Welcome to the Black Knight first quarter 2021 earnings call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Steve Eagerton, Investor Relations with Black Knight, for opening remarks. Please go ahead. Thanks. Good morning, everyone, and thank you for joining us for the Black Knight first quarter 2021 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 call is being recorded and will later be made available on 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. Thank you, Steve. Good morning, everyone, thank you for joining us for our first quarter earnings call. Simply put, this was a great quarter for Black Knight, during which we delivered very strong financial results and continued to execute against our strategic growth initiatives. Specifically, we delivered organic revenue growth of 9%, which was the highest rate since 2016, despite transitory headwinds related to the foreclosure moratorium. We also delivered adjusted EBITDA margin expansion of 160 basis points and adjusted EPS growth of 19%. Our strong start and ongoing momentum give us confidence to take a step that we usually don't take, which is to raise our full-year guidance after only one quarter. This morning, we're going to discuss our strong sales, along with some of the recent innovations we've delivered, and how they fit together to support lenders and servicers throughout the mortgage life cycle. As I shared on our last earnings call, we finished 2020 with significant sales momentum. I'm pleased to say that this momentum has continued. Through the first quarter, each of our business units was ahead of their sales plans, and as an enterprise, we're well ahead of last year. These results illustrate the strength of our solutions to meet the needs of forward-thinking lenders and servicers that are laser-focused on winning in their respective markets, the value of the deep and trusted relationships we have with our clients, and the talent and competitive nature of our sales organization. Last month, we held our annual client conference. We held the event virtually again this year, and a record 1,900 clients registered for this three-day event. Whether we're in person or meeting virtually, this premier event allows us to showcase our solutions and interact with our clients. The feedback from our clients has been extremely positive and has allowed us to continue with the sales momentum I mentioned earlier. In the servicing software business, we signed five new MSP clients, including Arvest Bank, Cadence Bank, and Hudson Valley Credit Union. These new wins demonstrate the value that servicers of all sizes realize from MSP. We now have signed 23 new MSP clients since the beginning of 2019, representing approximately 1.7 million loans. We also signed 10 clients to Servicing Digital and three clients to our recently launched next-generation customer service offering. As a result, we now have signed 50 Servicing Digital clients and seven customer service clients since introducing these solutions. It's important to note that consumer adoption of Servicing Digital, meaning the number of our clients' customers who are using this solution, has more than doubled in the last six months. Equally as important is that these consumers are using this solution to learn more about their mortgage and possible refinance options, in addition to making their payments, which results in higher customer satisfaction and retention rates. In the origination software business, we signed seven new Empower clients in the first quarter and added the home equity channel for one existing client, further demonstrating the strong momentum that we have in our Empower sales pipeline. As a reminder, we signed 10 Empower clients in 2020. The success that we've had so far this year gives us a high degree of confidence in our ability to sign 2x-3x the number of new Empower clients this year than we did in 2020. We also continue to see success in selling solutions that augment Empower and other LOS, with seven new AIVA deals and 11 Expedite Close deals signed in the first quarter. The organizational change that we made in late 2019 to have a dedicated sales team to sell these solutions independent of the LOS has paid significant dividends. Within our secondary marketing technologies group, which, as a reminder, is a combination of the Optimal Blue and Compass Analytics businesses, the team signed more than 50 new product pricing and eligibility, or PPE, clients and 11 hedging clients. We now have more than 1,100 lenders using our PPE solution. To put this in perspective, in 2020, approximately $2 trillion of application volume was locked on our PPE solution, representing 38% of all closed loans. Sales so far this year have been very strong. The pipeline is at a historical high. We continue to be extremely pleased with the strategic acquisition of Optimal Blue. Our Data and Analytics business also had strong sales across all markets, including signing multiple deals for various products in both the mortgage and real estate segments. Additionally, we've signed four new deals for our Rapid Analytics Platform, which is in addition to the 14 clients already using this powerful cloud-based analytics tool. In summary, we're off to a great start to the year from a sales perspective, and our pipeline is robust. We believe that sales momentum is because our clients see how our industry-leading, innovative, and integrated solutions can help them grow revenue, expand margins, and support regulatory compliance. Each quarter, I like to provide an update on the new innovative solutions we have delivered as a result of our focus on addressing client needs and responding with urgency to industry trends, including changing regulations. For our lender clients, we recently delivered our Underwriter Assist solution, which leverages AI along with advanced decisioning capabilities to quickly review loan package documents. We often discuss our ability to deliver actionable analytics at any point during the mortgage life cycle to help our clients take the right actions at the right time. Because of our comprehensive data assets and our ability to link them together, we're uniquely positioned to provide these actionable analytics. Just one