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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.

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.

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Sleep interiors brand gets job offer from Peter Jones despite not securing investment in Dragons Den

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LONDON, March 29, 2024 /PRNewswire/ — Tonight on BBC1, REMY founder Abeer Iqbal, entered the Den, and despite intense grilling and no investment, left with a six-figure job offer from Peter Jones

Abeer’s pitch began with the Dragon’s keen to experience his sleep-enhancing furniture. When Steven and Peter laid on his hero  ‘The Pod’, a reinvention of the beanbag, and under REMY’s best-selling ‘The Lounger’ weighted blankets, the dragons closed their eyes and pretended to snore. Which was ironic, as despite being told he’d enter the Den around 5pm, Abeer actually went in at 9.30pm, after the dragons had been receiving pitches since early that day, which to Abeer’s own admission “wasn’t easy”. Deborah Meaden said, “This might have been a fatal mistake to put your dragons to sleep before we start the pitch” – recognising that it had been a long day.

After 10+ years working in tech, helping multi-million pound businesses grow their empire at software giants like Shopify, Abeer experienced burn-out, which led him to develop REMY. Despite Abeer telling the dragons that he left the high-pressure industry due to stress and anxiety Peter Jones still offered him a job back in the rat race with a six-figure sum (which he still hasn’t taken). 

After leaving the Den, Abeer admitted feeling the “most anxious ever” and that he “just wanted to get back to his wife for a hug”.  Abeer shared, “I didn’t sleep for days, replaying every moment in my mind. I wanted to forget it.” But it’s not all bad, as Abeer explains, “the anxiety I experienced from the Den gave me a lightbulb moment and led me to create our most popular product yet – The Hugger Pillow. I needed a hug, so I created one”. 

Abeer continues, “I returned the next day to collect my items from the studio. I bumped into a fresh-faced Peter and Toukar in the carpark, they both praised my experience, Peter once again offered me a job and Toukar asked me to call him when I start the next business.”

The global ‘sleep economy’ is booming, projected to reach a record high of $585 billion this year. But Abeer felt he was unable to communicate this, “If I could have my time again, I would focus on the industry of Rest and Sleep rather than the specific products we were trying to innovate. I don’t think I articulated to the Dragon’s the size of the business opportunity that there is with REMY. In terms of what’s next, we are moving towards becoming a household name in rest and sleep but offering products in multiple categories.”

The Dragon that seemed to understand Abeer’s passion for this industry was Sara Davies, saying “I actually fundamentally don’t agree with what I’ve heard here. What I see in front of me, yes he is great at the e-commerce side of things but he gave up a career in corporate because he was passionate about this area. And if there’s one thing I know about business it’s that you will succeed when you pursue the thing you are passionate about. I wouldn’t discourage you to give up. Keep doing it and good luck. I think you could sell anything”.

You can watch Abeer Iqbal on Dragons’ Den on BBC iPlayer.

remysleep.com / @WEAREREMY

Photo – https://mma.prnewswire.com/media/2374872/REMY_Sleep_1.jpg

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Bitrue Coin (BTR) Analyzes User Behavior and Announces Upcoming Developments to Enhance Utility

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SINGAPORE, March 29, 2024 /PRNewswire/ — Bitrue, a leading cryptocurrency exchange serving over 10 million users globally, announces a focus on user behavior analysis to further develop the utility of its native token, Bitrue Coin (BTR).

“Understanding how our users interact with BTR is crucial for its continued growth,” states Robert Quartly-Janeiro, Chief Strategy Officer of Bitrue. “This analysis will guide upcoming developments that enhance the value proposition of BTR within the Bitrue ecosystem.”

The announcement follows a recent surge in interest surrounding exchange tokens, and digital assets used to pay for services to unlock benefits within specific cryptocurrency exchanges. Currently, BTR offers a compelling range of benefits to Bitrue users, including:

  • Reduced Trading Fees: BTR holders enjoy lower trading fees on the Bitrue exchange, incentivizing active participation in the platform’s marketplace.
  • Governance Voting Rights: BTR grants voting rights on select new listings, allowing users to influence the direction of the Bitrue platform.
  • Staking Opportunities: BTR holders can stake their tokens to earn passive rewards, providing an additional avenue for generating income within the Bitrue ecosystem.
  • Exclusive Airdrop Potential: BTR holders may be eligible for airdrops of new tokens listed on the Bitrue exchange, offering the chance to discover promising crypto projects early.
  • VIP Investment Caps: BTR unlocks higher investment caps for certain cryptocurrencies on the Bitrue platform, catering to high-volume investors.

