Black Knight, Inc. (NYSE:BKI) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 08:30 am ET

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Black Knight, Inc. (NYSE:BKI) Q3 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings and welcome to the Black Knight Third Quarter 2019 Earnings Call. [Operator Instructions] It is now my pleasure to introduce your host Steven Eagerton Vice President of Investor Relations. Please proceed sir.

Executive
Steven Eagerton

Thanks. Good morning everyone and thank you for joining us for the Black Knight Third Quarter 2019 Earnings Conference call. Joining me today are Chief Executive Officer Anthony Jabbour; and Chief Financial Officer Kirk Larsen. Our results were released this morning and the press release and supplemental slide presentation have been posted to our website. This conference call will include statements related to the expected future results of our company and are therefore forward-looking statements. Our actual results may differ materially from our projections due to a number of risks and uncertainties. The risks and uncertainties that forward-looking statements are subject to are described in our earnings release Form 10-K and other SEC filings. Today's remarks will also include references to non-GAAP financial measures. Additional information including reconciliation between non-GAAP financial information to the GAAP financial information is provided in the press release and supplemental slide presentation. This conference call will be available for replay via webcast through Black Knight's Investor Relations website at investor.blackknightinc.com.

I'll now turn over the call to Anthony.

Executive
Anthony M. Jabbour

Thank you Steve. Good morning everyone and thank you for joining us for our third quarter earnings call. Overall this was another solid quarter. And despite facing near-term headwinds the core fundamentals of our business remain strong. Over the last two years we have amplified our focus on delivering innovative solutions that will further our position as the leading provider of software data and analytics to the markets we serve. Today I'm going to give an update on each of our major lines of business provide an update on a recent announcement and share feedback from the MBA conference that was held last week in Austin Texas. I'll begin by discussing our industry-leading servicing software business which represents 70% of our overall revenue and continues to be the cornerstone of our company. By focusing on delivering best-in-class comprehensive capabilities and exemplary client service we have built a market position with our MSP platform that is second to none. To illustrate that fact MSP's market share for first mortgages has grown from 49% in 2010 to 63% as of the end of the third quarter.

And the home equity market share has increased from 6% in 2010 to 19% at the end of the third quarter. As I've said on previous calls we are committed to growing our market share by focusing on winning the top 25 servicers who are not currently using MSP and adding new mid-tier servicers to our client list. To that end we have signed six clients so far this year and I am confident that with our proven and comprehensive solutions we will continue to win in the market with top-tier and mid-tier servicers. While we are focused on adding new clients to the MSP family we are equally focused on