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Black Knight Reports Second Quarter 2020 Financial Results

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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.

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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.

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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.

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DAMAC International Expands Presence in APAC with New Office in Hong Kong

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Strategic launch to cater to the growing demand for luxury real estate across Asia-Pacific

HONG KONG, Nov. 5, 2024 /PRNewswire/ — DAMAC International, a global leader in luxury real estate, has officially opened its new office in Hong Kong, marking its third office in the Asia-Pacific (APAC) region. This expansion is part of DAMAC’s broader vision to strengthen its presence in one of the world’s fastest-growing regions, renowned for its rapid investment growth. The Hong Kong office is a strategic gateway to the APAC market. It allows DAMAC to better serve its expanding clientele by offering direct access to its prestigious properties in Dubai and other international locations, such as London and Miami.

The Hong Kong office will provide investors across the region access to personalised services, offering exclusive insights into DAMAC’s luxury residential towers, branded residences, and lifestyle communities. As demand from the APAC region continues to rise, DAMAC is poised to offer high-end real estate investment opportunities that cater to the needs of discerning clients.

Talking about the opening, Abbas Sajwani, Board Member, DAMAC International, stated: “This is yet another milestone in our expansion into the APAC region. The new office will allow us to be closer to our clientele. It is a testament to our belief in the region’s potential and commitment to providing top-tier investment opportunities in luxury development.”

By establishing this new office, DAMAC continues positioning itself as a leading player in the global real estate market. It further strengthens its ability to connect with clients to provide unparalleled luxury investment opportunities for long-term value.

About DAMAC International

DAMAC International has been at the forefront of the Middle East’s luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region and internationally, including in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada, the United States, as well as the United Kingdom.

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Since then, the company has delivered more than 47,000 homes with over 40,000 more in diverse planning and development phases. Joining forces with some of the world’s most eminent fashion and lifestyle brands to create tremendous living experiences, such as with Versace, Roberto Cavalli, or de GRISOGONO. With a consistent vision and momentum, DAMAC is building the next generation of luxury living across the globe.

Live the Luxury.

Visit us at www.damacgroup.com 

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GTN and SBI Group collaborate to launch “SBI Saudi Arabia Equity Exchange Traded Fund (ETF)”

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The launch marks the first ETF dedicated to investing in the Saudi Arabian stock market listed on the Tokyo Stock Exchange.

DUBAI, UAE, Nov. 4, 2024 /PRNewswire/ — GTN and SBI Holdings announced on October 30 at FII 8th Edition 2024 in Riyadh the launch of the “SBI Saudi Arabia Equity Exchange Traded Fund (ETF)”- a groundbreaking ETF dedicated to investing in the Saudi Arabian stock market and listed on the Tokyo Stock Exchange. This fund marks a significant milestone as it represents the first ETF focusing exclusively on Saudi equities to be accessible to Japanese investors.

The collaboration between GTN and SBI Group stems from a Memorandum of Understanding (MOU) signed in May 2024 in Tokyo at the Saudi Japan Vision 2030 Event in the presence of H.E. Eng. Khalid bin Abdulaziz Al-Falih, the Minister of Investment.

Inspired by Vision 2030, the ETF is expected to reflect the performance of the Saudi market and attract Japanese investors due to Saudi Arabia’s significant economic transformation, sustainable growth, and advanced financial infrastructure. The ETF will be managed to achieve investment results linked to the “MSCI Saudi Arabia Index (yen equivalent basis)”. SBI Asset Management received the regulator’s approval, and the ETF was successfully listed on the Tokyo Stock Exchange on October 31, 2024. 

As per the MOU signed between the parties, SBI Asset Management will be responsible for creating, managing and promoting the ETF in Japan, while GTN will provide research, execution, clearing and settlement services to the ETF. 

SBI Group is a strategic investor of GTN and a key partner in GTN’s expansion plans in Asia.   

The Chairman of GTN and its mother company NTG, Mohammed Rashid Al Ballaa said: “We are excited about the collaboration between SBI Group and GTN to launch the first-ever Saudi-focused ETF in Japan. SBI Group has access to over 10 million customers and is ideally suited to promote an ETF linked to the Saudi market in Japan. This milestone was achieved thanks to Mr. Yoshitaka Kitao, the visionary leader and founder of SBI Group.” “The ongoing support of the Saudi Stock Exchange and the Ministry of Investment in Saudi Arabia were also essential success factors in reaching this milestone,” said Mr. Al Ballaa.      

