– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
JACKSONVILLE, Fla., May 5, 2022 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI), a leading provider of software, data and analytics solutions to the mortgage and consumer loan, real estate and capital markets verticals, today announced unaudited financial results for the first quarter of 2022, as compared to the prior year quarter.
First Quarter 2022 Highlights:
First Quarter 2022 Segment Highlights:
Software Solutions
Data and Analytics
Black Knight Chairman and Chief Executive Officer Anthony Jabbour said, "Our first quarter results represent a strong start to the year, as we achieved Organic revenue growth of 9%, Adjusted EBITDA growth of 9.5% and Adjusted EPS growth of 12.5%. We continue to see positive momentum across all of our business lines as lenders and servicers look for ways to drive revenue growth, increase efficiency and maintain regulatory compliance through the use of innovative technology solutions."
Jabbour continued, "Black Knight has been on a successful journey of innovation and integration to help transform the mortgage industry by providing our clients with powerful, interconnected solutions that help them achieve greater efficiency and better serve their customers. We are pleased to have reached an agreement with Intercontinental Exchange, Inc. ("ICE"), and we believe this combination is the right next step in that journey. Black Knight and ICE share a common vision and commitment to deliver a better experience for our clients and the stakeholders we serve. By combining our expertise, we can deliver significant benefits to our clients and consumers by improving and streamlining the process of finding a home, as well as obtaining and managing a mortgage."
Other Highlights:
ICE Transaction
As announced on May 4, 2022, we entered into a definitive agreement to be acquired by ICE, in a transaction valued at $85 per share, or a market value of $13.1 billion, with consideration in the form of a mix of cash (80%) and stock (20%) (the "Transaction"). The aggregate cash consideration in the Transaction consists of $10.5 billion and the aggregate stock consideration is valued at approximately $2.6 billon based on ICE's 10-day VWAP as of May 2, 2022 of $118.09. Black Knight shareholders can elect to receive either cash or stock, subject to proration, with the value of the cash election and the stock election equalized at closing. The Transaction is expected to close in the first half of 2023, following the receipt of regulatory approvals, Black Knight shareholder approval and the satisfaction of customary closing conditions. The transaction has been approved by the board of directors of Black Knight.
Business Outlook
Due to the proposed transaction with ICE, Black Knight has suspended the practice of providing forward-looking guidance.
Definitions of non-GAAP financial measures and the reconciliations to the most directly comparable GAAP measures are provided in subsequent sections of the press release narrative and supplemental schedules.
Earnings Conference Call and Audio Webcast
Black Knight will host a conference call to discuss the first quarter 2022 financial results on May 6, 2022, at 8:30 a.m. ET. As a result of the proposed transaction with ICE, there will not be a live question and answer session. The conference call can be accessed live over the phone by dialing (877) 407–4018, or for international callers (201) 689–8471. A replay will be available from 11:30 a.m. ET on May 6, 2022, through May 13, 2022, by dialing (844) 512–2921 or for international callers (412) 317–6671. The replay passcode will be 13728534.
The call will also be webcast live from Black Knight's investor relations website at https://investor.blackknightinc.com. Following completion of the call, a recorded replay of the webcast will be available on the website.
About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.
Non-GAAP Financial Measures
This earnings release contains non-GAAP financial measures, including Organic revenue growth, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted operating income, Adjusted operating margin, Adjusted net earnings and Adjusted EPS. These are important financial measures for us but are not financial measures as defined by generally accepted accounting principles ("GAAP"). The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. We believe these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making, including determining a portion of executive compensation. We also present these non-GAAP financial measures because we believe investors, analysts and rating agencies consider them useful in measuring our ability to meet our debt service obligations. By disclosing these non-GAAP financial measures, we believe we offer investors a greater understanding of, and an enhanced level of transparency into, the means by which our management operates the company.
These non-GAAP financial measures are not measures presented in accordance with GAAP, and our use of these terms may vary from that of others in our industry. These non-GAAP financial measures should not be considered as an alternative to revenues, operating income, operating margin, net earnings, net earnings per share, net earnings margin or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the attached schedules.
Revenues, EBITDA, EBITDA margin, Operating income and Operating margin for the Software Solutions and Data and Analytics segments are presented in conformity with Accounting Standards Codification Topic 280, Segment Reporting. These measures are reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance. For these reasons, these measures are excluded from the definition of non-GAAP financial measures under the Securities and Exchange Commission's ("SEC") Regulation G and Item 10(e) of Regulation S-K.
Organic revenue growth - We define Organic revenue growth as Revenues for the current period compared to an adjusted revenue base for the prior period, which is adjusted to add pre-acquisition revenues of acquired businesses for the portion of the prior year matching the portion of the current year that we owned the acquired businesses.
Adjusted EBITDA - We define Adjusted EBITDA as Net earnings attributable to Black Knight, with adjustments to reflect the addition or elimination of certain statement of earnings items including, but not limited to:
These adjustments are reflected in Corporate and Other.
Adjusted EBITDA margin - Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Revenues.
Adjusted operating income – We define Adjusted operating income as Operating income, with adjustments to reflect the addition or elimination of certain statement of earnings items including, but not limited to:
These adjustments are reflected in Corporate and Other.
Adjusted operating margin - Adjusted operating margin is calculated by dividing Adjusted operating income by Revenues.
Adjusted net earnings - We define Adjusted net earnings as Net earnings attributable to Black Knight with adjustments to reflect the addition or elimination of certain statement of earnings items including, but not limited to:
Adjusted EPS - Adjusted EPS is calculated by dividing Adjusted net earnings by the diluted weighted average shares of common stock outstanding.
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on Black Knight management's beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Black Knight undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
The risks and uncertainties that forward-looking statements are subject to include, but are not limited to:
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the Transaction, ICE will file with the SEC a Registration Statement on Form S-4 to register the shares of ICE common stock to be issued in connection with the Transaction. The Registration Statement will include a proxy statement of BKI that also constitutes a prospectus of ICE. The definitive proxy statement/prospectus will be sent to the stockholders of BKI seeking their approval of the Transaction and other related matters.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING BKI, ICE, THE TRANSACTION AND RELATED MATTERS.
Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by BKI or ICE through the website maintained by the SEC at http://www.sec.gov or from BKI at its website, www.blackknightinc.com, or from ICE at its website, www.theice.com. Documents filed with the SEC by BKI will be available free of charge by accessing BKI's website at www.blackknightinc.com under the tab "Investors" and then under the heading "Financials – SEC Filings" or, alternatively, by directing a request by mail or telephone to Black Knight, Inc., 601 Riverside Avenue, Jacksonville, Florida 32204, Attention: Investor Relations, (904) 854-5100, and documents filed with the SEC by ICE will be available free of charge by accessing ICE's website at www.ice.com and following the link for "Investor Relations" or, alternatively, by directing a request by mail or telephone to Intercontinental Exchange, Inc., 5660 New Northside Drive, Third Floor, Atlanta, Georgia 30328, Attention: Investor Relations, (770) 857-4700, or by email to [email protected].
