|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
• | Black Knight Holdings, Inc. ("BKHI"), a wholly-owned subsidiary of FNF, will contribute all of its 83.3 million shares of Black Knight Class B common stock and all of its units of BKFS LLC to New BKH in exchange for 100% of the shares of New BKH common stock; |
• | Following which BKHI will convert into a limited liability company and will then distribute to FNF all of the shares of New BKH common stock held by BKHI; |
• | Immediately thereafter, FNF will distribute the shares of New BKH common stock to its shareholders (the "Spin-off"), provided that such distribution shall be subject to the conversion of such shares of New BKH common stock into shares of New Black Knight common stock. |
• | Immediately following the Spin-off, Merger Sub One will merge with and into New BKH (the "New BKH merger"). |
• | In the New BKH merger, each outstanding share of New BKH common stock (other than shares owned by New BKH) will be exchanged for one share of New Black Knight common stock. New BKH shares owned by New BKH immediately prior to the New BKH merger shall be canceled for no consideration. |
• | Immediately following the New BKH merger, Merger Sub Two will merge with and into Black Knight (the "BKFS merger"). |
• | In the BKFS merger, each outstanding share of Black Knight Class A common stock (other than shares owned by Black Knight) will be exchanged for one share of New Black Knight common stock. Black Knight Class A shares owned by Black Knight immediately prior to the BKFS merger shall be canceled for no consideration; and |
• | New Black Knight will be the public company following the completion of the distribution and mergers. |
June 30, 2017 | December 31, 2016 | ||||||
Unrestricted: | |||||||
Cash | $ | 85.1 | $ | 129.8 | |||
Cash equivalents | 12.2 | 1.8 | |||||
Total unrestricted cash and cash equivalents | 97.3 | 131.6 | |||||
Restricted cash equivalents (1) | 2.0 | 2.3 | |||||
Total cash and cash equivalents | $ | 99.3 | $ | 133.9 |
June 30, 2017 | December 31, 2016 | ||||||
Trade receivables — billed | $ | 123.4 | $ | 115.4 | |||
Trade receivables — unbilled | 42.5 | 42.6 | |||||
Total trade receivables | 165.9 | 158.0 | |||||
Allowance for doubtful accounts | (2.3 | ) | (2.2 | ) | |||
Total trade receivables, net | $ | 163.6 | $ | 155.8 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Property and equipment | $ | 7.3 | $ | 7.3 | $ | 14.4 | $ | 14.2 | |||||||
Computer software | 20.7 | 18.6 | 41.2 | 36.9 | |||||||||||
Other intangible assets | 17.0 | 17.9 | 34.0 | 35.7 | |||||||||||
Deferred contract costs | 5.1 | 5.4 | 13.3 | 10.6 | |||||||||||
Total | $ | 50.1 | $ | 49.2 | $ | 102.9 | $ | 97.4 |
|
June 30, 2017 | December 31, 2016 | ||||||||||
Shares | Ownership Percentage | Shares | Ownership Percentage | ||||||||
Class A common stock: | |||||||||||
THL and its affiliates | 33.8 | 22.0 | % | 39.3 | 25.5 | % | |||||
Restricted shares | 1.9 | 1.3 | % | 2.9 | 1.9 | % | |||||
Other, including those publicly traded | 33.2 | 21.6 | % | 26.9 | 17.5 | % | |||||
Total shares of Class A common stock | 68.9 | 44.9 | % | 69.1 | 44.9 | % | |||||
Class B common stock: | |||||||||||