At the FII conference in Riyadh, Mr. Yoshitaka Kitao said: “I am excited to be in the Kingdom and see the development that has taken place over the past few years. I am also excited to see the unfolding of the Vision 2030. I am confident that the Saudi Arabia ETF will provide Japanese investors the opportunity to participate and be part of the growth journey of Saudi Arabia.” 

About GTN

GTN is a fintech pioneer with decades of success, holding broker-dealer and capital markets services licenses in multiple jurisdictions through subsidiaries. We are committed to empowering brokers, banks, asset managers, and fintechs with scalable and innovative investment and trading solutions that enable access to a comprehensive network of global markets and multiple asset classes, making investment and trading accessible to all.

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GTN brings together a diverse team of over 500 talented individuals spread across Brazil, Hong Kong, Saudi Arabia, Singapore, South Africa, Sri Lanka, the UAE, the UK, and the US, united by a shared passion and purpose: empowering clients and transforming the accessibility to investment and trading opportunities for all.

GTN is backed by strategic investors IFC, a member of the World Bank Group, and SBI Group, one of the largest financial services firms listed on the Tokyo Stock Exchange. To learn more, visit www.gtngroup.com or follow us on LinkedIn.

About SBI Group

Over 25 years of successful track record, SBI Group has become one of the largest FinTech companies in Japan. Listed on the Tokyo Stock Exchange, the SBI Group has over 19,000 employees and 685 group companies. SBI Group’s main businesses are financial services, asset management, investment business, Crypto-assets and Next Gen businesses such as biotechnology, healthcare and Web3.

SBI Group companies include SBI Securities, Japan’s number one online securities company, SBI Sumishin Net Bank, Japan’s largest internet bank in terms of deposit amount, and a variety of other financial companies.

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CBH Compagnie Bancaire Helvétique appoints Enid Yip as CEO of CBH Asia

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GENEVA, Nov. 4, 2024 /PRNewswire/ — Swiss private banking group CBH Compagnie Bancaire Helvétique announces the appointment of Enid Yip as the new CEO of its subsidiary CBH Asia. Mrs Yip will also lead the Asia Regional Committee. Based in Hong Kong, CBH Asia is a key part of the Group’s strategic commitment to expand its presence in the region.

Concurrently, Patrick Wong, who has overseen the Asia business since 2017, has been appointed Deputy Chief Executive Officer. Mr Wong will continue to manage Operations, Regulatory and Compliance, and IT, while Mrs Yip will focus on enhancing the firm’s client offering and driving business development in line with the Group’s long-term strategy for Asia. With its entrepreneurial approach and exclusive and bespoke investment offering, CBH Asia offers compelling advantages to clients and relationship managers in the region.

A seasoned executive, Mrs Yip brings over 25 years of experience in successfully growing wealth management institutions in Asia. Most recently she was with LGT. Prior to that, she was a Member of the Board at Bank J. Safra Sarasin, having previously served as their Chief Executive Officer, Asia, overseeing the bank’s expansion in the region. Earlier in her career, Mrs Yip held various senior positions in the private banking industry.

Simon Benhamou, CBH Bank Chief Executive Officer said: “We are delighted to welcome someone of Enid’s calibre to lead CBH Asia. Her extensive experience and strong leadership will be instrumental in furthering our growth in key Asian markets. Our people are our greatest asset and with Enid’s strong commitment to our core values of entrepreneurship and teamwork, we are confident that she will further strengthen CBH Asia’s success. We extend our best wishes to Enid on her appointment.”

Mrs Yip said: “I am delighted to be joining a Group that fosters an environment where we can achieve great results by pursuing excellence with creativity. I am determined to expand CBH’s footprint in the region, building on our established expertise and maintaining our long-term vision of adding value for both clients and stakeholders.”

About CBH | Compagnie Bancaire Helvétique

CBH Compagnie Bancaire Helvétique is a family-owned Swiss banking group founded in 1975. Headquartered in Geneva, the Group currently counts close to 309 professionals in 10 locations around the world. As of December 31st, 2023 client assets totaled CHF 14.3 billion and the Group’s Tier 1 ratio was 43%, placing it among the best capitalized banks in Switzerland compared to its peers.

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CBH Group provides wealth management services to private and institutional clients, as well as several complementary business lines, including family office solutions, asset services & structuring, exclusive private markets expertise, and bespoke daily banking and card solutions.

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