PARTICIPANTS IN THE SOLICITATION
BKI, ICE, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of BKI in connection with the Transaction under the rules of the SEC. Information about the interests of the directors and executive officers of BKI and ICE and other persons who may be deemed to be participants in the solicitation of stockholders of BKI in connection with the Transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus related to the Transaction, which will be filed with the SEC. Additional information about BKI, the directors and executive officers of BKI and their ownership of BKI common stock is also set forth in the definitive proxy statement for BKI's 2022 Annual Meeting of Stockholders, as filed with the SEC on Schedule 14A on April 28, 2022, and other documents subsequently filed by BKI with the SEC. Additional information about ICE, the directors and executive officers of ICE and their ownership of ICE common stock can also be found in ICE's definitive proxy statement in connection with its 2022 Annual Meeting of Stockholders, as filed with the SEC on March 25, 2022, and other documents subsequently filed by ICE with the SEC. Free copies of these documents may be obtained as described above.
NO OFFER OR SOLICITATION
This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
BLACK KNIGHT, INC. Consolidated Balance Sheets (In millions) (Unaudited) |
||||||
March 31, 2022 |
December 31, 2021 |
|||||
ASSETS |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ |
27.6 |
$ |
77.1 |
||
Trade receivables, net |
194.3 |
191.8 |
||||
Prepaid expenses and other current assets |
85.1 |
83.0 |
||||
Receivables from related parties |
0.1 |
0.2 |
||||
Total current assets |
307.1 |
352.1 |
||||
Property and equipment, net |
151.1 |
154.5 |
||||
Software, net |
482.3 |
497.0 |
||||
Other intangible assets, net |
576.4 |
613.2 |
||||
Goodwill |
3,817.3 |
3,817.3 |
||||
Investments in unconsolidated affiliates |
170.0 |
490.5 |
||||
Deferred contract costs, net |
199.0 |
196.0 |
||||
Other non-current assets |
239.8 |
230.3 |
||||
Total assets |
$ |
5,943.0 |
$ |
6,350.9 |
||
LIABILITIES AND EQUITY |
||||||
Current liabilities: |
||||||
Trade accounts payable and other accrued liabilities |
$ |
55.4 |
$ |
64.5 |
||
Income taxes payable |
139.9 |
11.8 |
||||
Accrued compensation and benefits |
69.0 |
91.4 |
||||
Current portion of debt |
33.5 |
32.5 |
||||
Deferred revenues |
68.1 |
64.6 |
||||
Total current liabilities |
365.9 |
264.8 |
||||
Deferred revenues |
74.2 |
81.5 |
||||
Deferred income taxes |
251.2 |
284.1 |
||||
Long-term debt, net of current portion |
2,697.2 |
2,362.6 |
||||
Other non-current liabilities |
63.3 |
78.7 |
||||
Total liabilities |
3,451.8 |
3,071.7 |
||||
Redeemable noncontrolling interests |
40.2 |
1,188.8 |
||||
Equity: |
||||||
Additional paid-in capital |
1,364.8 |
1,410.9 |
||||
Retained earnings |
1,327.4 |
968.2 |
||||
Accumulated other comprehensive loss |
(7.0) |
(17.5) |
||||
Treasury stock, at cost |
(234.2) |
(271.2) |
||||
Total shareholders' equity |
2,451.0 |
2,090.4 |
||||
Total liabilities, redeemable noncontrolling interests and shareholders' equity |
$ |
5,943.0 |
$ |
6,350.9 |
||
BLACK KNIGHT, INC. Consolidated Statements of Earnings (In millions, except per share data) (Unaudited) |
||||||
Three months ended March 31, |
||||||
2022 |
2021 |
|||||
Revenues |
$ |
387.2 |
$ |
349.7 |
||
Expenses: |
||||||
Operating expenses |
207.9 |
186.2 |
||||
Depreciation and amortization |
91.5 |
87.8 |
||||
Transition and integration costs |
7.6 |
7.9 |
||||
Total expenses |
307.0 |
281.9 |
||||
Operating income |
80.2 |
67.8 |
||||
Other income and expense: |
||||||
Interest expense, net |
(21.1) |
(20.3) |
||||
Other expense, net |
(1.2) |
(3.2) |
||||
Total other expense, net |
(22.3) |
(23.5) |
||||
Earnings before income taxes and equity in earnings of unconsolidated affiliates |
57.9 |
44.3 |
||||
Income tax (benefit) expense |
(1.1) |
5.2 |
||||
Earnings before equity in earnings of unconsolidated affiliates |
59.0 |
39.1 |
||||
Equity in earnings of unconsolidated affiliates, net of tax |
303.1 |
6.4 |
||||
Net earnings |
362.1 |
45.5 |
||||
Net losses attributable to redeemable noncontrolling interests |
2.5 |
8.6 |
||||
Net earnings attributable to Black Knight |
$ |
364.6 |
$ |
54.1 |
||
Net earnings per share attributable to Black Knight shareholders: |
||||||
Basic |
$ |
2.36 |
$ |
0.35 |
||
Diluted |
$ |
2.35 |
$ |
0.35 |
||
Weighted average shares of common stock outstanding: |
||||||
Basic |
154.2 |
155.6 |
||||
Diluted |
155.4 |
155.9 |
||||
BLACK KNIGHT, INC. Consolidated Statements of Cash Flows (In millions) (Unaudited) |
||||||
Three months ended March 31, |
||||||
2022 |
2021 |
|||||
Cash flows from operating activities: |
||||||
Net earnings |
$ |
362.1 |
$ |
45.5 |
||
Adjustments to reconcile net earnings to net cash provided by operating activities: |
||||||
Depreciation and amortization |
91.5 |
87.8 |
||||
Amortization of debt issuance costs and original issue discount |
0.9 |
1.0 |
||||
Loss on extinguishment of debt |
— |
2.5 |
||||
Deferred income taxes, net |
(135.8) |
(1.8) |
||||
Equity in earnings of unconsolidated affiliates, net of tax |
(303.1) |
(6.4) |
||||
Equity-based compensation |
10.7 |
9.4 |
||||
Changes in assets and liabilities, net of acquired assets and liabilities: |
||||||
Trade receivables, including receivables from related parties |
(2.5) |
0.1 |
||||
Prepaid expenses and other assets |
(11.9) |
(35.1) |
||||
Deferred contract costs |
(12.3) |
(11.0) |
||||
Deferred revenues |
(3.8) |
6.4 |
||||
Trade accounts payable and other liabilities |
89.3 |
(21.0) |
||||
Net cash provided by operating activities |
85.1 |
77.4 |
||||
Cash flows from investing activities: |
||||||
Additions to property and equipment |
(6.6) |
(5.2) |
||||
Additions to software |
