%
Transaction and other fees			68,410				63,863				7.1	%			274,148				255,574				7.3	%
Other			11,721				10,030				16.9	%			40,795				39,244				4.0	%
Net revenues			819,955				734,884				11.6	%			3,113,486				2,749,505				13.2	%
Expenses
Production			802,167				516,878				55.2	%			2,397,535				1,904,579				25.9	%
Compensation and benefits			85,632				72,280				18.5	%			308,656				270,436				14.1	%
General and administrative			56,430				53,257				6.0	%			233,015				218,416				6.7	%
Depreciation and amortization			18,565				26,700				(30.5	)%			86,037				108,296				(20.6	)%
Restructuring charges			3,488				17,000				(79.5	)%			13,922				58,695				(76.3	)%
Other			23,025				4,291				436.6	%			34,826				15,294				127.7	%
Total operating expenses			989,307				690,406				43.3	%			3,073,991				2,575,716				19.3	%
Non-operating interest expense			18,877				24,323				(22.4	)%			90,407				100,922				(10.4	)%
Loss on extinguishment of debt			—				—				*				37,979				—				*
(Gain) loss on equity method investment			(24	)			36				*				(42	)			300				*
Total expenses			1,008,160				714,765				41.0	%			3,202,335				2,676,938				19.6	%
(Loss) Income before (benefit) provision for income taxes			(188,205	)			20,119				*				(88,849	)			72,567				*
(Benefit) Provision for income taxes			(71,645	)			1,521				*				(31,987	)			25,047				*
Net (loss) income		$	(116,560	)		$	18,598				*			$	(56,862	)		$	47,520				*
(Loss) Earnings per share
Basic		$	(1.20	)		$	0.21				*			$	(0.64	)		$	0.54				*
Diluted		$	(1.20	)		$	0.19				*			$	(0.64	)		$	0.47				*

LPL Investment Holdings Inc.
Financial Highlights
(Dollars in thousands, unless otherwise noted)
(Unaudited)

		Three Month Quarterly Results
		Q4 2010				Q3 2010				Q2 2010				Q1 2010				Q4 2009
REVENUES
Commissions		$	426,397			$	385,273			$	420,169			$	388,972			$	392,755
Advisory fees			226,407				212,344				215,146				206,330				196,630
Asset-based fees			87,020				81,599				77,436				71,450				71,606
Transaction and other fees			68,410				70,243				68,132				67,363				63,863
Other			11,721				10,505				9,278				9,291				10,030
Net revenues			819,955				759,964				790,161				743,406				734,884
EXPENSES
Production (1)			802,167				525,628				556,538				513,202				516,878
Compensation and benefits			85,632				74,627				74,822				73,575				72,280
General and administrative			56,430				68,798				54,550				53,237				53,257
Depreciation and amortization			18,565				19,772				22,110				25,590				26,700
Restructuring charges			3,488				1,863				4,622				3,949				17,000
Other			23,025				3,750				3,274				4,777				4,291
Total operating expenses			989,307				694,438				715,916				674,330				690,406
Non-operating interest expense			18,877				19,511				27,683				24,336				24,323
Loss on extinguishment of debt			—				—				37,979				—				—
Gain (loss) on equity method investment			(24	)			3				(45	)			24				36
Total expenses			1,008,160				713,952				781,533				698,690				714,765
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES			(188,205	)			46,012				8,628				44,716				20,119
(BENEFIT) PROVISION FOR INCOME TAXES (2)			(71,645	)			19,868				628				19,162				1,521
NET (LOSS) INCOME		$	(116,560	)		$	26,144			$	8,000			$	25,554			$	18,598
(LOSS) EARNINGS PER SHARE
Basic		$	(1.20	)		$	0.30			$	0.09			$	0.29			$	0.21
Diluted		$	(1.20	)		$	0.26			$	0.08			$	0.25			$	0.19
FINANCIAL CONDITION
Total Cash & Cash Equivalents		$	419,208			$	442,547			$	402,741			$	324,761			$	378,594
Total Assets		$	3,646,167			$	3,364,896			$	3,315,310			$	3,343,286			$	3,336,936
Total Debt (3)		$	1,386,639			$	1,390,132			$	1,393,625			$	1,407,117			$	1,369,223
Stockholders’ Equity		$	1,173,755			$	927,335			$	897,863			$	883,157			$	850,875
Capital Expenditures (4)		$	12,161			$	7,282			$	2,189			$	1,463			$	1,910
KEY METRICS
Financial Advisors			12,444				12,017				12,066				12,026				11,950
Advisory and Brokerage Assets (billions)		$	315.6			$	293.3			$	276.9			$	284.6			$	279.4
Insured Cash Account Balances (5) (billions)		$	12.2			$	11.7			$	11.8			$	11.4			$	11.6
Money Market Account Balances (5) (billions)		$	6.9			$	6.9			$	7.2			$	6.7			$	7.0
Adjusted EBITDA (6)		$	99,159			$	98,633			$	109,864			$	105,457			$	94,849
Adjusted Net Income (6)		$	44,677			$	40,526			$	46,418			$	41,099			$	42,057
Adjusted Net Income per share (6)		$	0.42			$	0.41			$	0.47			$	0.42			$	0.43