example of another new actionable analytic for our lenders that we recently launched through our AIP platform is our early warning system. This innovative analytic tells a lender if any loan in their pipeline, at the property address level, are at risk because of a natural disaster. What's unique about this solution is that it proactively tells a lender if a property has experienced some type of disaster before the loan closes, so they can request a reappraisal or inspection if necessary. This early notice reduces a lender's risk of incurring a loss and the customer from experiencing delays in closing. This information is fed directly into Empower, so anyone working that loan can see it and take appropriate action. Also on the analytics front, we recently enhanced our Rapid Analytics Platform solution by adding an interactive data marketplace, so users can easily view and explore the platform's available data and analytics. We expanded the data we offer through RAP to include elements like near real-time daily U.S. home prices, commercial real estate data, single-family rental data, daily mortgage rate lock data, and real-time disaster data. Together, the comprehensive data elements in RAP enable lenders and servicers to create more robust analytics so they can make significantly more informed decisions. I previously shared how our solutions work together to deliver greater efficiencies for our clients. We continue to introduce new solutions, this morning I'd like to provide an update on how our new and existing solutions further enhance our clients' ability to retain their customers. Here's one example of how our enhanced ecosystem delivers value. MSP data can be pre-matched with our automated valuation models and other public records data sets in RAP to identify refinance candidates. This information can then trigger an action to present a refi offer in Servicing Digital. It's an offer tailored to that customer, not just a general offer. By leveraging our PPE and fee services, the lender can present the exact rate, the exact term, and the exact fees at the time the offer is made, the consumer has a personalized offer to consider, which helps increase retention pull-through rates. To accept the offer, the customer simply pushes the Let's Do This button in Servicing Digital. Their information from MSP is automatically fed into Borrower Digital, our comprehensive point-of-sale application. This application allows the mortgage customer to upload all the necessary documents. Working in concert with our point-of-sale system, our Loan Officer Digital solution allows the loan officer to work directly with the consumer to proactively address any potential issues and answer questions along the way. As soon as the loan information is updated in the point-of-sale system, our Regulatory Assist solution, which uses AI, is automatically triggered and identifies any issues with the documents so the loan officer can reach out to help the customer resolve them. The customer can check the status of the application throughout the process in our point-of-sale application. After underwriting is complete, our Expedite Close solution allows the lender and consumer to electronically close the loan or conduct a hybrid closing. With our recent acquisition of DocVerify, the lender can also conduct remote online notarizations. The completed refi is automatically loaded back into our MSP system. This seamless integration removes significant friction in the refi lending process, which results in higher customer retention, reduced costs, and improved customer satisfaction. This is just one high-level example of how our innovations work together to help our clients transform and grow their businesses. It also illustrates our commitment to investing in our solutions and how our internal team of experts, working with our knowledgeable clients, develop powerful solutions to address our clients' business needs so they can achieve even greater levels of success. Another example of our continued investment is in support of regulatory compliance across all of our offerings. One recent example is that we delivered functionality in Empower to support the new Uniform Residential Loan Application, or URLA, well before the industry deadline to help our clients stay ahead of changing regulations. By successfully delivering it early, our clients had time to prepare, test, and implement the new application before the regulation goes into effect. The CFPB recently said unprepared is unacceptable, and we've seen that at times of heightened regulatory oversight, lenders and servicers look to us for proven and innovative technology, data and analytic solutions to help them respond to the changing regulatory environment. In addition to building new innovative solutions, we'll also acquire innovative technologies that augment our comprehensive offerings. In March, we acquired the NexSpring cloud-based LOS platform, which is a digital lending platform designed specifically for mortgage brokers. This platform will be seamlessly integrated with Empower, so brokers using the new digital lending platform and wholesalers using Empower will benefit from a streamlined and connected experience. Additionally, we will be developing integrations with our comprehensive suite of origination solutions, such as Loan Sifter PPE, compliance validation testing, Actionable Intelligence Platform, and a single point to order services and obtain fees. Our ability to seamlessly integrate our existing functionality made adding a digital lending platform for brokers a natural tuck-in acquisition for Black Knight and will provide comprehensive support for this market, which has grown nearly 50% over the last few years. We had a great first quarter and are really seeing the sales results of our dedicated focus on delivering innovative, integrated, and powerful solutions and providing superior client support. Thank you for your time today. I will now turn the call over to Kirk. Thanks, Anthony, and good morning, everyone. As Anthony said, the first quarter was very strong by any measure, new sales, revenue growth, margin expansion, and EPS growth. With that said, I'll take you through the details for the first quarter and our raised