(20.8) |
(24.7) |
||||
Business acquisitions, net of cash acquired |
— |
(20.0) |
||||
Asset acquisitions |
— |
(10.0) |
||||
Net cash used in investing activities |
(27.4) |
(59.9) |
||||
Cash flows from financing activities: |
||||||
Revolver borrowings |
460.1 |
167.8 |
||||
Revolver payments |
(115.1) |
(98.5) |
||||
Term loan borrowings |
— |
1.6 |
||||
Term loan payments |
(7.2) |
— |
||||
Payments made for redeemable noncontrolling interests |
(433.5) |
— |
||||
Purchases of treasury stock |
— |
(46.7) |
||||
Tax withholding payments for restricted share vesting |
(10.7) |
(22.7) |
||||
Finance lease payments |
(0.8) |
(1.2) |
||||
Debt issuance costs paid |
— |
(7.6) |
||||
Net cash used in financing activities |
(107.2) |
(7.3) |
||||
Net (decrease) increase in cash and cash equivalents |
(49.5) |
10.2 |
||||
Cash and cash equivalents, beginning of period |
77.1 |
34.7 |
||||
Cash and cash equivalents, end of period |
$ |
27.6 |
$ |
44.9 |
||
Supplemental cash flow information: |
||||||
Interest paid, net |
$ |
(29.3) |
$ |
(29.1) |
||
Income taxes paid, net |
$ |
(0.3) |
$ |
(0.9) |
||
BLACK KNIGHT, INC. Segment Information (In millions) (Unaudited) |
||||||||||||
Three months ended March 31, 2022 |
||||||||||||
Software |
Data and |
Corporate and |
||||||||||
Solutions |
Analytics |
Other |
Total |
|||||||||
Revenues |
$ |
330.7 |
$ |
56.5 |
$ |
— |
$ |
387.2 |
||||
Expenses: |
||||||||||||
Operating expenses |
142.5 |
37.5 |
27.9 |
(1) |
207.9 |
|||||||
Transition and integration costs |
— |
— |
7.6 |
(2) |
7.6 |
|||||||
EBITDA |
188.2 |
19.0 |
(35.5) |
171.7 |
||||||||
Depreciation and amortization |
35.1 |
3.8 |
52.6 |
(3) |
91.5 |
|||||||
Operating income (loss) |
153.1 |
15.2 |
(88.1) |
80.2 |
||||||||
Interest expense, net |
(21.1) |
|||||||||||
Other expense, net |
(1.2) |
|||||||||||
Earnings before income taxes and equity in earnings of |
57.9 |
|||||||||||
Income tax benefit |
(1.1) |
|||||||||||
Earnings before equity in earnings of unconsolidated affiliates |
59.0 |
|||||||||||
Equity in earnings of unconsolidated affiliates, net of tax |
303.1 |
|||||||||||
Net earnings |
362.1 |
|||||||||||
Net losses attributable to redeemable noncontrolling interests |
2.5 |
|||||||||||
Net earnings attributable to Black Knight |
$ |
364.6 |
||||||||||
Three months ended March 31, 2021 |
||||||||||||
Software |
Data and |
Corporate and |
||||||||||
Solutions |
Analytics |
Other |
Total |
|||||||||
Revenues |
$ |
295.8 |
$ |
53.9 |
$ |
— |
$ |
349.7 |
||||
Expenses: |
||||||||||||
Operating expenses |
124.9 |
34.2 |
27.1 |
(1) |
186.2 |
|||||||
Transition and integration costs |
— |
— |
7.9 |
(2) |
7.9 |
|||||||
EBITDA |
170.9 |
19.7 |
(35.0) |
155.6 |
||||||||
Depreciation and amortization |
31.2 |
3.8 |
52.8 |
(3) |
87.8 |
|||||||
Operating income (loss) |
139.7 |
15.9 |
(87.8) |
67.8 |
||||||||
Interest expense, net |
(20.3) |
|||||||||||
Other expense, net |
(3.2) |
|||||||||||
Earnings before income taxes and equity in earnings of |
44.3 |
|||||||||||
Income tax expense |
5.2 |
|||||||||||
Earnings before equity in earnings of unconsolidated affiliates |
39.1 |
|||||||||||
Equity in earnings of unconsolidated affiliates, net of tax |
6.4 |
|||||||||||
Net earnings |
45.5 |
|||||||||||
Net losses attributable to redeemable noncontrolling interests |
8.6 |
|||||||||||
Net earnings attributable to Black Knight |
$ |
54.1 |
||||||||||
_________________________ |
|
(1) |
Operating expenses for Corporate and Other includes equity-based compensation, including certain related payroll taxes, of $11.2 million and $10.5 million for the three months ended March 31, 2022 and 2021, respectively. |
(2) |
Transition and integration costs primarily consists of costs associated with acquisitions. |
(3) |
Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP. |
BLACK KNIGHT, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (In millions) (Unaudited) |
|||||||||||||||
Reconciliation of Revenues to Organic Revenue Growth |
|||||||||||||||
Three months ended March 31, |
|||||||||||||||
2022 |
2021 |
Organic |
|||||||||||||
Pre-acquisition |
Adjusted |
revenue |
|||||||||||||
As reported |
As reported |
revenues(1) |
base |
growth |
|||||||||||
Servicing Software |
$ |
222.6 |
$ |
202.7 |
$ |
— |
$ |
202.7 |
10% |
||||||
Origination Software |
108.1 |
(2) |
93.1 |
5.4 |
98.5 |
10% |
|||||||||
Software Solutions |
330.7 |
295.8 |
5.4 |
301.2 |
10% |
||||||||||
Data and Analytics |
56.5 |
(3) |
53.9 |
1.2 |
55.1 |
2.5% |
|||||||||
Revenues |
$ |
387.2 |
$ |
349.7 |
$ |
6.6 |
$ |
356.3 |
9% |
||||||
_________________________ |
|
Note: Amounts may not recalculate due to rounding. |
|
(1) |
Includes pre-acquisition revenues of TOMN Holdings, Inc. ("Top of Mind"), eMBS, Inc. ("eMBS") and NexSpring Financial, LLC ("NexSpring") for the three months ended March 31, 2021. |
(2) |
Includes revenues of $6.8 million from the acquisitions of Top of Mind and NexSpring. |
(3) |
Includes revenues of $1.3 million from the acquisition of eMBS. |
Reconciliation of Net Earnings to Adjusted EBITDA |
|||||||
Three months ended March 31, |
|||||||
2022 |
2021 |
||||||
Net earnings attributable to Black Knight |
$ |
364.6 |
$ |
54.1 |
|||
Depreciation and amortization |
91.5 |
87.8 |
|||||
Interest expense, net |
21.1 |
20.3 |
|||||
Income tax (benefit) expense |
(1.1) |
5.2 |
|||||
Other expense, net |
1.2 |
3.2 |
|||||
Equity in losses of unconsolidated affiliates, net of tax |
2.3 |
3.5 |
|||||
Gain related to investment in unconsolidated affiliate, net of tax |
(305.4) |
(9.9) |
|||||
Net losses attributable to redeemable noncontrolling interests |
(2.5) |
(8.6) |
|||||
EBITDA |
171.7 |
155.6 |
|||||
Equity-based compensation |
11.2 |
10.5 |
|||||
Acquisition-related costs |
7.6 |
7.3 |
|||||
Expense reduction initiatives |
— |
0.6 |
|||||
Adjusted EBITDA |
$ |
