Fintech PR
Black Knight Reports Second Quarter 2020 Financial Results
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 second quarter and six months ended June 30, 2020.
Revenues for the second quarter of 2020 decreased 1% to $293.1 million compared to $294.9 million in the prior year quarter. Earnings before equity in losses of unconsolidated affiliates increased 44% to $65.1 million compared to $45.3 million in the prior year quarter, including a gain recognized related to the resolution of a legacy legal matter. Net earnings for the second quarter of 2020 increased 20% to $39.1 million compared to $32.6 million in the prior year quarter. Diluted EPS increased 18% to $0.26 compared to $0.22 in the prior year quarter. For the second quarter of 2020, the effect of our investment in Star Parent, L.P., the parent of Dun & Bradstreet Holdings, Inc. (the “D&B Investment”) was a reduction in Net earnings of $31.0 million, or $0.21 per diluted share, compared to a reduction of Net earnings of $12.7 million, or $0.09 per diluted share, in the prior year quarter, primarily due to the effect of their purchase accounting adjustments and other non-operating charges. Net earnings margin was 13.3% compared to 11.1% in the prior year quarter.
Adjusted Revenues for the second quarter of 2020 decreased 0.6% to $293.3 million compared to $295.1 million in the prior year quarter. Adjusted Net Earnings for the second quarter of 2020 increased 7% to $78.3 million compared to $73.1 million in the prior year quarter, reflecting lower interest expense and a lower tax rate. Adjusted EPS for the second quarter of 2020 increased 6% to $0.52 per diluted share compared to $0.49 per diluted share in the prior year quarter.
Adjusted EBITDA for the second quarter of 2020 decreased 0.4% to $147.3 million compared to $147.9 million in the prior year quarter. Adjusted EBITDA Margin was 50.2% compared to 50.1% in the prior year quarter.
Black Knight Chairman Bill Foley said, “Our second quarter results exceeded our expectations and demonstrate the strength of our business against known headwinds from the COVID-19 pandemic. In spite of these headwinds, we find ourselves uniquely positioned to deliver innovative solutions our markets need and demand.”
“We are pleased with the underlying performance of the business in these unprecedented times. These results illustrate the resilience of our business and our ability to manage effectively in any environment,” said Black Knight Chief Executive Officer Anthony Jabbour. “The fundamentals of our business remain strong, and we are excited by the positive momentum across the enterprise. We remain focused on providing exceptional service to our clients, winning market share and delivering innovative solutions to create sustainable, long-term shareholder value.”
Jabbour continued, “We are excited by the recently announced acquisition of Optimal Blue, which will add industry-leading product, pricing and eligibility capabilities to our already robust set of solutions and enhance our already comprehensive data and analytics capabilities. We believe they are an excellent strategic and cultural fit, and will enable Black Knight to deliver even greater value to our clients. We look forward to Optimal Blue and its employees joining the Black Knight family.”
Revenues for the six months ended June 30, 2020 increased 1% to $583.8 million compared to $578.0 million in the 2019 period. Earnings before equity in losses of unconsolidated affiliates increased 30% to $109.6 million compared to $84.6 million in the 2019 period. Net earnings for the six months ended June 30, 2020 increased 52% to $89.2 million compared to $58.6 million in the 2019 period. Diluted EPS increased 54% to $0.60 compared to $0.39 in the 2019 period. For the six months ended June 30, 2020, the effect of our D&B Investment was a reduction in Net earnings of $25.4 million, or $0.17 per diluted share, compared to a reduction of Net earnings of $26.0 million, or $0.18 per diluted share, in the 2019 period. Net earnings margin was 15.3% compared to 10.1% in the 2019 period.
Adjusted Revenues for the six months ended June 30, 2020 increased 1% to $584.1 million compared to $578.3 million in the 2019 period. Adjusted Net Earnings for the six months ended June 30, 2020 increased 6% to $147.7 million compared to $139.0 million in the 2019 period. Adjusted EPS for the six months ended June 30, 2020 increased 5% to $0.99 per diluted share compared to $0.94 per diluted share in the 2019 period.
Adjusted EBITDA for the six months ended June 30, 2020 increased 1% to $287.4 million compared to $285.0 million in the 2019 period. Adjusted EBITDA Margin was 49.2% compared to 49.3% in the 2019 period.
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. Black Knight has not provided a reconciliation of forward-looking Adjusted EPS and Adjusted EBITDA to the most directly comparable GAAP financial measures, due primarily to variability and difficulty in making accurate forecasts and projections of non-operating matters that may arise, as not all of the information necessary for a quantitative reconciliation is available to Black Knight without unreasonable effort. For the same reasons, Black Knight is unable to address the probable significance of the information.
