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Black Knight, Inc. (BKI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

Black Knight, Inc.

CIK: 1627014 Ticker: BKI
Exhibit 99.1
bkilogoa15.jpg
Press Release
Information for Investors:
 
Information for Media:
 
 
 
Steve Eagerton
 
Michelle Kersch
Black Knight
 
Black Knight
904.854.3683
 
904.854.5043
steven.eagerton@bkfs.com
 
michelle.kersch@bkfs.com

Black Knight Reports First Quarter 2020 Financial Results

Revenues of $290.7 million
Adjusted Revenues of $290.8 million
Net earnings of $50.1 million, or $0.34 per diluted share
Adjusted Net Earnings of $69.4 million, or $0.47 per diluted share
Adjusted EBITDA of $140.1 million


JACKSONVILLE, Fla. - May 5, 2020 - 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 2020.

Revenues for the first quarter of 2020 increased 3% to $290.7 million compared to $283.1 million in the prior year quarter. Earnings before equity in earnings (losses) of unconsolidated affiliates increased 13% to $44.5 million compared to $39.3 million in the prior year quarter. Net earnings for the first quarter of 2020 increased 93% to $50.1 million compared to $26.0 million in the prior year quarter. Diluted EPS increased 89% to $0.34 compared to $0.18 in the prior year quarter. For the first quarter of 2020, the effect of our indirect investment in The Dun and Bradstreet Corporation (the "D&B Investment") was an increase of Net earnings of $5.6 million, or $0.04 per diluted share, compared to a reduction of Net earnings of $13.3 million, or $0.09 per diluted share, in the prior year quarter. Net earnings margin was 17.2% compared to 9.2% in the prior year quarter.

Adjusted Revenues for the first quarter of 2020 increased 3% to $290.8 million compared to $283.2 million in the prior year quarter. Adjusted Net Earnings for the first quarter of 2020 increased 5% to $69.4 million compared to $65.9 million in the prior year quarter. Adjusted EPS for the first quarter of 2020 increased 7% to $0.47 per diluted share compared to $0.44 per diluted share in the prior year quarter.

Adjusted EBITDA for the first quarter of 2020 increased 2% to $140.1 million compared to $137.1 million in the prior year quarter. Adjusted EBITDA Margin was 48.2% compared to 48.4% in the prior year quarter.

Black Knight Chairman Bill Foley said, "We are pleased with our results for the first quarter, where we delivered Adjusted Revenues growth of 3% and Adjusted EBITDA growth of 2%. Our underlying business fundamentals remain strong and our performance highlights the strength of our comprehensive solution set. While there have been significant industry impacts due to COVID-19, Black Knight is well-positioned to meet the challenges presented by the current pandemic while continuing to execute against our long-term strategic initiatives."

“First and foremost, it is Black Knight’s top priority to ensure the health and safety of our employees as we remain focused on providing exceptional service to our clients. With more than 99% of our employees working from home, I am proud of how our team has risen to the challenge with their dedication and professionalism," said Black Knight Chief Executive Officer Anthony Jabbour. "With the significant industry impacts we have seen, I believe it is our duty to serve in a leadership role during these unprecedented times. Black Knight is the only company with real-time visibility into the majority of active mortgage loans in the United States and the ability to integrate that data with our robust analytics. As a result, we are uniquely positioned to provide in-

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The following information was filed by Black Knight, Inc. (BKI) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Earnings And Comprehensive Earnings
Condensed Consolidated Statements Of Equity
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Basis Of Presentation - Narrative (Details)
Basis Of Presentation - Prepaid Expenses And Other Current Assets (Details)
Basis Of Presentation - Share Repurchase Agreements (Details)
Basis Of Presentation - Trade Receivable, Net (Details)
Business Acquisition
Business Acquisition (Tables)
Business Acquisition - Consideration Transferred (Details)
Business Acquisition - Estimated Useful Lives Of Assets Acquired (Details)
Business Acquisition - Fair Value Of Assets Acquired And Liabilities Assumed (Details)
Business Acquisition - Narrative (Details)
Commitments And Contingencies
Computer Software
Computer Software (Details)
Computer Software (Tables)
Earnings Per Share
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Earnings Per Share (Tables)
Equity-Based Compensation
Equity-Based Compensation - Additional Information (Details)
Equity-Based Compensation - Restricted Stock Transactions (Details)
Equity-Based Compensation (Tables)
Equity-Based Compensation - Restricted Stock Grant (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Fair Value Measurements - Change In Fair Value Of Contingent Consideration (Details)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Income Taxes
Income Taxes (Details)
Investments In Unconsolidated Affiliates (Notes)
Investments In Unconsolidated Affiliates (Tables)
Investments In Unconsolidated Affiliates - Changes In Accounting Principle (Details)
Investments In Unconsolidated Affiliates - Narrative (Details)
Investments In Unconsolidated Affiliates - Summarized Financial Information (Details)
Investments In Unconsolidated Affiliates - Unconsolidated Vie (Details)
Long-Term Debt
Long-Term Debt - Credit Agreement (Details)
Long-Term Debt - Derivative Instruments Recognized In Aoci (Details)
Long-Term Debt - Interest Rate Swaps Additional Information (Details)
Long-Term Debt - Long-Term Debt Components (Details)
Long-Term Debt - Schedule Of Maturities (Details)
Long-Term Debt - Swap Agreements In The Balance Sheets (Unaudited) (Details)
Long-Term Debt - Debt Refinancing (Details)
Long-Term Debt - Finance Leases (Details)
Long-Term Debt - Other Debt (Details)
Long-Term Debt Long-Term Debt (Tables)
Other Intangible Assets
Other Intangible Assets (Details)
Other Intangible Assets (Tables)
Other Non-Current Assets
Other Non-Current Assets (Details)
Other Non-Current Assets (Tables)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Fnf (Details)
Related Party Transactions - Narrative (Details)
Related Party Transactions - Related Party Expenses (Details)
Related Party Transactions - Related Party Revenues (Details)
Revenues
Revenues (Tables)
Revenues - Disaggregation Of Revenue (Details)
Revenues - Narrative (Details)
Segment Information
Segment Information (Tables)
Segment Information - Summarized Financial Information (Details)
Ticker: BKI
CIK: 1627014
Form Type: 10-Q Quarterly Report
Accession Number: 0001627014-20-000013
Submitted to the SEC: Tue May 05 2020 5:10:38 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Prepackaged Software

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