190.5 |
$ |
174.0 |
|||
Net earnings margin |
93.5% |
13.0% |
|||||
Adjusted EBITDA margin |
49.2% |
49.8% |
|||||
Reconciliation of Operating Income to Adjusted Operating Income |
|||||||
Three months ended March 31, |
|||||||
2022 |
2021 |
||||||
Operating income |
$ |
80.2 |
$ |
67.8 |
|||
Equity-based compensation |
11.2 |
10.5 |
|||||
Acquisition-related costs |
7.6 |
7.3 |
|||||
Expense reduction initiatives |
— |
0.6 |
|||||
Depreciation and amortization purchase accounting adjustment |
52.6 |
52.9 |
|||||
Adjusted operating income |
$ |
151.6 |
$ |
139.1 |
|||
Operating margin |
20.7% |
19.4% |
|||||
Adjusted operating margin |
39.2% |
39.8% |
|||||
BLACK KNIGHT, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (Continued) (In millions, except per share data) (Unaudited) Reconciliation of Net Earnings to Adjusted Net Earnings |
||||||
Three months ended March 31, |
||||||
2022 |
2021 |
|||||
Net earnings attributable to Black Knight |
$ |
364.6 |
$ |
54.1 |
||
Equity in losses of unconsolidated affiliates, net of tax |
2.3 |
3.5 |
||||
Gain related to investment in unconsolidated affiliate, net of tax |
(305.4) |
(9.9) |
||||
Depreciation and amortization purchase accounting adjustment (1) |
52.6 |
52.9 |
||||
Equity-based compensation |
11.2 |
10.5 |
||||
Debt and/or equity offering expenses |
— |
2.2 |
||||
Acquisition-related costs |
7.6 |
7.3 |
||||
Expense reduction initiatives |
— |
0.6 |
||||
Legal matters |
1.3 |
0.9 |
||||
Income tax expense adjustment(2) |
(31.1) |
(22.1) |
||||
Redeemable noncontrolling interests adjustment (3) |
(5.8) |
(12.5) |
||||
Adjusted net earnings |
$ |
97.3 |
$ |
87.5 |
||
Adjusted EPS |
$ |
0.63 |
$ |
0.56 |
||
Weighted average shares outstanding, diluted |
155.4 |
155.9 |
||||
_________________________ |
||||||
(1) Components of the depreciation and amortization purchase accounting adjustment are as follows: |
||||||
Three months ended March 31, |
||||||
2022 |
2021 |
|||||
Other intangible assets |
$ |
36.8 |
$ |
38.8 |
||
Software |
15.6 |
13.9 |
||||
Property and equipment |
0.2 |
0.2 |
||||
Depreciation and amortization purchase accounting adjustment |
$ |
52.6 |
$ |
52.9 |
||
(2) |
Includes a discrete income tax benefit of $14.1 million related to the establishment of a deferred tax asset as a result of our reorganization of certain wholly-owned subsidiaries. |
(3) |
The redeemable noncontrolling interests adjustment primarily includes the effect of the net incremental depreciation and amortization adjustments associated with the application of purchase accounting. |
SOURCE Black Knight, Inc.
ДЖЕКСОНВИЛЛ, Флорида, 5 мая 2022 г. /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI), ведущий поставщик программного обеспечения, данных и аналитических решений для секторов ипотечного и потребительского кредитования, недвижимости и рынков капитала, сегодня объявила неаудированные финансовые результаты за первый квартал 2022 г., а по сравнению с кварталом предыдущего года.
Основные моменты первого квартала 2022 года:
Основные моменты сегмента за Первый квартал 2022 года:
Программные решения
Данные и аналитика
Председатель правления и главный исполнительный директор Black Knight Энтони Джаббур сказал: "Наши результаты за первый квартал представляют собой сильное начало года, поскольку мы добились органического роста выручки на 9%, скорректированного роста EBITDA на 9,5% и скорректированного роста EPS на 12,5%. Мы по-прежнему наблюдаем положительную динамику во всех направлениях нашего бизнеса, поскольку кредиторы и поставщики услуг ищут способы стимулировать рост выручки, повышать эффективность и поддерживать соответствие нормативным требованиям за счет использования инновационных технологических решений".
Джаббур продолжил: "Black Knight успешно продвигается по пути инноваций и интеграции, помогая преобразовать ипотечную индустрию, предоставляя нашим клиентам мощные взаимосвязанные решения, которые помогают им достигать большей эффективности и лучше обслуживать своих клиентов. Мы рады, что достигли соглашения с Intercontinental Exchange, Inc. ("ICE"), и мы считаем, что это объединение является правильным следующим шагом на этом пути. Black Knight и ICE разделяют общее видение и стремление обеспечить лучший опыт для наших клиентов и заинтересованных сторон, которым мы служим. Объединяя наш опыт, мы можем принести значительные выгоды нашим клиентам и потребителям, улучшая и оптимизируя процесс поиска жилья, а также получения и управления ипотекой".
Другие основные моменты:
Транзакция ICE
Как было объявлено 4 мая 2022 года, мы заключили окончательное соглашение о приобретении ICE в рамках сделки стоимостью 85 долларов за акцию, или рыночной стоимостью 13,1 миллиарда долларов, с вознаграждением в виде сочетания денежных средств (80%) и акций (20%) ("Транзакция"). Совокупное денежное вознаграждение по Сделке составляет 10,5 миллиарда долларов, а совокупное вознаграждение за акции оценивается примерно в 2,6 миллиарда долларов на основе 10-дневного VWAP ICE по состоянию на 2 мая 2022 года в размере 118,09 доллара. Акционеры Black Knight могут выбрать получение либо денежных средств, либо акций, при условии пропорционального распределения, при этом стоимость выбора денежных средств и выбора акций при закрытии уравнивается. Ожидается, что сделка завершится в первой половине 2023 года после получения одобрения регулирующих органов, одобрения акционеров Black Knight и выполнения обычных условий закрытия. Сделка была одобрена советом директоров Black Knight.
Перспективы бизнеса
В связи с предполагаемой сделкой с ICE Black Knight приостановил практику предоставления прогнозных рекомендаций.
Определения финансовых показателей, не относящихся к GAAP, и сверки с наиболее непосредственно сопоставимыми показателями GAAP приведены в последующих разделах описательной части пресс-релиза и дополнительных таблицах.