FNF subsidiary | 83.3 | 54.3 | % | 83.3 | 54.1 | % | |||||
THL and its affiliates | 1.3 | 0.8 | % | 1.5 | 1.0 | % | |||||
Total shares of Class B common stock | 84.6 | 55.1 | % | 84.8 | 55.1 | % | |||||
Total common stock outstanding | 153.5 | 100.0 | % | 153.9 | 100.0 | % |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 17.2 | $ | 17.8 | $ | 29.4 | $ | 34.2 | |||||||
Operating expenses | 3.1 | 4.3 | 6.4 | 7.7 | |||||||||||
Guarantee fee | 0.2 | 1.0 | 1.2 | 2.0 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating expenses | $ | 0.1 | $ | 0.4 | $ | 0.2 | $ | 0.8 | |||||||
Software and software-related purchases | — | 0.2 | — | 1.1 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Data and analytics services | $ | 8.3 | $ | 11.5 | $ | 12.7 | $ | 21.9 | |||||||
Servicing, origination and default technology services | 8.9 | 6.3 | 16.7 | 12.3 | |||||||||||
Total related party revenues | $ | 17.2 | $ | 17.8 | $ | 29.4 | $ | 34.2 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Data entry, indexing services and other operating expenses | $ | 1.1 | $ | 2.6 | $ | 2.5 | $ | 4.9 | |||||||
Corporate services | 2.5 | 2.9 | 5.0 | 5.2 | |||||||||||
Technology and corporate services | (0.4 | ) | (0.8 | ) | (0.9 | ) | (1.6 | ) | |||||||
Total related party expenses, net | $ | 3.2 | $ | 4.7 | $ | 6.6 | $ | 8.5 |
|
June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Principal | Debt Issuance Costs | Discount | Total | Principal | Debt Issuance Costs | Premium (Discount) | Total | ||||||||||||||||||||||||
Term A Loan | $ | 1,030.0 | $ | (8.2 | ) | $ | — | $ | 1,021.8 | $ | 740.0 | $ | (7.0 | ) | $ | — | $ | 733.0 | |||||||||||||
Term B Loan | 392.0 | (2.7 | ) | (1.6 | ) | 387.7 | 394.0 | (3.4 | ) | (0.8 | ) | 389.8 | |||||||||||||||||||
Revolving Credit Facility | 150.0 | (4.8 | ) | — | 145.2 | 50.0 | (3.7 | ) | — | 46.3 | |||||||||||||||||||||
Senior Notes, issued at par | — | — | — | — | 390.0 | — | 11.1 | 401.1 | |||||||||||||||||||||||
Total long-term debt | 1,572.0 | (15.7 | ) | (1.6 | ) | 1,554.7 | 1,574.0 | (14.1 | ) | 10.3 | 1,570.2 | ||||||||||||||||||||
Less: Current portion of long-term debt | 55.5 | (0.5 | ) | — | 55.0 | 64.0 | (0.6 | ) | — | 63.4 | |||||||||||||||||||||
Long-term debt, net of current portion | $ | 1,516.5 | $ | (15.2 | ) | $ | (1.6 | ) | $ | 1,499.7 | $ | 1,510.0 | $ | (13.5 | ) | $ | 10.3 | $ | 1,506.8 |
2017 (remaining) | $ | 27.8 | |
2018 | 55.5 | ||
2019 | 81.3 | ||
2020 | 107.0 | ||
2021 | 132.7 | ||
Thereafter | 1,167.7 | ||
Total | $ | 1,572.0 |
Balance Sheet Account | June 30, 2017 | December 31, 2016 | ||||||
Other non-current assets | $ | 2.8 | $ | — | ||||
Other non-current liabilities | $ | 2.1 | $ | 2.2 |
Three months ended June 30, 2017 | Three months ended June 30, 2016 | ||||||||||||||
Amount of Gain Recognized in OCE | Amount of Loss Reclassified from Accumulated OCE into Net earnings | Amount of Gain (Loss) Recognized in OCE | Amount of Loss Reclassified from Accumulated OCE into Net earnings | ||||||||||||
Swap agreements | |||||||||||||||
Attributable to noncontrolling interests | $ | 2.8 | $ | 0.2 | $ | (1.0 | ) | $ | 0.3 | ||||||
