UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

Date of report (date of earliest event reported)

LPL Investment Holdings Inc.

(Exact name of registrant as specified in its charter)

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

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code)

(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:

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

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

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

—		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 July 27, 2011, LPL Investment Holdings Inc. issued a press release announcing its financial results for the quarter ended June 30, 2011. 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 July 27, 2011 (“LPL Financial Announces Second Quarter 2011 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: July 27, 2011

Exhibit 99.1

LPL Financial Announces Second Quarter 2011 Financial Results

Net Revenue Up 13.1%, Advisory Assets Under Management Exceed $100 Billion

Boston, MA — July 27, 2011 — LPL Investment Holdings Inc. (NASDAQ: LPLA) (the “Company”), parent company of LPL Financial LLC (“LPL Financial”), announced today second quarter net income of $45.5 million, or $0.40 per diluted share, up $37.5 million compared to second quarter 2010 net income of $8.0 million, or $0.08 per diluted share. Adjusted EBITDA for the quarter was $123.0 million, up 12.0% from $109.9 million in the year-ago quarter. Adjusted Earnings, which exclude certain non-cash charges and other adjustments, were $58.8 million, or $0.52 per diluted share, up $12.4 million or 26.7% compared to $46.4 million, or $0.47 per diluted share, in the second quarter of 2010. Net revenue for the second quarter of 2011 increased 13.1% to $894.0 million, from $790.2 million in the prior year period. A reconciliation of our non-GAAP measures to GAAP measures, along with an explanation of these metrics, is provided below.

For the first six months of 2011, net income of $94.5 million was up $60.9 million compared to $33.6 million for the same period in 2010. Adjusted Earnings through 2011 year to date was $118.2 million, up 35.0% from $87.5 million for the same period in 2010. Adjusted EBITDA for the first six months of 2011 increased 14.9% to $247.3 million versus the same period in 2010. Net revenue through 2011 year to date was $1.8 billion, up 15.3% from $1.5 billion for the same period in 2011.

“In the second quarter, the business activities and success of our independent advisors and institutional customers generated continued momentum in our financial and operational performance,” said Mark Casady, LPL Financial chairman and CEO. “While market conditions fluctuated, our advisors remained highly engaged with their clients in support of their comprehensive planning needs. Thus far, market volatility has not changed the outlook of our advisors, and we continue to partner with them to help their clients remain focused on their long-term financial goals.”

During the quarter, total advisory and brokerage assets hit a record level of $340.8 billion. Net new advisory assets were $3.1 billion during the quarter, driving total advisory assets under management to a record $103.2 billion.

Robert Moore, chief financial officer, commented, “Our advisors’ productivity has grown firm revenue and generated recurring revenue of 62%. The fundamentals of the business remain strong, although we continue to monitor market performance, which potentially can have a lagging impact on our advisory-based revenue. In addition, our cash sweep revenue marginally increased year-over-year, as the negative impact of declining interest rates was offset by an increase in our cash balances related to overall asset growth from new business.”

“We are making ongoing investments in our business, particularly in new business development, which adds new advisors and institutional programs to our platform. While these investments yielded an increase in business development expenses year-over-year, our expense rate in 2011 reflects a more normalized level of spending versus the prior year.”

Mr. Moore continued, “The Company continues to generate strong cash flows, providing the resources to make further business investments while also supporting our share repurchase program. For example, in 2011, we have a 50% increase in information technology project spending versus the prior year. These projects create growth opportunities for our advisors, as well as efficiency for them and our company.”

Mr. Casady concluded, “We remain vigilant stewards of the Company during these moments of market instability. Our singular focus on the needs of our advisors is at the core of our ability to grow and perform through various market cycles.”

Financial Highlights

•

Net revenue for the second quarter of 2011 increased 13.1% to $894.0 million from $790.2 million in the second quarter of 2010. Key drivers of this growth include:

	°		Total advisory and brokerage assets hit a record level of $340.8 billion as of June 30, 2011, up 23.1% compared to $276.9 billion as of June 30, 2010.
	°		Advisory assets in the Company’s fee-based platforms were $103.2 billion at June 30, 2011, up 30.8% from $78.9 billion at June 30, 2010.
	°		Net new advisory assets were $3.1 billion during the three months ended June 30, 2011 compared to $2.4 billion for the three month periods ended June 30, 2010, primarily as a result of strong new business development and mix shift toward more advisory business.
	°		Asset-based fees increased by 16.9% due to growth in record-keeping, omnibus processing, and other administrative fees.
	°		Approximately 80% of the increase in commissions revenue is from increased sales activity, with the remainder due to increases in market levels.