Заработок Конференц-связь и аудио-трансляция в Интернете
6 мая 2022 года в 8:30 утра по восточному времени Black Knight проведет телефонную конференцию для обсуждения финансовых результатов за первый квартал 2022 года. В результате предлагаемой транзакции с ICE не будет прямой сессии вопросов и ответов. Конференц-связь можно получить в прямом эфире по телефону, набрав (877) 407-4018 или для международных абонентов (201) 689-8471. Повтор будет доступен с 11:30 утра по восточному времени 6 мая 2022 года по 13 мая 2022 года по номеру (844) 512-2921 или для международных абонентов (412) 317-6671. Пароль для воспроизведения будет 13728534.
Звонок также будет транслироваться в прямом эфире с веб-сайта Black Knight по связям с инвесторами по адресу https://investor.blackknightinc.com . После завершения разговора записанный повтор веб-трансляции будет доступен на веб-сайте.
Об Black Knight
Black Knight, Inc. (NYSE: BKI) - отмеченная наградами компания по разработке программного обеспечения, обработке данных и анализу, которая внедряет инновации в сфере ипотечного кредитования, обслуживания и недвижимости, а также на рынках капитала и вторичного рынка. Предприятия используют наши надежные интегрированные решения на протяжении всего жизненного цикла домовладения, чтобы помочь удержать существующих клиентов, привлечь новых клиентов, снизить риски и работать более эффективно.
Наши клиенты полагаются на наши проверенные, комплексные, масштабируемые продукты и нашу непоколебимую приверженность предоставлению превосходной клиентской поддержки для достижения своих стратегических целей и лучшего обслуживания своих клиентов. Для получения дополнительной информации об Black Knight, пожалуйста, посетите www.blackknightinc.com .
Финансовые показатели, Не относящиеся к ОПБУ
Этот отчет о доходах содержит финансовые показатели, не относящиеся к GAAP, включая органический рост выручки, Скорректированную EBITDA, Скорректированную рентабельность по EBITDA, Скорректированный операционный доход, Скорректированную операционную маржу, Скорректированную чистую прибыль и Скорректированную прибыль на акцию. Это важные финансовые показатели для нас, но не финансовые показатели, определенные общепринятыми принципами бухгалтерского учета ("GAAP"). Представление данной финансовой информации не предназначено для рассмотрения отдельно или в качестве замены или превосходства финансовой информации, подготовленной и представленной в соответствии с GAAP.
Мы используем эти финансовые показатели, не относящиеся к GAAP, для принятия финансовых и операционных решений, а также в качестве средства оценки сопоставлений между периодами. Мы считаем, что эти меры предоставляют полезную информацию об операционных результатах, улучшают общее понимание прошлых финансовых показателей и будущих перспектив и обеспечивают большую прозрачность в отношении ключевых показателей, используемых руководством при принятии финансовых и операционных решений, включая определение части вознаграждения руководителей. Мы также представляем эти финансовые показатели, не относящиеся к GAAP, поскольку считаем, что инвесторы, аналитики и рейтинговые агентства считают их полезными для оценки нашей способности выполнять наши обязательства по обслуживанию долга. Раскрывая эти финансовые показатели, не относящиеся к GAAP, мы считаем, что предлагаем инвесторам более глубокое понимание и повышенный уровень прозрачности средств, с помощью которых наше руководство управляет компанией.
Эти финансовые показатели, не относящиеся к GAAP, не являются показателями, представленными в соответствии с GAAP, и наше использование этих терминов может отличаться от использования другими в нашей отрасли. Эти финансовые показатели, не относящиеся к GAAP, не следует рассматривать в качестве альтернативы выручке, операционному доходу, операционной марже, чистой прибыли, чистой прибыли на акцию, марже чистой прибыли или любым другим показателям, полученным в соответствии с GAAP в качестве показателей операционной эффективности или ликвидности. Сверки этих финансовых показателей, не относящихся к GAAP, с наиболее непосредственно сопоставимыми финансовыми показателями GAAP представлены в прилагаемых таблицах.
Выручка, показатель EBITDA, рентабельность по EBITDA, Операционная прибыль и Операционная маржа для сегментов Программных решений и Данных и аналитики представлены в соответствии с Разделом 280 Кодификации Стандартов бухгалтерского учета "Сегментная отчетность". Об этих показателях сообщается руководителю, принимающему операционные решения, для целей принятия решений о распределении ресурсов между сегментами и оценки их эффективности. По этим причинам эти меры исключены из определения финансовых мер, не относящихся к GAAP, в соответствии с Положением G Комиссии по ценным бумагам и биржам ("SEC") и пунктом 10(e) Положения S-K.
Органический рост выручки - Мы определяем органический рост выручки как Выручку за текущий период по сравнению с скорректированной базой выручки за предыдущий период, которая корректируется с добавлением доходов от приобретенных предприятий до приобретения за часть предыдущего года, соответствующую части текущего года, когда мы владели приобретенными предприятиями.
Скорректированный показатель EBITDA - Мы определяем скорректированную EBITDA как чистую прибыль, относящуюся к Black Knight, с корректировками, отражающими добавление или исключение определенных статей отчета о прибылях и убытках, включая, но не ограничиваясь:
Эти корректировки отражены в Корпоративных и других.
Скорректированная рентабельность по EBITDA - Скорректированная рентабельность по EBITDA рассчитывается путем деления скорректированной EBITDA на выручку.
Скорректированный операционный доход – Мы определяем Скорректированный операционный доход как операционный доход с корректировками, отражающими добавление или исключение определенных статей отчета о прибылях и убытках, включая, но не ограничиваясь ими:
Эти корректировки отражены в Корпоративных и других.
Скорректированная операционная маржа - Скорректированная операционная маржа рассчитывается путем деления скорректированного операционного дохода на Выручку.
Скорректированная чистая прибыль - Мы определяем скорректированную чистую прибыль как чистую прибыль, относящуюся к Black Knight, с корректировками, отражающими добавление или исключение определенных статей отчета о прибылях и убытках, включая, но не ограничиваясь:
Скорректированный EPS - Скорректированная прибыль на акцию рассчитывается путем деления скорректированной чистой прибыли на разводненную средневзвешенную долю обыкновенных акций в обращении.
Прогнозные заявления
Этот пресс-релиз содержит прогнозные заявления, которые связаны с рядом рисков и неопределенностей. Заявления, которые не являются историческими фактами, включая заявления, касающиеся ожиданий, надежд, намерений или стратегий в отношении будущего, являются прогнозными заявлениями. Прогнозные заявления основаны на убеждениях руководства Black Knight, а также допущениях, сделанных им, и информации, доступной им в настоящее время. Поскольку такие заявления основаны на ожиданиях относительно будущих финансовых и операционных результатов и не являются констатацией факта, фактические результаты могут существенно отличаться от прогнозируемых. Black Knight не берет на себя никаких обязательств по обновлению каких-либо прогнозных заявлений, будь то в результате новой информации, будущих событий или иным образом.