Attributable to Black Knight Financial Services, Inc. | 1.4 | 0.1 | (0.6 | ) | 0.2 | ||||||||||
Total | $ | 4.2 | $ | 0.3 | $ | (1.6 | ) | $ | 0.5 |
Six months ended June 30, 2017 | Six months ended June 30, 2016 | ||||||||||||||
Amount of Gain Recognized in OCE | Amount of Loss Reclassified from Accumulated OCE into Net earnings | Amount of Loss Recognized in OCE | Amount of Loss Reclassified from Accumulated OCE into Net earnings | ||||||||||||
Swap agreements | |||||||||||||||
Attributable to noncontrolling interests | $ | 1.2 | $ | 0.4 | $ | (2.3 | ) | $ | 0.5 | ||||||
Attributable to Black Knight Financial Services, Inc. | 0.6 | 0.2 | (1.3 | ) | 0.3 | ||||||||||
Total | $ | 1.8 | $ | 0.6 | $ | (3.6 | ) | $ | 0.8 |
|
|
|
Shares | Weighted Averaged Grant Date Fair Value | |||||
Balance, December 31, 2016 | 2,908,374 | * | ||||
Granted | 884,570 | $ | 37.90 | |||
Forfeited | (19,163 | ) | $ | 29.35 | ||
Vested | (1,840,719 | ) | * | |||
Balance, June 30, 2017 | 1,933,062 | * |
* | The BKFS LLC profits interest units that were converted into restricted shares in connection with our initial public offering had a weighted average grant date fair value of $2.10 per unit. The fair value of the restricted shares at the date of conversion, May 20, 2015, was $24.50 per share. The original grant date fair value of the vested restricted shares, which were originally granted as profits interests units, was $2.01 per unit. |
|
• | Technology - offers software and hosting solutions that support loan servicing, loan origination and settlement services. |
• | Data and Analytics - offers data and analytics solutions to the mortgage, real estate and capital markets industries. These solutions include property ownership data, lien data, servicing data, automated valuation models, collateral risk scores, prepayment and default models, lead generation and other data solutions. |
Three months ended June 30, 2017 | |||||||||||||||
Technology | Data and Analytics | Corporate and Other | Total | ||||||||||||
Revenues | $ | 220.5 | $ | 42.9 | $ | (1.2 | ) | (1) | $ | 262.2 | |||||
Expenses: | |||||||||||||||
Operating expenses | 91.0 | 33.0 | 18.0 | 142.0 | |||||||||||
Transition and integration costs | — | — | 3.3 | 3.3 | |||||||||||
EBITDA | 129.5 | 9.9 | (22.5 | ) | 116.9 | ||||||||||
Depreciation and amortization | 23.5 | 3.8 | 22.8 | (2) | 50.1 | ||||||||||
Operating income (loss) | 106.0 | 6.1 | (45.3 | ) | 66.8 | ||||||||||
Interest expense | (14.0 | ) | |||||||||||||
Other expense, net | (14.5 | ) | |||||||||||||
Earnings before income taxes | 38.3 | ||||||||||||||
Income tax expense | 9.1 | ||||||||||||||
Net earnings | $ | 29.2 |
(1) | Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP. |
(2) | Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP. |
Three months ended June 30, 2016 | |||||||||||||||
Technology | Data and Analytics | Corporate and Other | Total | ||||||||||||
Revenues | $ | 213.2 | $ | 44.3 | $ | (2.0 | ) | (1) | $ | 255.5 | |||||
Expenses: | |||||||||||||||
Operating expenses | 90.3 | 37.5 | 16.6 | 144.4 | |||||||||||
Transition and integration costs | — | — | 1.1 | 1.1 | |||||||||||
EBITDA | 122.9 | 6.8 | (19.7 | ) | 110.0 | ||||||||||