•		Revenues generated from the Company’s cash sweep programs increased by $0.3 million, or 1.0%, to $29.8 million in the second quarter of 2011 compared to $29.5 million in the prior-year period. The increase in revenues was driven by growth in assets in the Company’s cash sweep programs, which averaged $19.5 billion for the second quarter of 2011 compared to $18.6 billion in the year-ago quarter, offset by a decrease in the effective federal funds rate, which averaged 0.09% for the second quarter of 2011 compared to 0.19% for the same period in the prior year.
•		Interest expense for the second quarter of 2011 declined $9.5 million compared to the second quarter of 2010, largely as the result of the Company’s debt refinancing in the second quarter of 2010, which included a redemption of its senior unsecured subordinated notes. At current interest rates, the Company expects annual interest savings of approximately $20.0 million.
•		On April 26, 2011, the Company successfully completed its secondary offering of 6.2 million shares of its common stock by certain minority stockholders at a price to the public of $34.85 per share. The Company did not sell any shares in this offering.
•		During the second quarter of 2011, the Company repurchased 2.3 million shares of its common stock under its Board of Directors approved open market share repurchase program for a total of $80.0 million, or an average price of $34.84 per share. As of July 1, 2011, the Company had used 100% of the $80.0 million authorized under this program. This share repurchase was undertaken in accordance with the Company’s intention to mitigate dilution from various equity programs over the next two years.

Operational Highlights

•		The Company added 594 net new advisors during the twelve months ending June 30, 2011, building relationships with advisors from all channels in the financial services industry.
•		Assets under custody in the LPL Financial Hybrid RIA platform, which provides integrated fee- and commission-based capabilities for independent advisors, grew to $19.6 billion as of June 30, 2011, and encompassed 128 RIA firms, compared to $8.7 billion and 96 RIA firms as of June 30, 2010. The 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.

•		LPL Financial was named the nation’s largest independent broker-dealer as measured by annual revenues for the 16th year in a row by Financial Planning magazine, a leading industry media publication.
•		LPL Financial was ranked fourth out of fourteen firms in this year’s JD Power U.S. Full Service Investor Satisfaction Study, and received our highest rating, second of fourteen, in Financial Advisor satisfaction, which measures investor satisfaction with their financial advisor.
•		LPL Financial’s centrally managed fee-based Model Wealth Portfolios platform has been awarded the Advisory Solutions Product of the Year by Money Management Institute, the leading national organization for the advisory solutions industry. The award is granted to the firm that launched the most innovative advisory platform that contributed to the growth of the industry.
•		On June 22, 2011, the Company closed the acquisition of Concord Capital Partners, Inc. (“Concord Wealth Management”), establishing LPL Financial as an industry leader in providing technology and open architecture investment management solutions for trust departments of financial institutions. Concord Wealth Management has over $10.0 billion in assets under administration. Through this acquisition, LPL Financial will have the ability to support both the trust and brokerage business lines of current and prospective financial institutions. It will also create new expansion opportunities such as giving the Company the ability to custody personal trust assets within banks across the country.

Conference Call and Additional Information

The Company will hold a conference call to discuss results at 8 a.m. EST on July 27, 2011. The conference call can be accessed by dialing 877-677-9122 (domestic) or 708-290-1401 (international) and entering passcode 82191160. For additional information, please visit the Company’s website to access the Q2 2011 Financial Supplement.

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 82191160. The telephonic replay will be available until 11:59 pm on August 3, 2011.

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

		Three Months Ended June 30,												Six Months Ended June 30,
		2011				2010				Change				2011				2010				Change
Financial Highlights (unaudited)
Net Revenue		$	893,996			$	790,161				13.1%			$	1,767,865			$	1,533,567				15.3%
Net Income		$	45,507			$	8,000				*			$	94,506			$	33,554				181.7%
Adjusted Earnings(1)		$	58,807			$	46,418				26.7%			$	118,180			$	87,517				35.0%
Earnings Per Share (diluted)		$	0.40			$	0.08				*			$	0.82			$	0.33				148.5%
Adjusted Earnings Per Share(1)		$	0.52			$	0.47				10.6%			$	1.04			$	0.88				18.2%
Adjusted EBITDA(1)		$	122,997			$	109,864				12.0%			$	247,328			$	215,321				14.9%