Segment Information
Software Solutions
Revenues for the second quarter of 2020 decreased 4% to $245.1 million compared to $255.4 million in the prior year quarter. EBITDA decreased 5% to $146.2 million compared to $153.9 million, with an EBITDA margin of 59.6% compared to 60.3% in the prior year quarter.
Revenues for the six months ended June 30, 2020 decreased 2% to $489.8 million compared to $498.9 million in the 2019 period. EBITDA decreased 3% to $285.6 million compared to $294.6 million, with an EBITDA margin of 58.3% compared to 59.0% in the 2019 period.
Data and Analytics
Revenues for the second quarter of 2020 increased 21% to $48.2 million compared to $39.7 million in the prior year quarter. EBITDA increased 71% to $16.1 million compared to $9.4 million, with an EBITDA margin of 33.4%, an increase of 970 basis points compared to the prior year quarter.
Revenues for the six months ended June 30, 2020 increased 19% to $94.3 million compared to $79.4 million in the 2019 period. EBITDA increased 59% to $30.7 million compared to $19.3 million, with an EBITDA margin of 32.6%, an increase of 830 basis points compared to the 2019 period.
Balance Sheet
As of June 30, 2020, we had cash of $228.2 million and debt of $1,195.8 million. As of June 30, 2020, we had available capacity of $750.0 million on our revolving credit facility.
D&B Investment
On July 6, 2020, Dun & Bradstreet Holdings, Inc. (“DNB”) closed its previously announced initial public offering of 90.0 million shares of common stock, which included 11.7 million shares of common stock issued pursuant to the exercise by the underwriters of their option to purchase additional shares in full (the “DNB IPO”). The DNB IPO was priced at $22.00 per share, resulting in gross proceeds to DNB of $2.4 billion when combined with $400.0 million of aggregate proceeds from a concurrent private placement offering (the “DNB Private Placement”) and before deducting underwriting discounts and commissions and other offering expenses payable by DNB. Shares of DNB common stock began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “DNB” on July 1, 2020.
On July 6, 2020, we invested $100.0 million in the DNB Private Placement. In connection with the closing of the DNB IPO and the DNB Private Placement, our limited partner interests in Star Parent were exchanged for shares of DNB common stock. Subsequent to the DNB IPO and the DNB Private Placement, we have invested an aggregate of $492.6 million and we own approximately 54.8 million shares of DNB common stock, which represents a fair value of approximately $1.4 billion based on the July 2020 average closing prices.
Optimal Blue
On July 27, 2020, Black Knight announced it had entered into a definitive equity purchase agreement with affiliates of private equity firm GTCR, LLC, to purchase Optimal Blue, LLC (“Optimal Blue”), a leading provider of secondary market solutions and actionable data services, for an enterprise value of $1.8 billion, subject to customary purchase price adjustments. In connection with the acquisition, Black Knight will combine its Compass Analytics business with Optimal Blue in a newly formed entity with minority co-investors Cannae Holdings, Inc. (“Cannae”) and Thomas H. Lee Partners, L.P. (“THL”). Black Knight will own approximately 60% of the new entity. The transaction is subject to regulatory approval and satisfaction of other customary closing conditions, and expected to close in the third quarter of 2020. The acquisition is being funded with cash on hand, debt financing and equity contributions from Cannae and THL.
Business Outlook
Note that guidance is provided for Black Knight on a standalone basis. Black Knight intends to provide an update on the overall financial profile and outlook for the combined company at or around the time of closing of the Optimal Blue acquisition. Black Knight’s updated full year 2020 outlook is as follows:
- Revenues and Adjusted Revenues are expected to be in the range of $1,170 million to $1,184 million.
- Adjusted EPS is expected to be in the range of $1.94 to $1.99.
- Adjusted EBITDA is expected to be in the range of $572 million to $583 million.
The foregoing forward-looking statements reflect Black Knight’s expectations as of today’s date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. Black Knight does not intend to update its forward-looking statements until its next quarterly results announcement, other than in publicly available statements.
Fintech PR
Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore
SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.
Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.
Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”
The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.
Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.
The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.
For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.
Photo: https://mma.prnewswire.com/media/2565374/Synapse_2024.jpg
Logo: https://mma.prnewswire.com/media/2565373/Nucleus_Software_Logo.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/redefining-financial-frontiers-nucleus-software-celebrates-30-years-with-synapse-2024-in-singapore-302314485.html
OTTAWA, ON, Nov. 22, 2024 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) announces its financial results for the third quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.
“As the markets continue to change, the Mint is proving its ability to seize on new opportunities thanks to its diversified structure and flexible business strategy” said Marie Lemay, President and CEO of the Royal Canadian Mint.
The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.