Риски и неопределенности, которым подвержены прогнозные заявления, включают, но не ограничиваются ими:
важная дополнительная информация и где ее найти
В связи со Сделкой ICE подаст в SEC Заявление о регистрации по форме S-4 для регистрации обыкновенных акций ICE, которые будут выпущены в связи со Сделкой. Заявление о регистрации будет включать заявление о доверенности BKI, которое также представляет собой проспект ICE. Окончательное заявление о доверенности/ проспект будет отправлен акционерам BKI с просьбой одобрить Сделку и другие связанные с этим вопросы.
инвесторам и держателям ценных бумаг настоятельно рекомендуется ознакомиться с заявлением о регистрации по форме s-4 и заявлением о доверенности / проспектом ценных бумаг, включенными в заявление о регистрации по форме s-4, когда они станут доступными, а также с любыми другими соответствующими документами, поданными в sec в связи со сделкой или включенными путем ссылки в доверенность заявление/проспект, поскольку они будут содержать важную информацию, касающуюся bki, ice, сделки и связанных с ней вопросов.
Инвесторы и владельцы ценных бумаг могут получить бесплатные копии этих документов и других документов, поданных в SEC BKI или ICE, через веб-сайт, поддерживаемый SEC по адресу http://www.sec.gov или из BKI на его веб-сайте, www.blackknightinc.com , или от ICE на его веб-сайте, www.theice.com . Документы, поданные в SEC компанией BKI, будут доступны бесплатно, зайдя на веб-сайт BKI по адресу www.blackknightinc.com на вкладке "Инвесторы", а затем в разделе "Финансовые отчеты – Заявки SEC" или, в качестве альтернативы, направив запрос по почте или телефону на адрес Black Knight, Inc., 601 Riverside Avenue, Джексонвилл, Флорида 32204, Внимание: Отдел по связям с инвесторами, (904) 854-5100, и документы, поданные ICE в SEC, будут доступны бесплатно, зайдя на веб-сайт ICE по адресу www.ice.com и перейдя по ссылке "Отношения с инвесторами" или, в качестве альтернативы, направив запрос по почте или телефону на Intercontinental Exchange, Inc., 5660 Нью-Нортсайд Драйв, Третий этаж, Атланта, Джорджия 30328, Внимание: Отдел по связям с инвесторами, (770) 857-4700, или по электронной почте на адрес [email protected].
участники тендера
BKI, ICE и некоторые из их соответствующих директоров и исполнительных должностных лиц могут считаться участниками привлечения доверенных лиц от акционеров BKI в связи со Сделкой в соответствии с правилами SEC. Информация об интересах директоров и исполнительных должностных лиц BKI и ICE и других лиц, которые могут считаться участниками привлечения акционеров BKI в связи со Сделкой, а также описание их прямых и косвенных интересов, связанных с владением ценными бумагами или иным образом, будут включены в заявление о доверенности/проспект эмиссии, связанный со Сделкой, который будет подан в SEC. Дополнительная информация о BKI, директорах и исполнительных директорах BKI и их владении обыкновенными акциями BKI также изложена в окончательном доверенном заявлении для Годового собрания акционеров BKI 2022 года, поданном в SEC в соответствии с Приложением 14A 28 апреля 2022 года, а также в других документах, впоследствии поданных BKI в SEC. СЕК. Дополнительную информацию о ICE, директорах и исполнительных директорах ICE и их владении обыкновенными акциями ICE также можно найти в окончательном доверенном заявлении ICE в связи с Годовым собранием акционеров 2022 года, поданном в SEC 25 марта 2022 года, и в других документах, впоследствии поданных ICE в SEC. Бесплатные копии этих документов можно получить, как описано выше.
никаких предложений или просьб
Это сообщение не предназначено и не должно представлять собой предложение о продаже или запрос предложения о продаже или запрос предложения о покупке каких-либо ценных бумаг или запрос какого-либо голосования об одобрении, и не должно быть никакой продажи ценных бумаг в любой юрисдикции, в которой такое предложение, запрос или продажа было бы незаконным до регистрации или квалификации в соответствии с законами о ценных бумагах любой такой юрисдикции. Никакое предложение ценных бумаг не может быть сделано иначе, как посредством проспекта ценных бумаг, соответствующего требованиям раздела 10 Закона о ценных бумагах 1933 года с внесенными в него поправками.
Black Knight, INC. Consolidated Balance Sheets (In millions) (Unaudited) |
||||||
March 31, 2022 |
December 31, 2021 |
|||||
ASSETS |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ |
27.6 |
$ |
77.1 |
||
Trade receivables, net |
194.3 |
191.8 |
||||
Prepaid expenses and other current assets |
85.1 |
83.0 |
||||
Receivables from related parties |
0.1 |
0.2 |
||||
Total current assets |
307.1 |
352.1 |
||||
Property and equipment, net |
151.1 |
154.5 |
||||
Software, net |
482.3 |
497.0 |
||||
Other intangible assets, net |
576.4 |
613.2 |
||||
Goodwill |
3,817.3 |
3,817.3 |
||||
Investments in unconsolidated affiliates |
170.0 |
490.5 |
||||
Deferred contract costs, net |
199.0 |
196.0 |
||||
Other non-current assets |
239.8 |
230.3 |
||||
Total assets |
$ |
5,943.0 |
$ |
6,350.9 |
||
LIABILITIES AND EQUITY |
||||||
Current liabilities: |
||||||
Trade accounts payable and other accrued liabilities |
$ |
55.4 |
$ |
64.5 |
||
Income taxes payable |
139.9 |
11.8 |
||||
Accrued compensation and benefits |
69.0 |
91.4 |
||||
Current portion of debt |
33.5 |
32.5 |
||||
Deferred revenues |
68.1 |
64.6 |
||||
Total current liabilities |
365.9 |
264.8 |
||||
Deferred revenues |
74.2 |
81.5 |
||||
Deferred income taxes |
251.2 |
284.1 |
||||
Long-term debt, net of current portion |
2,697.2 |
2,362.6 |
||||
Other non-current liabilities |
63.3 |
78.7 |
||||
Total liabilities |
3,451.8 |
3,071.7 |
||||
Redeemable noncontrolling interests |
40.2 |
1,188.8 |
||||
Equity: |
||||||