		As of June 30,
		2011				2010				Change
Metric Highlights
Advisors(2)			12,660				12,066				4.9%
Advisory and Brokerage Assets (billions)(3)		$	340.8			$	276.9				23.1%
Advisory Assets Under Management (billions)(4)		$	103.2			$	78.9				30.8%
Net New Advisory Assets (billions)(5)		$	6.8			$	3.9				74.4%
Insured Cash Account Balances (billions)(4)		$	13.2			$	11.8				11.9%
Money Market Account Balances (billions)(4)		$	8.2			$	7.2				13.9%

	•		Adjusted EBITDA, Adjusted Earnings, and Adjusted Earnings per share do not reflect all cash expenditures, future requirements for capital expenditures, or contractual commitments;
	•		Adjusted EBITDA, Adjusted Earnings, and Adjusted Earnings 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 income to Adjusted EBITDA and Adjusted Earnings for the periods presented is as follows (in thousands):

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
		(unaudited)								(unaudited)
Net income		$	45,507			$	8,000			$	94,506			$	33,554
Interest expense			18,154				27,683				36,326				52,019
Income tax expense			29,972				628				62,531				19,790
Amortization of purchased intangible assets and software(a)			9,686				10,938				19,223				25,049
Depreciation and amortization of all other fixed assets			8,721				11,172				17,349				22,651
EBITDA			112,040				58,421				229,935				153,063
EBITDA Adjustments:
Share-based compensation expense(b)			3,427				2,239				7,287				4,775
Acquisition and integration related expenses(c)			1,548				3,377				2,964				3,517
Restructuring and conversion costs(d)			4,599				5,619				5,434				13,598
Debt amendment and extinguishment costs(e)			—				38,484				—				38,605
Equity issuance and related offering costs			1,349				1,687				1,641				1,687
Other(f)			34				37				67				76
Total EBITDA Adjustments			10,957				51,443				17,393				62,258
Adjusted EBITDA		$	122,997			$	109,864			$	247,328			$	215,321

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
		(unaudited)								(unaudited)
Net income		$	45,507			$	8,000			$	94,506			$	33,554
After-Tax:
EBITDA Adjustments(g)
Share-based compensation expense(h)			2,677				1,870				5,578				3,880
Acquisition and integration related expenses			955				2,052				1,829				2,137
Restructuring and conversion costs			2,838				3,415				3,353				8,238
Debt amendment and extinguishment costs			—				23,387				—				23,460
Equity issuance and related offering costs			832				1,025				1,012				1,025
Other			21				22				41				46
Total EBITDA Adjustments			7,323				31,771				11,813				38,786
Amortization of purchased intangible assets and software(g)			5,977				6,647				11,861				15,177
Adjusted Earnings		$	58,807			$	46,418			$	118,180			$	87,517
Adjusted Earnings per share(i)		$	0.52			$	0.47			$	1.04			$	0.88
Weighted average shares outstanding — diluted(j)			113,150				99,487				113,155				99,248

		For the Three								For the Six
		Months Ended								Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
		(unaudited)								(unaudited)
Earnings per share — diluted		$	0.40			$	0.08			$	0.82			$	0.33
Adjustment for allocation of undistributed earnings to stock units			0.01				—				0.01				0.01
After-Tax:
EBITDA Adjustments per share			0.06				0.32				0.11				0.39
Amortization of purchased intangible assets and software per share			0.05				0.07				0.10				0.15
Adjusted Earnings per share		$	0.52			$	0.47			$	1.04			$	0.88

The following table reflects pro-forma Adjusted Earnings per share and growth in pro-forma Adjusted Earnings per share, assuming the number of weighted average shares outstanding on a fully diluted basis as of June 30, 2011 was also outstanding as of June 30, 2010 for the three and six months then ended (in thousands, except per share data):

		For the Three												For the Six
		Months Ended												Months Ended
		June 30,												June 30,
		2011				2010				% Change				2011				2010				% Change
		(unaudited)												(unaudited)
Adjusted Earnings		$	58,807			$	46,418							$	118,180			$	87,517
Weighted average shares outstanding—diluted as of June 30, 2011			113,150				113,150								113,155				113,155
Pro-forma Adjusted Earnings per share		$	0.52			$	0.41				26.8%			$	1.04			$	0.77				35.1%

		reflect market movement in addition to new assets, inclusive of new business development and net of attrition.
(4)		Advisory assets under management, insured cash account balances and money market account balances are components of advisory and brokerage assets.
(5)		Represents net new advisory assets that are custodied in our fee-based advisory platforms during the six months ended June 30, 2011. Net new advisory assets for the three months ended June 30, 2011 and 2010 were $3.1 billion and $2.4 billion, respectively.