outlook for the full year. Turning to slide three. On a GAAP basis, revenues were $350 million, an increase of 20% compared to the prior year quarter. Net earnings attributable to Black Knight were $54 million, an increase of 8%. Diluted EPS was $0.35, an increase of 3%, reflecting the higher depreciation amortization resulting from purchase accounting, particularly related to the acquisition of Optimal Blue. Net earnings margin was 13% compared to 17.2%. Turning to slide four. I'll now discuss our adjusted results for the first quarter. First quarter adjusted revenues were $350 million, an increase of 20% compared to the first quarter last year. Organic revenue growth was 9%. Adjusted EBITDA was $174 million, an increase of 24%. Adjusted EBITDA margin was 49.8%, an increase of 160 basis points. Adjusted net earnings were $87.5 million, an increase of 26%. Adjusted EPS was $0.56, an increase of 19%. Turning now to slide five, I'll discuss our Software Solutions segment results. First quarter revenues for the Software Solutions segment increased 21% to $296 million. Organic revenue growth was 9%. Our servicing Software Solutions revenues increased 4%. The growth was driven primarily by new clients and higher usage-based revenues on MSP, partially offset by the transitory headwind in specialty servicing resulting from the foreclosure moratorium. In origination Software Solutions, revenues increased 90%, driven primarily by the acquisition of Optimal Blue, new clients, higher consulting revenues, and higher origination volumes. First quarter EBITDA increased 23% to $171 million and EBITDA margin was 57.8%, an increase of 80 basis points. Turning to slide six. First quarter revenues for the Data and Analytics segment increased 17% to $54 million, primarily driven by strong sales execution across nearly all business lines, higher origination volumes, and revenue from an acquired business. Organic revenue growth was 11%. EBITDA increased 35% to $20 million. EBITDA margin was 36.5%, an increase of 480 basis points. Adjusted EBITDA for the corporate segment in the first quarter was a loss of $17 million compared to $14 million in the prior year quarter. Turning to slide seven. I'll walk through our debt structure. At the end of March, we had cash and cash equivalents of $45 million. Total debt principal as of March 31st was $2 billion 282 million. We had revolver capacity of $883 million, and our leverage ratio was 3.3 times on a net basis. On March 10th, we completed the refinancing of our senior secured credit facility. We replaced our term loan A and revolving credit facilities with a new $1.15 billion term loan A facility and an expanded $1 billion revolving credit facility. Both facilities have a five-year tenor. During the first quarter, we repurchased 621,000 shares of our common stock for $47 million or an average of $75.19 per share. As of March 31st, we had approximately 9.4 million shares remaining under our share repurchase authorization. Before I walk through our outlook for 2021, I'll go through the details of our investment in Dun & Bradstreet shares. Turning to slide eight. We own 54.8 million D&B shares. The market value of this investment was $1.306 billion based on the $23.81 closing price of D&B on March 31st. Our invested capital is $493 million. That puts our unrealized pre-tax gain at $813 million and our unrealized after-tax gain at $608 million. Turning now to slide nine. I'll walk through our outlook for the full year 2021, which we have raised from the guidance we gave you in February based on a strong first quarter and robust outlook. It also reflects the effect of the NexSpring acquisition, which is effectively pre-revenue but will reduce adjusted EBITDA this year due to its early-stage nature. For the year, GAAP revenues and adjusted revenues are expected to be in the range of $1,407 million-$1,428 million, which represents raising the bottom end of the range by $13 million and the top end of the range by $6 million. This represents reported growth of approximately 14%-15% and organic growth of approximately 6%-8%. Adjusted EBITDA is expected to be in the range of $695 million to $711 million, which represents raising the bottom end of the range by $6 million and maintaining the top of the range in light of the $3 million headwind from NexSpring that was not included in our original outlook. Adjusted EPS is expected to be in the range of $2.16- $2.24, which represents raising the bottom end of the range by $0.05 and the top end of the range by $0.02. This is considering a nearly $0.02 headwind from NexSpring. Additional modeling details underlying our outlook are as follows. We continue to plan for incremental foreclosure revenues to be delayed until at least the first quarter of 2022. We expect no incremental headwinds outside of the $11 million headwind we experienced in the first quarter. With the origination volume outperformance in the first quarter, we continue to expect a full-year headwind of approximately $12 million compared to 2020, with a higher-than-planned decline in the remaining quarters of the year. In addition, we expect interest expense of approximately $82 million to $85 million, depreciation and amortization expense of $143 million- $147 million, excluding the net incremental depreciation and amortization resulting from purchase accounting. Earnings attributable to non-controlling interests are approximately $20 million- $22 million. This relates to the portion of Optimal Blue that we don't own. An adjusted effective tax rate of approximately 23%-24%, and full-year weighted average shares outstanding of approximately 156 million. Although we do not provide quarterly guidance, I want to provide you with some color as to how we expect to progress through the year. We expect to see sequential revenue growth over the course of the year from new client revenue, partially offset by origination volume headwinds that increase sequentially as the year progresses. We expect operating expenses in the second quarter to step up from the first quarter by a couple of percentage points as we bring on NexSpring and staff our professional services teams due to strong demand we are seeing. We expect a small sequential