Additional paid-in capital |
1,364.8 |
1,410.9 |
||||
Retained earnings |
1,327.4 |
968.2 |
||||
Accumulated other comprehensive loss |
(7.0) |
(17.5) |
||||
Treasury stock, at cost |
(234.2) |
(271.2) |
||||
Total shareholders' equity |
2,451.0 |
2,090.4 |
||||
Total liabilities, redeemable noncontrolling interests and shareholders' equity |
$ |
5,943.0 |
$ |
6,350.9 |
||
Black Knight, INC. Consolidated Statements of Earnings (In millions, except per share data) (Unaudited) |
||||||
Three months ended March 31, |
||||||
2022 |
2021 |
|||||
Revenues |
$ |
387.2 |
$ |
349.7 |
||
Expenses: |
||||||
Operating expenses |
207.9 |
186.2 |
||||
Depreciation and amortization |
91.5 |
87.8 |
||||
Transition and integration costs |
7.6 |
7.9 |
||||
Total expenses |
307.0 |
281.9 |
||||
Operating income |
80.2 |
67.8 |
||||
Other income and expense: |
||||||
Interest expense, net |
(21.1) |
(20.3) |
||||
Other expense, net |
(1.2) |
(3.2) |
||||
Total other expense, net |
(22.3) |
(23.5) |
||||
Earnings before income taxes and equity in earnings of unconsolidated affiliates |
57.9 |
44.3 |
||||
Income tax (benefit) expense |
(1.1) |
5.2 |
||||
Earnings before equity in earnings of unconsolidated affiliates |
59.0 |
39.1 |
||||
Equity in earnings of unconsolidated affiliates, net of tax |
303.1 |
6.4 |
||||
Net earnings |
362.1 |
45.5 |
||||
Net losses attributable to redeemable noncontrolling interests |
2.5 |
8.6 |
||||
Net earnings attributable to Black Knight |
$ |
364.6 |
$ |
54.1 |
||
Net earnings per share attributable to Black Knight shareholders: |
||||||
Basic |
$ |
2.36 |
$ |
0.35 |
||
Diluted |
$ |
2.35 |
$ |
0.35 |
||
Weighted average shares of common stock outstanding: |
||||||
Basic |
154.2 |
155.6 |
||||
Diluted |
155.4 |
155.9 |
||||
Black Knight, INC. Consolidated Statements of Cash Flows (In millions) (Unaudited) |
||||||
Three months ended March 31, |
||||||
2022 |
2021 |
|||||
Cash flows from operating activities: |
||||||
Net earnings |
$ |
362.1 |
$ |
45.5 |
||
Adjustments to reconcile net earnings to net cash provided by operating activities: |
||||||
Depreciation and amortization |
91.5 |
87.8 |
||||
Amortization of debt issuance costs and original issue discount |
0.9 |
1.0 |
||||
Loss on extinguishment of debt |
— |
2.5 |
||||
Deferred income taxes, net |
(135.8) |
(1.8) |
||||
Equity in earnings of unconsolidated affiliates, net of tax |
(303.1) |
(6.4) |
||||
Equity-based compensation |
10.7 |
9.4 |
||||
Changes in assets and liabilities, net of acquired assets and liabilities: |
||||||
Trade receivables, including receivables from related parties |
(2.5) |
0.1 |
||||
Prepaid expenses and other assets |
(11.9) |
(35.1) |
||||
Deferred contract costs |
(12.3) |
(11.0) |
||||
Deferred revenues |
(3.8) |
6.4 |
||||
Trade accounts payable and other liabilities |
89.3 |
(21.0) |
||||
Net cash provided by operating activities |
85.1 |
77.4 |
||||
Cash flows from investing activities: |
||||||
Additions to property and equipment |
(6.6) |
(5.2) |
||||
Additions to software |
(20.8) |
(24.7) |
||||
Business acquisitions, net of cash acquired |
— |
(20.0) |
||||
Asset acquisitions |
— |
(10.0) |
||||
Net cash used in investing activities |
(27.4) |
(59.9) |
||||
Cash flows from financing activities: |
||||||
Revolver borrowings |
460.1 |
167.8 |
||||
Revolver payments |
(115.1) |
(98.5) |
||||
Term loan borrowings |
— |
1.6 |
||||
Term loan payments |
(7.2) |
— |
||||
Payments made for redeemable noncontrolling interests |
(433.5) |
— |
||||
Purchases of treasury stock |
— |
(46.7) |
||||
Tax withholding payments for restricted share vesting |
(10.7) |
(22.7) |
||||
Finance lease payments |
(0.8) |
(1.2) |
||||
Debt issuance costs paid |
— |
(7.6) |
||||
Net cash used in financing activities |
(107.2) |
(7.3) |
||||
Net (decrease) increase in cash and cash equivalents |
(49.5) |
10.2 |
||||
Cash and cash equivalents, beginning of period |
77.1 |
34.7 |
||||
Cash and cash equivalents, end of period |
$ |
27.6 |
$ |
44.9 |
||
Supplemental cash flow information: |
||||||
Interest paid, net |
$ |
(29.3) |
$ |
(29.1) |
||
Income taxes paid, net |
$ |
(0.3) |
$ |
(0.9) |
||
Black Knight, INC. Segment Information (In millions) (Unaudited) |
||||||||||||
Three months ended March 31, 2022 |
||||||||||||
Software |
Data and |
Corporate and |
||||||||||
Solutions |
Analytics |
Other |
Total |
|||||||||
Revenues |
$ |
330.7 |
$ |
56.5 |
$ |
— |
$ |
387.2 |
||||
Expenses: |
||||||||||||
Operating expenses |
142.5 |
37.5 |
27.9 |
(1) |
207.9 |
|||||||
Transition and integration costs |
— |
— |
7.6 |
(2) |
7.6 |
|||||||
EBITDA |
188.2 |
19.0 |
(35.5) |
171.7 |
||||||||
Depreciation and amortization |
35.1 |
3.8 |
52.6 |
(3) |
91.5 |
|||||||
Operating income (loss) |
153.1 |
15.2 |
(88.1) |
80.2 |
||||||||
Interest expense, net |
(21.1) |
|||||||||||
Other expense, net |
(1.2) |
|||||||||||
Earnings before income taxes and equity in earnings of |
57.9 |
|||||||||||
Income tax benefit |
(1.1) |
|||||||||||
Earnings before equity in earnings of unconsolidated affiliates |
59.0 |
|||||||||||
Equity in earnings of unconsolidated affiliates, net of tax |
303.1 |
|||||||||||
Net earnings |
362.1 |
|||||||||||
Net losses attributable to redeemable noncontrolling interests |
2.5 |
|||||||||||
Net earnings attributable to Black Knight |
$ |
364.6 |
||||||||||
Three months ended March 31, 2021 |
||||||||||||
Software |
Data and |
Corporate and |
||||||||||
Solutions |
Analytics |
Other |
Total |
|||||||||
Revenues |
$ |
295.8 |
$ |
53.9 |
$ |
— |
$ |
349.7 |
||||
Expenses: |
||||||||||||
Operating expenses |
124.9 |
34.2 |
27.1 |
(1) |
186.2 |
|||||||
Transition and integration costs |
— |
— |
7.9 |
(2) |
7.9 |
|||||||
EBITDA |
170.9 |
19.7 |
(35.0) |
155.6 |
||||||||