Non-GAAP Financial Measures

Adjusted Earnings represent net income before: (a) share-based compensation expense, (b) amortization of intangible assets and software, a component of depreciation and amortization, resulting from previous acquisitions, (c) debt amendment and extinguishment costs (d) restructuring and conversion costs and (e) equity issuance and related offering 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 Earnings per share represents Adjusted Earnings divided by weighted average outstanding shares on a fully diluted basis. The Company prepared Adjusted Earnings and Adjusted Earnings 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 Earnings and Adjusted Earnings 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 Annual Report on Form 10-K for the period ended December 31, 2010, which is available on www.lpl.com and 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 12,600 financial advisors and approximately 750 financial institutions. Additionally, LPL Financial supports over 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 approximately 2,700 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		Trap Kloman
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 Operations
(Dollars in thousands, except per share data)
(Unaudited)

		Three Months Ended												Six Months Ended
		June 30,								%				June 30,								%
		2011				2010				Change				2011				2010				Change
Revenues
Commissions		$	459,882			$	420,169				9.5	%		$	911,759			$	809,141				12.7	%
Advisory fees			264,289				215,146				22.8	%			508,376				421,476				20.6	%
Asset-based fees			90,504				77,436				16.9	%			180,327				148,886				21.1	%
Transaction and other fees			68,755				68,132				0.9	%			142,504				135,495				5.2	%
Other			10,566				9,278				13.9	%			24,899				18,569				34.1	%
Net revenues			893,996				790,161				13.1	%			1,767,865				1,533,567				15.3	%
Expenses
Production			634,088				556,538				13.9	%			1,238,415				1,069,740				15.8	%
Compensation and benefits			81,410				74,822				8.8	%			165,552				148,397				11.6	%
General and administrative			58,168				54,550				6.6	%			122,450				107,787				13.6	%
Depreciation and amortization			18,407				22,110				(16.7)	%			36,572				47,700				(23.3)	%
Restructuring charges			4,814				4,622				4.2	%			5,351				8,571				(37.6)	%
Other			3,476				3,229				7.6	%			6,162				8,030				(23.3)	%
Total operating expenses			800,363				715,871				11.8	%			1,574,502				1,390,225				13.3	%
Non-operating interest expense			18,154				27,683				(34.4)	%			36,326				52,019				(30.2)	%
Loss on extinguishment of debt			—				37,979					*			—				37,979					*
Total expenses			818,517				781,533				4.7	%			1,610,828				1,480,223				8.8	%
Income before provision for income taxes			75,479				8,628					*			157,037				53,344				194.4	%
Provision for income taxes			29,972				628					*			62,531				19,790					*
Net income		$	45,507			$	8,000					*		$	94,506			$	33,554				181.7	%
Earnings per share
Basic		$	0.41			$	0.09					*		$	0.86			$	0.38				126.3	%
Diluted		$	0.40			$	0.08					*		$	0.82			$	0.33				148.5	%

LPL Investment Holdings Inc.
Financial Highlights
(Dollars in thousands, except per share data and where noted)
(Unaudited)