increase from Q2 to Q3, and then another couple of percentage points increase from the third quarter to the fourth quarter due to typical seasonality. That concludes my remarks. I'll now turn the call over to the operator for Q&A. We will now begin the question and answer session to join the question queue you may press star then one on your telephone keypad you will hear a tone acknowledging your request. If you are using a speaker phone please pick-up your handset before pressing any keys. To withdraw your question please press star then two. We will pause for a moment as callers join the queue. The first question comes from John with Stephens Inc. Please go ahead. Hey, guys. Good morning. Congrats on a great start to the year. Thanks, John. Thanks, John. Good morning. Morning. The seven new Empower client wins in the quarter, that was great. I think you said you picked up 10 all of last year, that's a good start. To what extent you guys can maybe just provide a little bit of color on just maybe the types of clients you're adding and then what you think drove the more rapid kind of rate of wins. Well, John, I think from a type of client, it's the mid-tier, mid-size client, maybe around 2,500 loans, on an annual basis, plus or minus, kind of in that range. I think that the reason is really the game plan that we've been executing on here has really been focused on our clients and what would resonate with them. We've got great capabilities. We've been innovating very aggressively. We've been integrating very aggressively and very focused on them. I think those are really the reasons. When you kind of listen to, as I walk you through the use case, that longer use case in my prepared remarks, it is really showing kind of front to back how it all works, how it fits and hangs together. I think it drives value. Integration is always, like I said, we see it in every industry that integration wins. What's exciting here for our clients is there's no sacrifice that they have to make on any of the components of their integrated bundle. Each of them are best of breeds, right? I know we're talking about Empower right now on the origination side, but also on our servicing side, it's best in class. Our Data and Analytics is best in class. Our secondary marketing technology is best in class. We're bringing best-in-class capability together and integrating it. I just think that more than anything, is really what's resonating with our clients and with the market right now. Okay, that's helpful. Maybe one more bigger picture question for you, Anthony. As you sit here today relative to kind of the due diligence process around Optimal Blue, what are the one or two things you'd point to that are maybe positive surprises for you guys? Maybe it's around the integration, the pace of integration work, or maybe it's around the synergies. Anything you can maybe call out that would be particular? Well, I'll tell you the thing I'm really pleased about, how the teams have worked together. Everyone understands the mission. It's a common mission. I'll tell you during diligence and Kirk went and visited them, I think I was on the job two months. Three years ago, I just passed my three anniversary. I think two months in, went and visited with them prior to this being actionable. Both Kirk and I walked away really impressed with Scott and the team and what they had going on, the culture that they had. It felt very similar to what we have at Black Knight, and we commented on that. I'm not surprised, but I'm pleased that it's exactly what we thought it would be. The team's obviously off to a great start, as part of Black Knight. They know they're equal members of the Black Knight family, like those who have been here, like Joe, our president, who's been here over 33 years. We're all equals here. We're a family here. We're just excited with the amount of cross-sells that we've got going on between the OB teams and the legacy Black Knight teams. Again, not a surprise, but just more of how pleased I am with how it's all coming together and working. Okay. That's very helpful. Thank you, guys. Thanks. Thanks, John. The next question comes from Ryan with KBW. Please go ahead. Good morning. Thanks for taking the questions. Just following up on Optimal Blue. I was wondering if you can give us a bit more detail, or KPIs for a progress report around that integration and cross-selling momentum to date. Is the cross-selling progressing as you hoped? Maybe you could speak to that both on cross-selling between OB to Empower and vice versa. Boiling that all down, what confidence do you have in Optimal Blue's growth outlook, say over the next three to five years, relative to what I think was 25% guidance in terms of revenue growth for that business this year? Thanks. Thanks, Ryan. Yeah, I'll start, then Kirk can chime in on the longer term views. I think from an integration perspective it's coming well. We currently have the retail channel integrated and currently working on integrations for wholesale correspondent channels and the teams are working well. Again, very pleased with how that's working. From a cross-selling perspective, I'd say we're equally satisfied on the bidirectional nature of the cross-selling. Certainly the actual Empower solution is a longer sales cycle and implementation cycle than our PPE products are. The pipelines look good, obviously, for both. What we're seeing really take traction is the cross-sell of PPE to Empower clients, because again, it's just a product that we put in our integration bundle and we sell an integrated bundle. So we're doing that just a matter of course, and it's working well. Obviously, we've got great momentum that way. Kirk, I don't know if you want to mention anything on future outlooks. Sure. From a growth perspective, Ryan, we continue to be confident in the 25% that we spoke of this year for the secondary marketing technologies business, which is the combination of Optimal Blue and Compass. They will be indistinguishable, one organization, and so we'll be combining products and going to market as one. I want to speak to it in the aggregate. Feel very good about the 25% for this year. Did 26% in the first quarter. Off to a very good start. Sales are