Depreciation and amortization | 25.8 | 2.3 | 21.1 | (2) | 49.2 | ||||||||||
Operating income (loss) | 97.1 | 4.5 | (40.8 | ) | 60.8 | ||||||||||
Interest expense | (16.9 | ) | |||||||||||||
Other expense, net | (4.0 | ) | |||||||||||||
Earnings before income taxes | 39.9 | ||||||||||||||
Income tax expense | 6.7 | ||||||||||||||
Net earnings | $ | 33.2 |
(1) | Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP. |
(2) | Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP. |
Six months ended June 30, 2017 | |||||||||||||||
Technology | Data and Analytics | Corporate and Other | Total | ||||||||||||
Revenues | $ | 441.1 | $ | 81.8 | $ | (2.6 | ) | (1) | $ | 520.3 | |||||
Expenses: | |||||||||||||||
Operating expenses | 184.7 | 66.5 | 36.3 | 287.5 | |||||||||||
Transition and integration costs | — | — | 4.5 | 4.5 | |||||||||||
EBITDA | 256.4 | 15.3 | (43.4 | ) | 228.3 | ||||||||||
Depreciation and amortization | 50.6 | 7.3 | 45.0 | (2) | 102.9 | ||||||||||
Operating income (loss) | 205.8 | 8.0 | (88.4 | ) | 125.4 | ||||||||||
Interest expense | (30.7 | ) | |||||||||||||
Other expense, net | (16.5 | ) | |||||||||||||
Earnings before income taxes | 78.2 | ||||||||||||||
Income tax expense | 15.1 | ||||||||||||||
Net earnings | $ | 63.1 | |||||||||||||
Balance sheet data: | |||||||||||||||
Total assets | $ | 3,182.2 | $ | 352.6 | $ | 184.4 | $ | 3,719.2 | |||||||
Goodwill | $ | 2,115.0 | $ | 191.8 | $ | — | $ | 2,306.8 |
(1) | Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP. |
(2) | Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP. |
Six months ended June 30, 2016 | |||||||||||||||
Technology | Data and Analytics | Corporate and Other | Total | ||||||||||||
Revenues | $ | 415.6 | $ | 86.1 | $ | (4.3 | ) | (1) | $ | 497.4 | |||||
Expenses: | |||||||||||||||
Operating expenses | 177.3 | 72.5 | 31.4 | 281.2 | |||||||||||
Transition and integration costs | — | — | 1.1 | 1.1 | |||||||||||
EBITDA | 238.3 | 13.6 | (36.8 | ) | 215.1 | ||||||||||
Depreciation and amortization | 51.2 | 4.4 | 41.8 | (2) | 97.4 | ||||||||||
Operating income (loss) | 187.1 | 9.2 | (78.6 | ) | 117.7 | ||||||||||
Interest expense | (33.7 | ) | |||||||||||||
Other expense, net | (4.8 | ) | |||||||||||||
Earnings before income taxes | 79.2 | ||||||||||||||
Income tax expense | 12.9 | ||||||||||||||
Net earnings | $ | 66.3 | |||||||||||||
Balance sheet data: | |||||||||||||||
Total assets | $ | 3,240.8 | $ | 352.9 | $ | 110.1 | $ | 3,703.8 | |||||||
Goodwill | $ | 2,106.1 | $ | 191.5 | $ | — | $ | 2,297.6 |
(1) | Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP. |
(2) | Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP. |
|
|
June 30, 2017 | December 31, 2016 | ||||||
Unrestricted: | |||||||
Cash | $ | 85.1 | $ | 129.8 | |||
Cash equivalents | 12.2 | 1.8 | |||||
Total unrestricted cash and cash equivalents | 97.3 | 131.6 | |||||
Restricted cash equivalents (1) | 2.0 | 2.3 | |||||
Total cash and cash equivalents | $ | 99.3 | $ | 133.9 |
June 30, 2017 | December 31, 2016 | ||||||
Trade receivables — billed | $ | 123.4 | $ | 115.4 | |||
Trade receivables — unbilled | 42.5 | 42.6 | |||||
Total trade receivables | 165.9 | 158.0 | |||||