		Three Month Quarterly Results
		Q2 2011				Q1 2011				Q4 2010				Q3 2010				Q2 2010
REVENUES
Commissions		$	459,882			$	451,877			$	426,397			$	385,273			$	420,169
Advisory fees			264,289				244,087				226,407				212,344				215,146
Asset-based fees			90,504				89,823				87,020				81,599				77,436
Transaction and other fees			68,755				73,749				68,410				70,243				68,132
Other			10,566				14,333				11,721				10,505				9,278
Net revenues			893,996				873,869				819,955				759,964				790,161
EXPENSES
Production(1)(5)			634,088				604,327				802,167				525,628				556,538
Compensation and benefits			81,410				84,142				85,632				74,627				74,822
General and administrative			58,168				64,282				56,430				68,798				54,550
Depreciation and amortization			18,407				18,165				18,565				19,772				22,110
Restructuring charges			4,814				537				3,488				1,863				4,622
Other(2)			3,476				2,686				23,001				3,753				3,229
Total operating expenses(2)			800,363				774,139				989,283				694,441				715,871
Non-operating interest expense			18,154				18,172				18,877				19,511				27,683
Loss on extinguishment of debt			—				—				—				—				37,979
Total expenses			818,517				792,311				1,008,160				713,952				781,533
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES			75,479				81,558				(188,205	)			46,012				8,628
PROVISION (BENEFIT) FOR INCOME TAXES(3)			29,972				32,559				(71,645	)			19,868				628
NET INCOME (LOSS)		$	45,507			$	48,999			$	(116,560	)		$	26,144			$	8,000
EARNINGS (LOSS) PER SHARE
Basic		$	0.41			$	0.44			$	(1.20	)		$	0.30			$	0.09
Diluted		$	0.40			$	0.43			$	(1.20	)		$	0.26			$	0.08
FINANCIAL CONDITION
Total Cash & Cash Equivalents		$	681,471			$	596,584			$	419,208			$	442,547			$	402,741
Total Assets		$	3,662,789			$	3,694,264			$	3,646,167			$	3,364,896			$	3,315,310
Total Debt(4)		$	1,339,653			$	1,343,146			$	1,386,639			$	1,390,132			$	1,393,625
Stockholders’ Equity		$	1,263,456			$	1,265,916			$	1,173,755			$	927,335			$	897,863
KEY METRICS
Advisors			12,660				12,554				12,444				12,017				12,066
Production Payout(5)			86.3%				85.4%				87.5%				86.6%				86.1%
Advisory and Brokerage Assets (billions)		$	340.8			$	330.1			$	315.6			$	293.3			$	276.9
Advisory Assets Under Management (billions)		$	103.2			$	99.7			$	93.0			$	86.2			$	78.9
Insured Cash Account Balances (billions)(6)		$	13.2			$	12.3			$	12.2			$	11.7			$	11.8
Money Market Account Balances (billions)(6)		$	8.2			$	6.9			$	6.9			$	6.9			$	7.2
Adjusted EBITDA(7)		$	122,997			$	124,331			$	99,159			$	98,633			$	109,864
Adjusted Earnings(7)		$	58,807			$	59,373			$	44,677			$	40,526			$	46,418
Adjusted Earnings per share(7)		$	0.52			$	0.52			$	0.42			$	0.41			$	0.47

		Q2				Q1				Q4				Q3				Q2
		2011				2011				2010				2010				2010
										(unaudited)
Net income (loss)		$	45,507			$	48,999			$	(116,560	)		$	26,144			$	8,000
Interest expense			18,154				18,172				18,877				19,511				27,683
Income tax expense (benefit)			29,972				32,559				(71,645	)			19,868				628
Amortization of purchased intangible assets and software(a)			9,686				9,537				9,257				9,352				10,938
Depreciation and amortization of all other fixed assets			8,721				8,628				9,308				10,420				11,172
EBITDA			112,040				117,895				(150,763	)			85,295				58,421
EBITDA Adjustments:
Share-based compensation expense(b)			3,427				3,860				2,801				2,853				2,239
Acquisition and integration related expenses(c)			1,548				1,416				2,784				6,268				3,377
Restructuring and conversion costs(d)			4,599				835				6,122				3,115				5,619
Debt amendment and extinguishment costs(e)			—				—				—				28				38,484
Equity issuance and offering related costs(f)			1,349				292				238,177				1,038				1,687
Other(g)			34				33				38				36				37
Total EBITDA Adjustments			10,957				6,436				249,922				13,338				51,443
Adjusted EBITDA		$	122,997			$	124,331			$	99,159			$	98,633			$	109,864
Net income (loss)		$	45,507			$	48,999			$	(116,560	)		$	26,144			$	8,000
After-Tax:
EBITDA Adjustments(h)
Share-based compensation expense(i)			2,677				2,901				2,263				2,257				1,870
Acquisition and integration related expenses			955				874				1,692				3,809				2,052
Restructuring and conversion costs			2,838				515				3,721				1,918				3,415
Debt amendment and extinguishment costs			—				—				—				17				23,387
Equity issuance and offering related costs(j)			832				180				147,912				631				1,025
Other			21				20				23				22				22
Total EBITDA Adjustments			7,323				4,490				155,611				8,654				31,771
Amortization of purchased intangible assets and software(h)(i)			5,977				5,884				5,626				5,728				6,647
Adjusted Earnings		$	58,807			$	59,373			$	44,677			$	40,526			$	46,418
Adjusted Earnings per share(k)		$	0.52			$	0.52			$	0.42			$	0.41			$	0.47
Weighted average shares outstanding — diluted			113,150				113,196				105,873				99,612				99,487

		Q2				Q1				Q4				Q3				Q2
		2011				2011				2010				2010				2010
										(unaudited)
Earnings (loss) per share — diluted		$	0.40			$	0.43			$	(1.20	)		$	0.26			$	0.08
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			0.06				0.04				1.47				0.09				0.32
Amortization of purchased intangible assets per share			0.05				0.05				0.05				0.06				0.07
Adjusted Earnings per share		$	0.52			$	0.52			$	0.42			$	0.41			$	0.47