off to a very good start as Anthony discussed in his prepared remarks. As we think about the next several years, entering the year, we talked about growing over the near term in that 20% area and with a little higher this year. We expect it to be in that range for the next several years. We feel very good about the momentum, feel very good about the cross-selling, as Anthony just described, and the performance of the business. We still feel confident for the next several years with growth at that level. Beyond that I think we continue to see a lot of opportunity for those solutions. We'd rather limit the call on the growth at those levels for the next several years. Great. Nice to see the buyback this quarter, which I think might be signaling your view of the current levels of the stock. I think investors, certainly the ones that we speak with, are trying to pinpoint the drivers of the underperformance in Black Knight shares. One of the questions we get the most is around confidence in Black Knight's longer-term revenue growth outlook, say over the next three to five to seven years, just considering MSP's inevitable maturation. I guess, high level question, considering the proliferation of innovation that we are seeing across the private markets and the mortgage-related technology space and also the residential housing space, what gives you confidence that Black Knight is keeping pace with that level of innovation to remain competitive over the long term? To that end, do you think that there is an opportunity to use M&A in a meaningful way to bring some of this faster-growing innovation in-house, similar to what you did with Optimal Blue? Thanks. Well, sorry, Ryan. Like I said, I just passed my three-year anniversary at Black Knight, and I'll tell you, when I joined three years ago, I had a vision for the company. That we'd come together, we'd act as one Black Knight, that we'd be relentlessly focused on our clients, which is hard to do when you have lots of market share versus just a small startup. Done great at that. We'd be relentlessly focused on innovation. Similarly hard thing to do as a very large organization. I'm so pleased about how we have accomplished both of those. I also had a vision that each business would be performing at an exceptionally high level. When I look back now to these three years, I couldn't be more pleased with how we're operating and the great momentum that we have here. We're uncovering growth opportunities in servicing. We're selling more servicing clients now than we've had in many years. We're also innovating with new solutions, helping us grow the business, such as Servicing Digital, loss mitigation, AIP, next generation customer service, you name it. We've got great momentum there. We spoke earlier about our loan origination systems and just the great capabilities that we have there, how strongly it's winning in the market, how well it's performing and growing. Our Data and Analytics business, same thing. We pointed to getting this business to being over a 30% margin and growing mid-single digits. It's there, and it's executing very well. Lastly, we're excited with the acquisition we did with Optimal Blue, right? An acquisition of scale and size and how well it's working together, and it's just a perfect fit for us. When I look at down the road in this company, I'm thrilled because we've got a family here. We care about one another. We work well together. We're having fun together, and that all leads to continued growth. When I look at anyone else coming, we're ready for it. We're innovating, like I said, with urgency here, and we're doing the thing that these one-off siloed companies out there cannot do, which is integrate. Again, that's where you really drive the value for your clients. At the end of the day, what's going to matter to clients is what kind of value can we help them drive in their business, in their revenues, in their efficiencies, in their compliance. I just don't think anyone's close to us in terms of how we can offer that to our clients. We're very excited about our future, and we've got tremendous momentum, and we're having fun. Ryan, what I would add to that is look at the momentum. Look at the momentum in sales, whether you look at it from an MSP perspective, the number of new clients that we added the last two years, and going into the first quarter. You look at the number of Empower signings accelerating over the course of the last couple of years. You look at the performance in the quarter, 9% organic growth in an outlook that we raised both the bottom end and the top end for growth for the year. That's all based upon the sales success that we're having. I think that's all demonstrable evidence of what Anthony just talked about, and those are things that are not transitory. It's not you have one good quarter and then it's over. It's been a series of successful quarters from a sales perspective that are what drives the growth into next year. As we sell going forward, we'll be selling into deliveries in 2023. You're talking about the next several years of very strong performance that you can see the seeds planted for. I think that it's important to look at what's driving the growth. Is it sustainable? We firmly believe with all of our being that it is. That would be my response to those questions that you're getting. Thanks, guys. I appreciate the commentary and congrats on the strong start to the year. Thank you, Ryan. Thank you, Ryan. The next question comes from Tien-Tsin Huang with JP Morgan. Please go ahead. Hey, thanks. Good morning, everyone. Of course, good results here. The 9% organic growth, that's a high watermark that we've seen in quite some time. I don't know, how did it come in versus your plan? What would you attribute some of the upside to? I know there's lots of puts and takes here. Just try to better understand where the upside came from and how does that impact? Yeah. The outlook as well. Tien-Tsin, let's start with what drove the 9% growth. Which, as you picked up on, it's been a while. As Anthony Jabbour said, it's the highest rate of growth since 2016. Let's start with that and say what drove that, and then I'll get into the quarter itself, kind of the variances. I