Allowance for doubtful accounts | (2.3 | ) | (2.2 | ) | |||
Total trade receivables, net | $ | 163.6 | $ | 155.8 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Property and equipment | $ | 7.3 | $ | 7.3 | $ | 14.4 | $ | 14.2 | |||||||
Computer software | 20.7 | 18.6 | 41.2 | 36.9 | |||||||||||
Other intangible assets | 17.0 | 17.9 | 34.0 | 35.7 | |||||||||||
Deferred contract costs | 5.1 | 5.4 | 13.3 | 10.6 | |||||||||||
Total | $ | 50.1 | $ | 49.2 | $ | 102.9 | $ | 97.4 |
|
June 30, 2017 | December 31, 2016 | ||||||||||
Shares | Ownership Percentage | Shares | Ownership Percentage | ||||||||
Class A common stock: | |||||||||||
THL and its affiliates | 33.8 | 22.0 | % | 39.3 | 25.5 | % | |||||
Restricted shares | 1.9 | 1.3 | % | 2.9 | 1.9 | % | |||||
Other, including those publicly traded | 33.2 | 21.6 | % | 26.9 | 17.5 | % | |||||
Total shares of Class A common stock | 68.9 | 44.9 | % | 69.1 | 44.9 | % | |||||
Class B common stock: | |||||||||||
FNF subsidiary | 83.3 | 54.3 | % | 83.3 | 54.1 | % | |||||
THL and its affiliates | 1.3 | 0.8 | % | 1.5 | 1.0 | % | |||||
Total shares of Class B common stock | 84.6 | 55.1 | % | 84.8 | 55.1 | % | |||||
Total common stock outstanding | 153.5 | 100.0 | % | 153.9 | 100.0 | % |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Data and analytics services | $ | 8.3 | $ | 11.5 | $ | 12.7 | $ | 21.9 | |||||||
Servicing, origination and default technology services | 8.9 | 6.3 | 16.7 | 12.3 | |||||||||||
Total related party revenues | $ | 17.2 | $ | 17.8 | $ | 29.4 | $ | 34.2 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Data entry, indexing services and other operating expenses | $ | 1.1 | $ | 2.6 | $ | 2.5 | $ | 4.9 | |||||||
Corporate services | 2.5 | 2.9 | 5.0 | 5.2 | |||||||||||
Technology and corporate services | (0.4 | ) | (0.8 | ) | (0.9 | ) | (1.6 | ) | |||||||
Total related party expenses, net | $ | 3.2 | $ | 4.7 | $ | 6.6 | $ | 8.5 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 17.2 | $ | 17.8 | $ | 29.4 | $ | 34.2 | |||||||
Operating expenses | 3.1 | 4.3 | 6.4 | 7.7 | |||||||||||
Guarantee fee | 0.2 | 1.0 | 1.2 | 2.0 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating expenses | $ | 0.1 | $ | 0.4 | $ | 0.2 | $ | 0.8 | |||||||
Software and software-related purchases | — | 0.2 | — | 1.1 |
|
June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Principal | Debt Issuance Costs | Discount | Total | Principal | Debt Issuance Costs | Premium (Discount) | Total | ||||||||||||||||||||||||
Term A Loan | $ | 1,030.0 | $ | (8.2 | ) | $ | — | $ | 1,021.8 | $ | 740.0 | $ | (7.0 | ) | $ | — | $ | 733.0 | |||||||||||||
Term B Loan | 392.0 | (2.7 | ) | (1.6 | ) | 387.7 | 394.0 | (3.4 | ) | (0.8 | ) | 389.8 | |||||||||||||||||||
Revolving Credit Facility | 150.0 | (4.8 | ) | — | 145.2 | 50.0 | (3.7 | ) | — | 46.3 | |||||||||||||||||||||
Senior Notes, issued at par | — | — | — | — | 390.0 | — | 11.1 | 401.1 | |||||||||||||||||||||||
Total long-term debt | 1,572.0 | (15.7 | ) | (1.6 | ) | 1,554.7 | 1,574.0 | (14.1 | ) | 10.3 | 1,570.2 | ||||||||||||||||||||
Less: Current portion of long-term debt | 55.5 | (0.5 | ) | — | 55.0 | 64.0 | (0.6 | ) | — | 63.4 | |||||||||||||||||||||