“BTR already plays a multifaceted role in the Bitrue experience,” Quarterly-Janeiro continues. “By strategically expanding its utility based on user behavior analysis, we aim to solidify BTR’s position within the exchange token market and elevate its value proposition for our user base.”

The specific developments based on user behavior analysis are not disclosed at this time. However, Bitrue assures its users of continued transparency and will share details in due course.

Media Contact: Lily Ho, [email protected]

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Affordability, customisation and convenience: Term plans from India become more attractive and accessible for NRIs

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Term insurance from India emerges as preferred choice for NRIs seeking affordability and convenience

DUBAI, UAE, March 29, 2024 /PRNewswire/ — Policybazaar, India’s leading online insurance marketplace, is witnessing a significant increase in non-resident Indians (NRIs) choosing term insurance from India via its platform. This surge is driven by the unparalleled ease, affordability and accessibility offered by the Indian insurance market. While several factors contribute to the growing interest in term insurance in India, affordability and convenience stand out as primary reasons. The demand among the 18-60 age group has seen an impressive 130% year-on-year growth, with India emerging as the preferred choice for NRIs.

The surge in demand from NRIs can be credited to several standout features and benefits. Term policies from India cost up to 30-50% less for NRIs residing in the UAE and Singapore. Additionally, policies with coverage of up to INR 5 crores can be easily obtained with tele-medical check-ups from India, eliminating the need for physical visits. Unlike some countries with restricted policy terms and coverage, Indian term plans offer coverage for longer duration, extending up to 99 years.

Sarbvir Singh, Joint Group CEO, Policybazaar, states, “We are witnessing exponential growth in term insurance purchases from NRIs, particularly from the Gulf nations and Singapore. Policybazaar has focused its efforts on expanding term insurance protection in both Indian and overseas markets. The unmatched benefits offered by India, including competitive pricing, larger covers, and streamlined processing through video/tele medicals, are significant contributors to this demand. It is heartening to see NRIs realizing the importance of securing their dependents’ future and choosing Indian term insurance policies.”

Term Insurance for a 35 year old male, non-smoker
Policy term – 30 years

Country

India

UAE

Cover Amount

INR 2 Cr / AED 881 K

AED 900 K

Max Cover Upto

99 years

80 years

Premium in AED

AED 977.8

AED 1,539

Premium in INR

INR 22,193.00

INR 34,892.00

Free Add-ons

Early Payout on Terminal Illness + Waiver of Premium

Price Benefit

36% cheaper in India

Source: Policybazaar.com

NRIs are also eligible for 18% GST exemption* upon purchasing term insurance plans from India, when paying via their NRE accounts. This attractive pricing, along with the availability of longer-term plans, has led to a rise in demand among NRIs, especially from Gulf nations, where 65% of term insurance buyers hail from, with the UAE alone contributing 35%.

Rhishabh Garg, Head of Term Insurance at Policybazaar, adds, “The evolution in the Indian term insurance industry is marked by innovative offerings designed to meet the distinct needs of consumers overseas. The consumer-centric features in term plans from India are increasingly appealing to NRIs, which include return of premium at no extra cost, early pay-outs for terminal illness, premium waivers for permanent disability, and immediate pay-out of up to INR 2 lakhs on claim intimation for immediate obituary expenses.”

The accessibility of these plans is further enhanced through seamless processing for NRIs, whose average annual income exceeds INR 35 lakhs. Insurers now also offer a sum assured of up to 5 crores, ensuring adequate coverage based on Human Life Value (HLV) calculations. NRIs can also leverage Policybazaar’s search and comparison engine to browse the best suitable plans as per their needs and preferences.

With a commitment to providing comprehensive coverage and protection, Policybazaar continues to redefine the landscape of term insurance for NRIs, empowering them to secure their loved one’s future with peace of mind. As NRIs continue to seek comprehensive coverage and value-driven solutions, Policybazaar remains dedicated to delivering innovative term insurance products and services tailored to their evolving needs.

*Tax benefits are subject to change in tax laws

About Policybazaar.com

Policybazaar.com is one of India’s largest insurance marketplace. It is the flagship platform of PB Fintech, which owns the fintech brand, Paisabazaar.com, and lending & insurance marketplace in the UAE region, Policybazaar.ae. Policybazaar.com started with the purpose to educate people on insurance products and with its offerings has addressed the large and highly underpenetrated online insurance markets.

Logo: https://mma.prnewswire.com/media/2375092/Policybazaar_Logo.jpg

 

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