would simply summarize it as it's revenues from new clients on our platforms and revenues from cross-sales that drove 10 percentage points of organic growth. It was a very active driven growth as opposed to things that just happened to us. That's 10 percentage points from that. All the other things that you could talk about, whether it be annual price escalators, loan growth, origination volumes, foreclosure volume, transitory headwind, and the other things really all netted out to a 1% headwind. It gets you from the 10 down to the nine. Super high quality, new client, new solution driven quarter overall. As far as how it varied from our expectations coming in, there's really three things. I would say one was origination volumes were a little bit better than we thought coming in. You can see how from week to week, those can move around. It's frankly not something that we spend a whole lot of intellectual cycles focusing on because it is outside of our control. Rates can go up. Rates went up, rates came back down, so volumes will move, but it came in a bit better than our expectations. That said, for the full year, I think with the rise in rates that we saw during the first quarter, it did temper our expectations a bit for the final three quarters versus our plan. For the full year, we continue to expect the same $12 million headwind that we came into. A little bit better in the first quarter, but there's a little bit of a reversal of that in the rest of the year. We saw elevated usage of MSP in the quarter. I would say it relates to a few things. We have clients that are growing. We have clients that are taking on new portfolios. They use the system more. There are some additional revenues that we see when activity is up. We think that's terrific because that means they are using the platform that is core to their operations. They're using it more. That's great. They're finding the value in MSP. We think that's terrific. I'd say the last piece that was a little bit better than we expected was professional services, particularly in origination, related to Empower. We see clients that are looking for domain expertise to help them improve processes and increase automation as they look forward to how they want to optimize operations. We see more demand for those professional services. Those are the three areas that I would say were a little better than we expected coming in. Fundamentally, at the core of it is very active sales-oriented growth was what drove the overall 9%. No, very clear and complete. Thanks for that, Kirk. Just my quick follow-up, 10 points of organic growth. You guys are real bulled up on sales. I think I almost always ask this, forgive me. Just confidence in replenishing the pipeline, more importantly, the backlog and timeliness of closing deals. It sounds like the pipeline is strong, do you feel like those will come to close here in the next couple of quarters at a good pace? Yeah. I think we feel very confident on the sales pipeline. Like I said, how what we're doing, the game plan we're executing against is resonating with our clients. Terrific. I know it's very broad-based, so well done. I know you guys don't take it lightly, taking up guidance so early in the year, so thanks for that. Thanks. Thank you, Tien-Tsin. The next question comes from Stephen with William Blair. Please go ahead. Hey, good morning. Appreciate you taking my questions. Morning. Really appreciate the detailed example, Anthony, for how the combined platform can help clients better recapture opportunities. I know recapture rates have been low across the industry, I think below 20%. Have you seen your client base that has adopted these broad-based integrated capabilities, actually leveraging them to be able to recapture at an above average rate? Have you seen there within your client base? Yeah. Stephen, you broke up a bit, but I think your question was, have we seen our clients leveraging some of our technologies to improve the recapture rates? We have. Obviously, I won't speak to them or to their results. I'd ask you to speak to them directly. We have. On a more broad-based basis, our Servicing Digital, I can say that early indications are it's providing a double-digit improvement in retention rates in itself. Having this digital application, it's sticky. Customers are using it on an ongoing basis. You're in touch with them more. There's more of a connection versus just a plain mortgage. When it comes up for refi, you go anywhere you want. There's more of a connection like most other financial services products. We're certainly seeing the improvements happening, and we think we're at the beginning of the journey. We think there's a lot that we can do and a lot more integrating and ways that we can help our clients improve their retention rates. Got it. That's really helpful. Hopefully you can hear me okay. Talk some more about what the NexSpring acquisition adds to you strategically, how that'll fit in with the existing origination assets and on the guidance, the expected adjusted EBITDA drag from it that you've included for the year. Thanks. I believe we shared a $3 million drag as we invest in this, and we're excited about this opportunity. It's really focusing on the broker market. When you look at everything that we have, for a brand new company to start up and go after it, there's so many components that they want to bring together. Again, even for the smaller broker market, integration matters, right? You're changing value propositions through the power of integration. For us, we have many of these capabilities. We looked at NexSpring. Really what we're excited about was we said, "Wow, we can integrate this into our Loan Sifter PPE. We can integrate it to Regulatory Assist, to our Expedite Close, to our Exchange, to tax data, AIP." We have a lot of these capabilities. This is really just adding, again, some more connectivity tissue between all the capabilities where we can have a much bigger impact than NexSpring could have ever had on its own. We're excited about what that opportunity looks like. Like I said in my prepared remarks, the opportunity and the volumes have grown significantly in that space. We look at it as, again, another one of these