Long-term debt, net of current portion | $ | 1,516.5 | $ | (15.2 | ) | $ | (1.6 | ) | $ | 1,499.7 | $ | 1,510.0 | $ | (13.5 | ) | $ | 10.3 | $ | 1,506.8 |
2017 (remaining) | $ | 27.8 | |
2018 | 55.5 | ||
2019 | 81.3 | ||
2020 | 107.0 | ||
2021 | 132.7 | ||
Thereafter | 1,167.7 | ||
Total | $ | 1,572.0 |
|
Shares | Weighted Averaged Grant Date Fair Value | |||||
Balance, December 31, 2016 | 2,908,374 | * | ||||
Granted | 884,570 | $ | 37.90 | |||
Forfeited | (19,163 | ) | $ | 29.35 | ||
Vested | (1,840,719 | ) | * | |||
Balance, June 30, 2017 | 1,933,062 | * |
* | The BKFS LLC profits interest units that were converted into restricted shares in connection with our initial public offering had a weighted average grant date fair value of $2.10 per unit. The fair value of the restricted shares at the date of conversion, May 20, 2015, was $24.50 per share. The original grant date fair value of the vested restricted shares, which were originally granted as profits interests units, was $2.01 per unit. |
|
Six months ended June 30, 2017 | |||||||||||||||
Technology | Data and Analytics | Corporate and Other | Total | ||||||||||||
Revenues | $ | 441.1 | $ | 81.8 | $ | (2.6 | ) | (1) | $ | 520.3 | |||||
Expenses: | |||||||||||||||
Operating expenses | 184.7 | 66.5 | 36.3 | 287.5 | |||||||||||
Transition and integration costs | — | — | 4.5 | 4.5 | |||||||||||
EBITDA | 256.4 | 15.3 | (43.4 | ) | 228.3 | ||||||||||
Depreciation and amortization | 50.6 | 7.3 | 45.0 | (2) | 102.9 | ||||||||||
Operating income (loss) | 205.8 | 8.0 | (88.4 | ) | 125.4 | ||||||||||
Interest expense | (30.7 | ) | |||||||||||||
Other expense, net | (16.5 | ) | |||||||||||||
Earnings before income taxes | 78.2 | ||||||||||||||
Income tax expense | 15.1 | ||||||||||||||
Net earnings | $ | 63.1 | |||||||||||||
Balance sheet data: | |||||||||||||||
Total assets | $ | 3,182.2 | $ | 352.6 | $ | 184.4 | $ | 3,719.2 | |||||||
Goodwill | $ | 2,115.0 | $ | 191.8 | $ | — | $ | 2,306.8 |
(1) | Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP. |
(2) | Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP. |
Six months ended June 30, 2016 | |||||||||||||||
Technology | Data and Analytics | Corporate and Other | Total | ||||||||||||
Revenues | $ | 415.6 | $ | 86.1 | $ | (4.3 | ) | (1) | $ | 497.4 | |||||
Expenses: | |||||||||||||||
Operating expenses | 177.3 | 72.5 | 31.4 | 281.2 | |||||||||||
Transition and integration costs | — | — | 1.1 | 1.1 | |||||||||||
EBITDA | 238.3 | 13.6 | (36.8 | ) | 215.1 | ||||||||||
Depreciation and amortization | 51.2 | 4.4 | 41.8 | (2) | 97.4 | ||||||||||
Operating income (loss) | 187.1 | 9.2 | (78.6 | ) | 117.7 | ||||||||||
Interest expense | (33.7 | ) | |||||||||||||
Other expense, net | (4.8 | ) | |||||||||||||
Earnings before income taxes | 79.2 | ||||||||||||||
Income tax expense | 12.9 | ||||||||||||||
Net earnings | $ | 66.3 | |||||||||||||
Balance sheet data: | |||||||||||||||
Total assets | $ | 3,240.8 | $ | 352.9 | $ | 110.1 | $ | 3,703.8 | |||||||
Goodwill | $ | 2,106.1 | $ | 191.5 | $ | — | $ | 2,297.6 |
(1) | Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP. |
(2) | Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|