Black Knight Financial Services (BKFS), a leading provider of technology, data and analytics solutions to the nation's leading mortgage lenders and servicers, announced financial results for the third quarter.
GAAP revenues for the third quarter of 2015 increased 9% to $233.6 million from $215.0 million in the prior year quarter. GAAP net earnings from continuing operations were $29.8 million compared to a loss of $0.2 million in the prior year quarter.
The results for the third quarter of 2014 included $8.1 million of transition and integration costs as well as $3 million in certain legal charges related to the acquisition of Lender Processing Services by Fidelity National Financial (FNF).
GAAP net earnings from continuing operations per diluted share for the third quarter of 2015 was $0.15 per share. Non-GAAP Adjusted Revenues for the third quarter of 2015 increased 9% to $236 million from $217.4 million in the prior year quarter.
Commenting on the results, Bill Foley, executive chairman of Black Knight, said, "Our third quarter results reflect continued strength in the fundamental drivers of long-term growth, as we continue to execute on our strategic initiatives.
"Black Knight's increasing momentum has been the result of creating and expanding opportunities in our markets and capitalizing on the strength of our business model," Foley added. "We are on course to achieve the financial targets we have set for 2015."
Fidelity also reported its third quarter earnings this week, posting total revenue of $2 billion in the third quarter, which equaled its revenue total from the second quarter of this year.
Speaking of Black Knight in Fidelity’s earnings presentation, Foley said, "Black Knight continues to meet and exceed our high expectations, generating 9% revenue growth, $105 million in adjusted EBITDA and a 44.7% adjusted EBITDA margin in the third quarter.”
Foley said that Fidelity’s ownership stake in Black Knight is currently worth approximately $2.9 billion, or approximately $10 per Fidelity National share.
“We believe that a publicly traded Black Knight will continue to be a source of value creation for FNF shareholders in the future," Foley added.