relatively low-risk acquisitions that we make where we can get into it pretty easily, and think the opportunity of it could be pretty exciting. The next question comes from Tom with Truist Securities. Please go ahead. Hey, guys. Thanks for taking our call, and good to speak with you again, Anthony. Thank you, Tom. Our question is around Optimal Blue and great color given on that. I was wondering with regard to cross-sell, I'm wondering about TAM expansion opportunities and maybe new verticals and client groups that you're selling this into. That would be helpful. A second question on Optimal Blue would be around the datasets. Just wondering thoughts and updates. I know it's early days here, where your intermediate term thoughts would be around the datasets that you have. Is this more about cross-selling and expanding the TAM there with the existing datasets, or are there some holes, in the early findings, some needs for additional datasets going forward that you would like to add to that data platform? Thank you. A couple things. In terms of the TAM expansion, there's a number of possibilities, and we see a lot of room for us to continue to grow as is. Ways for us to go into smaller clients. We talked about the Loansifter PPE capabilities, and obviously now tied to NexSpring, as an example. There's further expansion of mortgage insurance. More expansion into just capital markets in general with the capability. You'd asked about the datasets, and there are some really exciting datasets that have come out of that. Again, what I'm really proud of is the team. This isn't me sitting in every meeting directing everyone what to do. This is everyone doing it on their own, right? Our two teams coming together, our Data and Analytics team coming together with our Optimal Blue team, looking at their datasets. There's some great information that we have there on rate lock data, et cetera, combining it in with what we've got, and creating new insights for our clients and driving more value. I think there'll be more and more data that we'll find there, and either exhaust data that's coming off of something we're currently doing, new data that we can curate and integrate. It certainly is an area where we see there being possibilities for us, and ways that we can help our clients. Sounds like a great opportunity. Thank you so much, Anthony. Thank you, Tom. The next question comes from Mihir with Bank of America. Please go ahead. Hi. Thank you for taking my question. The first question I wanted to ask, just going back to NexSpring again for a second. Just want to make sure I understand. Given that it's pre-revenue, when will you start selling it and monetizing that? Is it 2021? Should we think of 2021 as just building the capabilities, getting the integrations done? Then as you monetize it, will it be a different product, or will it be kind of rolled into Empower? No. Mihir, we're starting to sell it right now, and as we integrate it obviously get some momentum behind it. It'll kick in more into 2022 than 2021. It will be a separate product. It will be branded differently from Empower for the broker model, but it will be integrated into Empower. For wholesale lenders who are using Empower, there'll be, again, real nice integration between the two. Again, with the integration creating efficiencies, streamlining, et cetera. That's what our plan is with NexSpring. I guess just staying on that for a second. For existing Empower clients, I imagine there's already existing clients who use Empower who have a broker channel. Would that be a cross-sell opportunity, or is there a solution they're already using, and this just enhances it? Yeah, it more, I'd say, enhances it for clients that are using it today. Okay. Then switching gears for a second, I wanted to ask about the Caliber M&A. Yeah. Sure. They're becoming part of NRZ, obviously it was a big client, and I think it was scheduled to come on this year. Is that still going ahead, and is this like an opportunity for you to get in to expand your relationship with NRZ? I guess, how are you all thinking about what's going on with that, and what the implications of BKFS are? Sure. Yeah. We're very close to both management teams at NRZ and Caliber. They're both clients of ours in other areas outside of MSP. As far as Caliber's conversion to MSP, yes, it's happening with urgency. Absolutely, moving forward with it. We're excited about it, working real closely with them. More so, I'd say, excited about what's happening in M&A and how it's benefiting us as a net positive. PNC is acquiring BBVA, which is good for us. Huntington acquiring TCF Financial. Who's the other one? M&T Bank acquiring People's United Bank. Just some great trends in consolidation that are benefiting us as well in addition to the NRZ and Caliber acquisition. Got it. No, thank you. Just one last question from me. I just want to go back. I think most of the analysts on the call, we understand that your business is not very sensitive to origination volumes. Since you did mention it as a headwind for the remaining part of the year, potential headwind, maybe you can just size that just because it continues to be a question we get quite often. Just since you mentioned it. Thank you. That would be all for me. Yeah. Let me take that. Revenues sensitive to origination volumes are 10% of our revenues. That's it, 10%. Which is why before, as we were talking about how we grow, it's not about predicting what volumes are going to do, it's about innovating, integrating, selling, and delivering. There is that minor stub that is related to it. It's not something that we employ people to sit and forecast every day because it's not action-oriented. Yes, there's a little bit that it could be up a little bit, down a little bit, but it's only 10% of revenues. Thank you. Yeah. The overriding feedback here, I hope you hear from us is, our incentives are lined up for us to focus on what we can control. I want everyone waking up not hoping whatever volumes do or don't do, waking up every day, innovating, integrating, selling, delivering, servicing our clients, then rinse, wash, repeat, and go back and innovate again, integrate, sell, deliver, and service. That's what will drive our