Stock Monitor: Verso Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 12, 2017 / Active-Investors free earnings report on Black Knight, Inc. (NYSE: BKI) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=BKI. Black Knight reported its third quarter fiscal 2017 operating results on November 01, 2017. The leading provider of software, data, and analytics solutions to the mortgage and consumer loan, real estate and capital market verticals reported earnings in-line with market expectations and also provided guidance for the full year 2017. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.com is currently working on the research report for Verso Corporation (NYSE: VRS), which also belongs to the Consumer Goods sector as the Company Black Knight. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Black Knight most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
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Earnings Highlights and Summary
Black Knight's revenues decreased 1% to $263.8 million for Q3 2017 from $267.1 million in Q3 2016. The Company's adjusted revenues for the reported quarter fell 1% to $264.8 million from $268.6 million in the prior year's corresponding quarter. Excluding the effect of the Property Insight realignment, Black Knight's adjusted revenues growth for Q3 017 was 2%. Black Knight's revenue numbers fell short of analysts' estimates of $12.13 million.
For Q3 2017, Black Knight's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) advanced 7% to $128.2 million from $119.8 million in Q3 2016. The Company's adjusted EBITDA margin for the reported quarter was 48.4% compared to 44.6% in the prior year's same quarter.
During Q3 2017, net earnings attributable to Black Knight were $14.7 million, or $0.21 per diluted share, compared to $11.2 million, or $0.16 per diluted share, in Q3 2016. The Company's results for the reported quarter included expenses associated with the spin-off of Black Knight from Fidelity National Financial, Inc. (FNF).
Black Knight's adjusted net earnings jumped 22% to $54.3 million, or $0.36 per diluted share, for Q3 2017 compared to $44.6 million, or $0.29 per diluted share, in Q3 2016. The Company's earnings met Wall Street's expectations of $0.36 per share.
Black Knight's Segment Information
During Q3 2017, the Software Solutions division's adjusted revenues increased 2% to $224.5 million from $221.0 million in Q3 2016. The segment's servicing software business reported adjusted revenue growth of 6%, primarily driven by higher loan volumes on its core servicing software solution and price increases. In the origination software business, adjusted revenues declined 17% on a y-o-y basis, primarily driven by lower Exchange volumes as a result of the 43% decline in refinancing originations.
The Software solutions' adjusted EBITDA grew 5% to $131.5 million from $125.1 million in Q3 2016, with an adjusted EBITDA margin of 58.6%, representing an increase of 200 basis points versus the prior year's comparable quarter.
For Q3 2017, the Data and Analytics division recorded adjusted revenues of $40.3 million compared to $47.6 million in Q3 2016. Excluding the effect of the Property Insight realignment, the segment's adjusted revenues increased $1.0 million, or 3% on a y-o-y basis, driven by growth in the property data and multiple listing service businesses. The segment's adjusted EBITDA was $7.6 million for Q3 2017 compared to $8.4 million in Q3 2016, with an adjusted EBITDA margin of 18.9%, reflecting an increase of 130 basis points compared to the prior year's same quarter.
Share Repurchase Program
Black Knight did not make any share repurchases during Q3 2017. As of September 30, 2017, the Company had approximately 8.8 million shares remaining under its share repurchase authorization.
Balance Sheet
As of September 30, 2017, Black Knight had cash and cash equivalents of $146.2 million and debt of $1,542.0 million. As of September 30, 2017, the Company had available capacity of $350.0 million on its revolving credit facility.
Business Outlook
For full year 2017, Black Knight is forecasting revenues and adjusted revenues growth to be approximately 2.5%, reflecting timing delays in certain client implementations. The Company's adjusted net earnings per share for FY17 is expected to be in the range of $1.36 to $1.38. Black Knight is estimating adjusted EBITDA growth to be approximately 10%.
Stock Performance Snapshot
December 11, 2017 - At Monday's closing bell, Black Knight's stock marginally rose 0.11%, ending the trading session at $45.60.
Volume traded for the day: 506.06 thousand shares.
Stock performance for year-to-date – up 8.57%
After yesterday's close, Black Knight's market cap was at $6.89 billion.
Price to Earnings (P/E) ratio was at 47.35.
The stock is part of the Consumer Goods sector, categorized under the Paper & Paper Products industry. This sector was up 0.3% at the end of the session.
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