Depreciation and amortization |
31.2 |
3.8 |
52.8 |
(3) |
87.8 |
|||||||
Operating income (loss) |
139.7 |
15.9 |
(87.8) |
67.8 |
||||||||
Interest expense, net |
(20.3) |
|||||||||||
Other expense, net |
(3.2) |
|||||||||||
Earnings before income taxes and equity in earnings of |
44.3 |
|||||||||||
Income tax expense |
5.2 |
|||||||||||
Earnings before equity in earnings of unconsolidated affiliates |
39.1 |
|||||||||||
Equity in earnings of unconsolidated affiliates, net of tax |
6.4 |
|||||||||||
Net earnings |
45.5 |
|||||||||||
Net losses attributable to redeemable noncontrolling interests |
8.6 |
|||||||||||
Net earnings attributable to Black Knight |
$ |
54.1 |
||||||||||
_________________________ |
|
(1) |
Operating expenses for Corporate and Other includes equity-based compensation, including certain related payroll taxes, of $11.2 million and $10.5 million for the three months ended March 31, 2022 and 2021, respectively. |
(2) |
Transition and integration costs primarily consists of costs associated with acquisitions. |
(3) |
Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP. |
Black Knight, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (In millions) (Unaudited) |
|||||||||||||||
Reconciliation of Revenues to Organic Revenue Growth |
|||||||||||||||
Three months ended March 31, |
|||||||||||||||
2022 |
2021 |
Organic |
|||||||||||||
Pre-acquisition |
Adjusted |
revenue |
|||||||||||||
As reported |
As reported |
revenues(1) |
base |
growth |
|||||||||||
Servicing Software |
$ |
222.6 |
$ |
202.7 |
$ |
— |
$ |
202.7 |
10% |
||||||
Origination Software |
108.1 |
(2) |
93.1 |
5.4 |
98.5 |
10% |
|||||||||
Software Solutions |
330.7 |
295.8 |
5.4 |
301.2 |
10% |
||||||||||
Data and Analytics |
56.5 |
(3) |
53.9 |
1.2 |
55.1 |
2.5% |
|||||||||
Revenues |
$ |
387.2 |
$ |
349.7 |
$ |
6.6 |
$ |
356.3 |
9% |
||||||
_________________________ |
|
Note: Amounts may not recalculate due to rounding. |
|
(1) |
Includes pre-acquisition revenues of TOMN Holdings, Inc. ("Top of Mind"), eMBS, Inc. ("eMBS") and NexSpring Financial, LLC ("NexSpring") for the three months ended March 31, 2021. |
(2) |
Includes revenues of $6.8 million from the acquisitions of Top of Mind and NexSpring. |
(3) |
Includes revenues of $1.3 million from the acquisition of eMBS. |
Reconciliation of Net Earnings to Adjusted EBITDA |
|||||||
Three months ended March 31, |
|||||||
2022 |
2021 |
||||||
Net earnings attributable to Black Knight |
$ |
364.6 |
$ |
54.1 |
|||
Depreciation and amortization |
91.5 |
87.8 |
|||||
Interest expense, net |
21.1 |
20.3 |
|||||
Income tax (benefit) expense |
(1.1) |
5.2 |
|||||
Other expense, net |
1.2 |
3.2 |
|||||
Equity in losses of unconsolidated affiliates, net of tax |
2.3 |
3.5 |
|||||
Gain related to investment in unconsolidated affiliate, net of tax |
(305.4) |
(9.9) |
|||||
Net losses attributable to redeemable noncontrolling interests |
(2.5) |
(8.6) |
|||||
EBITDA |
171.7 |
155.6 |
|||||
Equity-based compensation |
11.2 |
10.5 |
|||||
Acquisition-related costs |
7.6 |
7.3 |
|||||
Expense reduction initiatives |
— |
0.6 |
|||||
Adjusted EBITDA |
$ |
190.5 |
$ |
174.0 |
|||
Net earnings margin |
93.5% |
13.0% |
|||||
Adjusted EBITDA margin |
49.2% |
49.8% |
|||||
Reconciliation of Operating Income to Adjusted Operating Income |
|||||||
Three months ended March 31, |
|||||||
2022 |
2021 |
||||||
Operating income |
$ |
80.2 |
$ |
67.8 |
|||
Equity-based compensation |
11.2 |
10.5 |
|||||
Acquisition-related costs |
7.6 |
7.3 |
|||||
Expense reduction initiatives |
— |
0.6 |
|||||
Depreciation and amortization purchase accounting adjustment |
52.6 |
52.9 |
|||||
Adjusted operating income |
$ |
151.6 |
$ |
139.1 |
|||
Operating margin |
20.7% |
19.4% |
|||||
Adjusted operating margin |
39.2% |
39.8% |
|||||
Black Knight, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (Continued) (In millions, except per share data) (Unaudited) Reconciliation of Net Earnings to Adjusted Net Earnings |
||||||
Three months ended March 31, |
||||||
2022 |
2021 |
|||||
Net earnings attributable to Black Knight |
$ |
364.6 |
$ |
54.1 |
||
Equity in losses of unconsolidated affiliates, net of tax |
2.3 |
3.5 |
||||
Gain related to investment in unconsolidated affiliate, net of tax |
(305.4) |
(9.9) |
||||
Depreciation and amortization purchase accounting adjustment (1) |
52.6 |
52.9 |
||||
Equity-based compensation |
11.2 |
10.5 |
||||
Debt and/or equity offering expenses |
— |
2.2 |
||||
Acquisition-related costs |
7.6 |
7.3 |
||||
Expense reduction initiatives |
— |
0.6 |
||||
Legal matters |
1.3 |
0.9 |
||||
Income tax expense adjustment(2) |
(31.1) |
(22.1) |
||||
Redeemable noncontrolling interests adjustment (3) |
(5.8) |
(12.5) |
||||
Adjusted net earnings |
$ |
97.3 |
$ |
87.5 |
||
Adjusted EPS |
$ |
0.63 |
$ |
0.56 |
||
Weighted average shares outstanding, diluted |
155.4 |
155.9 |
||||
_________________________ |
||||||
(1) Components of the depreciation and amortization purchase accounting adjustment are as follows: |
||||||
Three months ended March 31, |
||||||
2022 |
2021 |
|||||
Other intangible assets |
$ |
36.8 |
$ |
38.8 |
||
Software |
15.6 |
13.9 |
||||
Property and equipment |
0.2 |
0.2 |
||||
Depreciation and amortization purchase accounting adjustment |
$ |
52.6 |
$ |
52.9 |
||
(2) |
Includes a discrete income tax benefit of $14.1 million related to the establishment of a deferred tax asset as a result of our reorganization of certain wholly-owned subsidiaries. |
(3) |
The redeemable noncontrolling interests adjustment primarily includes the effect of the net incremental depreciation and amortization adjustments associated with the application of purchase accounting. |
ИСТОЧНИК Black Knight, Inc.
Показать большеПоказать меньше