company. It's what helps our clients move the needle for us. That's what we're focused on, and that's what's really driving this company. Right. No, I appreciate that. Thank you. You had very good execution in the first quarter, clearly, and it sounds like the outlook for the year is very strong. Anyway, I'll stop there. Thank you for taking my questions. Thanks so much, Mihir. The next question comes from Manav with Barclays. Please go ahead. Thank you. I apologize if I missed it, but can you just tell us what the Optimal Blue contribution was this quarter? I guess I'm trying to get to what the organic growth and the origination software line would be. Optimal Blue contributed $35 million of revenue this quarter. Okay. All right. Just the one area I think I wanted to touch on was Data and Analytics. The organic growth there, 11%, I think you said. That was pretty good. I was just wondering, is there any one-time items or just what's going on there and what the outlook for the rest of the year would be? Manav, there were no one-timers frankly across the business, across the enterprise. There were no one-timers in the first quarter. If you take the growth in Data and Analytics and look at what the drivers were, the majority of that growth was driven by selling and delivering innovative solutions. It really was across each of the businesses within Data and Analytics. What I'll highlight there was an element of volume benefit that is in that business, but still was growing 6%, 7% on a kind of an underlying basis. As we look forward for the full year on that similar underlying basis, it's right in that area for the full year. The back half is that volume headwind that we talked about, but the underlying performance of that business is still in that mid-single digits inching up towards high single digits at mid-30s margins, which is terrific. Got it. Thank you, guys. Thanks, Manav. Thank you. Once again, if you have a question, please press star then one. The next question comes from Kevin with the Zelman & Associates. Please go ahead. Hey, guys. You mentioned your average repurchase price was somewhere in the range of the $mid-70s per share last quarter. How do you think about ramping up repurchases if the stock stays at this levels? Do you see it as more steady and systematic or opportunistic? If the stock dips more from here, directionally at least, how much more aggressive could you get in terms of repurchases, given there aren't any required payments on the term loan for now and the capacity on the revolver? Well, Kevin, look, our balance sheet's in great shape. We increased our available capital through the expansion of the revolver, and we're always going to focus first on internal investment. I told the leadership team here, we'll fund every project that has attractive returns. Innovation central to our long-term growth strategy, very focused on it, and we're going to get the highest return on invested capital that way. To our M&A strategy, it's not changed. We're going to continue to look for acquisitions out there that are good fits for us, that help drive our game plan here with our clients, and we're obviously very focused on that. We always see opportunity there. If we have excess capital after investing in growth, we do stand ready to buy back shares, and you saw us do it in the first quarter. Okay. One on more of an accounting item, the non-controlling interest. Your guidance is for about $20-ish million of earnings versus $8.6 million loss in the first quarter. Can you give us a sense of the trajectory for the remainder of the year? Should it be steady at some point or could be a bit bumpy? I realize there are a lot of accounting pieces in there in addition to operational factors, but it does really swing EPS a decent amount, so just wanted to get your sense of forward outlook there. Kevin, that - $8.6 in the first quarter is the GAAP number. The $20 million-$22 million is an adjusted number, sort of looking at the underlying business the same way we measure performance for Black Knight. We take out the effect of purchase accounting and the like. I think we can walk through it separately, but I believe there's a line item in our GAAP to non-GAAP reconciliation that shows what that adjustment is. Conceptually, the numbers should be relatively consistent, increasing sequentially from Q1 to Q4, as the profit grows in that business. It should be but relatively linear. It's not going to bounce around from a loss to income over the course of the year. If you look at page 11 of our press release, sorry to be very specific here, there's a line item called Redeemable Non-Controlling Interest Adjustment that is an adjustment of $12.5 million. That's what that relates to. Okay. Yeah, no, I did understand those were different numbers. Maybe I misspoke a bit, but that is helpful. Thank you very much. I guess one last one on the NexSpring acquisition. Is this more of a product where the mortgage broker is the customer paying you, or is this more of a product where it provides kind of a network like the big wholesale lenders have, where they have a tech platform that they roll out to their broker networks to attract more volume? I guess, who's the end client here? No, it's the former example you gave. Okay, cool. Thank you. That's all I had. Hey, Kevin, just to clarify something I said. I pointed you in the wrong direction. In our GAAP to non-GAAP, we actually start with net earnings attributable to Black Knight. That's the net number already. The 2022 would conceivably be relatively linear across the path. I apologize for looking on the fly there. Okay, cool. Thank you. This concludes the question and answer session. I would like to turn the conference back over to Anthony Jabbour for any closing remarks. Thank you. In closing, we're pleased with our strong start to the year and are confident in our higher outlook for the remainder of the year. I'd like to thank our clients for their strong partnership, and I'd like to thank all of you for your exceptional efforts and dedication. Thank you for joining us on the call today and for your interest in our great company. Enjoy the rest of your day. This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.