Financial and Operational Highlights
- The financial results for the third quarter of 2024 were ahead of target and higher than 2023 levels. Higher gold market pricing and foreign circulation volumes combined with lower fixed costs were the main drivers for the quarter over quarter increase. These increases were partially offset by lower than expected bullion volumes from the continued soft demand in the global bullion market. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan, the Mint’s Leadership team continues to actively monitor its status.
- Consolidated revenue decreased to $252.7 million in 2024 (2023 – $360.6 million).
Revenue from the Precious Metals business decreased to $217.6 million in 2024
(2023 – $328.4 million):- Gold bullion volumes decreased 38% quarter over quarter to 106.1 thousand ounces (2023 – 170.1 thousand ounces) while silver bullion volumes decreased 20% to 2.7 million ounces (2023 – 3.4 million ounces).
- Gold and silver market prices increased quarter over quarter by 27% and 23%, respectively.
- Sales of numismatic products decreased 12% quarter over quarter mainly due to the high demand in 2023 for the Queen Elizabeth II’s Reign products.
- Revenue from the Circulation business increased to $35.1 million in 2024
(2023 – $32.2 million):- Revenue from the Foreign Circulation business increased 77% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023.
- Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as fewer coins were required to replenish inventories, combined with lower program fees in accordance with the memorandum of understanding with the Department of Finance.
- Overall, operating expenses decreased 27% quarter over quarter to $28.3 million (2023 – $36.0 million) mainly due to planned reductions in consulting and workforce expenses.
Consolidated results and financial performance
(in millions)
|
13 weeks ended |
39 weeks ended |
|||||||||||
|
Change |
Change |
|||||||||||
|
September |
September |
$ |
% |
September |
September 30, 2023 |
$ |
% |
|||||
|
Revenue |
$ |
252.7 |
$ 360.6 |
(107.9) |
(30) |
$ 861.2 |
$ 1,841.8 |
(980.6) |
(53) |
|||
|
Profit (loss) for the period |
$ |
5.7 |
$ (5.8) |
11.5 |
(198) |
$ 24.1 |
$ 15.0 |
9.1 |
61 |
|||
|
Profit (loss) before |
$ |
1.4 |
$ (8.7) |
10.1 |
(116) |
$ 12.3 |
$ 23.4 |
(11.1) |
(47) |
|||
|
Profit (loss) before |
0.6 % |
(2.4) % |
1.4 % |
1.3 % |
||||||||
|
(1) Profit (loss) before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit before income tax and other items is included on page 13 of the Mint’s 2024 Third Quarter Report. |
|
(2) Profit (loss) before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before income tax and other items. |
|
As at |
||||||||||
|
September 28, 2024 |
December 31, 2023 |
$ Change |
% Change |
|||||||
|
Cash |
$ |
58.4 |
$ |
59.8 |
(1.4) |
(2) |
||||
|
Inventories |
$ |
71.5 |
$ |
68.8 |
2.7 |
4 |
||||
|
Capital assets |
$ |
174.2 |
$ |
173.0 |
1.2 |
1 |
||||
|
Total assets |
$ |
376.8 |
$ |
380.4 |
(3.6) |
(1) |
||||
|
Working capital |
$ |
99.2 |
$ |
97.8 |
1.4 |
1 |
||||
As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2024. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.
To read more of the Mint’s Third Quarter Report for 2024, please visit www.mint.ca.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours. As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations.
For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedIn, Facebook and Instagram.
FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES
This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.
This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities. Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2023 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2023. The forward-looking statements included in this Earnings Release are made only as of November 20, 2024 and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.
For more information, please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/royal-canadian-mint-reports-profits-and-performance-for-q3-2024-302314428.html
Fintech PR
OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers
MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.
The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures.
The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.
On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact.
The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries.
With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.
For more information: www.asharedpassion.com
Video: https://mma.prnewswire.com/media/2565600/ViniPortugal_and_OIVE.mp4
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/oive-and-viniportugal-celebrate-closing-of-joint-campaign-that-reached-100-million-consumers-302314339.html
-
Fintech PR7 days agoSustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million
-
Fintech2 days agoFintech Pulse: Industry Updates, Innovations, and Strategic Moves
-
Fintech1 day agoFintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations
-
Fintech PR7 days agoLaunch of Al Faisal Al Baladi Holding
-
Fintech PR3 days agoROLLER Releases 2025 Attractions Industry Benchmark Report, Unveiling Key Trends and Revenue Strategies
-
Fintech PR2 days agoTAILG Represents the Industry at COP29, Advancing South-South Cooperation with Low-Carbon Solutions
-
Fintech4 days agoFintech Pulse: Navigating Expansion, Innovation, and Sustainability
-
Fintech3 days agoFintech Pulse: Milestones, Partnerships, and Transformations in Fintech