		Q4				Q3				Q2				Q1				Q4
		2010				2010				2010				2010				2009
										(unaudited)
Net (loss) income		$	(116,560	)		$	26,144			$	8,000			$	25,554			$	18,598
Interest expense			18,877				19,511				27,683				24,336				24,323
Income tax (benefit) expense			(71,645	)			19,868				628				19,162				1,521
Amortization of purchased intangible assets and software (a)			9,257				9,352				10,938				14,111				14,416
Depreciation and amortization of all other fixed assets			9,308				10,420				11,172				11,479				12,284
EBITDA		$	(150,763	)		$	85,295			$	58,421			$	94,642			$	71,142
EBITDA Adjustments:
Share-based compensation expense (b)		$	2,801			$	2,853			$	2,239			$	2,536			$	2,525
Acquisition and integration related expenses (c)			2,784				6,268				3,377				140				648
Restructuring and conversion costs (d)			6,122				3,115				5,619				7,979				20,139
Debt amendment and extinguishment costs (e)			—				28				38,484				121				—
Equity issuance and IPO related costs (f)			238,177				1,038				1,687				—				358
Other (g)			38				36				37				39				37
Total EBITDA Adjustments			249,922				13,338				51,443				10,815				23,707
Adjusted EBITDA		$	99,159			$	98,633			$	109,864			$	105,457			$	94,849
Net (loss) income		$	(116,560	)		$	26,144			$	8,000			$	25,554			$	18,598
After-Tax:
EBITDA Adjustments (h)
Share-based compensation expense (i)			2,263				2,257				1,870				2,010				1,940
Acquisition and integration related expenses			1,692				3,809				2,052				85				392
Restructuring and conversion costs			3,721				1,918				3,415				4,823				12,174
Debt amendment and extinguishment costs			—				17				23,387				73				—
Equity issuance and IPO related costs (j)			147,912				631				1,025				—				216
Other			23				22				22				24				23
Total EBITDA Adjustments			155,611				8,654				31,771				7,015				14,745
Amortization of purchased intangible assets and software (h)(i)			5,626				5,728				6,647				8,530				8,714
Adjusted Net Income		$	44,677			$	40,526			$	46,418			$	41,099			$	42,057
Adjusted Net Income per share (k)		$	0.42			$	0.41			$	0.47			$	0.42			$	0.43
Weighted average shares outstanding — diluted			105,873				99,612				99,487				98,945				98,787

		Q4				Q3				Q2				Q1				Q4
		2010				2010				2010				2010				2009
						(unaudited)
(Loss) earnings per share — diluted		$	(1.20	)		$	0.26			$	0.08			$	0.25			$	0.19
Adjustment to include dilutive shares, not included in GAAP loss per share			0.10				—				—				—				—
Adjustment for allocation of undistributed earnings to stock units			—				—				—				0.01				—
After-Tax:
EBITDA Adjustments per share			1.47				0.09				0.32				0.07				0.15
Amortization of purchased intangible assets per share			0.05				0.06				0.07				0.09				0.09
Adjusted Net Income per share		$	0.42			$	0.41			$	0.47			$	0.42			$	0.43