Verisk (Nasdaq: VRSK), a leading global data analytics and
technology provider, today announced results for the third quarter
ended September 30, 2024.
Lee Shavel, president and CEO, Verisk: "We are pleased with
this quarter’s strong financial results, which demonstrate the
power of our subscription-based business model and the value we
create for our clients. We continue to elevate and intensify our
strategic dialogue with clients, generating new opportunities and
stronger relationships. In the face of growing operating and
technological challenges for the insurance industry, we are
innovating and investing at scale to enhance its efficiency,
effectiveness, and profitability."
Elizabeth Mann, CFO, Verisk: "Verisk delivered another strong
quarter of top line growth, led by strength in our subscription
businesses. OCC revenue grew 6.8%, driven by a sequential
improvement in both underwriting and claims. Our focus on
delivering on our margin commitments while balancing investment
in our growth initiatives translated into strong margin
expansion and adjusted EBITDA margins of 54.6% for the
trailing twelve months. We also continued our commitment to return
cash to shareholders through dividends and our share repurchase
activity with the completion of our $400 million accelerated
share repurchase in October 2024."
Summary of Results (GAAP and Non-GAAP) from Continuing
Operations(in millions, except per share amounts)Note:
Adjusted EBITDA, diluted adjusted EPS, and free cash flow are
non-GAAP measures.
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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|
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|
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2024 |
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
2023 |
|
|
Change |
|
Revenues |
|
$ |
725 |
|
|
|
677 |
|
|
|
7.0 |
% |
|
$ |
2,146 |
|
|
$ |
2,004 |
|
|
|
7.1 |
% |
Income from continuing
operations |
|
|
220 |
|
|
|
187 |
|
|
|
17.4 |
|
|
|
747 |
|
|
|
586 |
|
|
|
27.5 |
|
Adjusted EBITDA |
|
|
401 |
|
|
|
366 |
|
|
|
9.4 |
|
|
|
1,178 |
|
|
|
1,072 |
|
|
|
10.0 |
|
Diluted EPS attributable to
Verisk |
|
|
1.54 |
|
|
|
1.29 |
|
|
|
19.4 |
|
|
|
5.22 |
|
|
|
3.96 |
|
|
|
31.8 |
|
Diluted adjusted EPS |
|
|
1.67 |
|
|
|
1.52 |
|
|
|
9.9 |
|
|
|
5.04 |
|
|
|
4.31 |
|
|
|
16.9 |
|
Net cash provided by operating
activities |
|
|
296 |
|
|
|
250 |
|
|
|
18.4 |
|
|
|
889 |
|
|
|
808 |
|
|
|
9.9 |
|
Free cash flow |
|
|
241 |
|
|
|
196 |
|
|
|
22.9 |
|
|
|
720 |
|
|
|
635 |
|
|
|
13.5 |
|
Revenues from Continuing Operations
Consolidated and OCC revenues increased 7.0% and 6.8%,
respectively, with solid growth contributions from both
underwriting and claims within Insurance.
Revenues and Revenue Growth(in millions)Note:
OCC revenue growth is a non-GAAP measure.
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Revenue Growth |
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
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September 30, |
|
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September 30, 2024 |
|
|
|
2024 |
|
|
2023 |
|
|
Reported |
|
|
OCC |
|
Underwriting |
|
$ |
507 |
|
|
$ |
475 |
|
|
|
6.7 |
% |
|
|
6.5 |
% |
Claims |
|
|
218 |
|
|
|
202 |
|
|
|
7.9 |
|
|
|
7.4 |
|
Insurance |
|
$ |
725 |
|
|
$ |
677 |
|
|
|
7.0 |
|
|
|
6.8 |
|
|
|
|
|
|
|
|
|
|
|
Revenue Growth |
|
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, 2024 |
|
|
|
2024 |
|
|
2023 |
|
|
Reported |
|
|
OCC |
|
Underwriting |
|
$ |
1,513 |
|
|
$ |
1,414 |
|
|
|
7.0 |
% |
|
|
6.8 |
% |
Claims |
|
|
633 |
|
|
|
590 |
|
|
|
7.3 |
|
|
|
6.0 |
|
Insurance |
|
$ |
2,146 |
|
|
$ |
2,004 |
|
|
|
7.1 |
|
|
|
6.5 |
|
Insurance revenues grew 7.0% in the third quarter
and 6.8% on an OCC basis.
- Underwriting revenues increased 6.7% in the quarter
and 6.5% on an OCC basis, primarily due to our forms, rules
and loss cost services and extreme event solutions. Specialty
business and life solutions also contributed to the growth.
- Claims revenues increased 7.9% in the quarter
and 7.4% on an OCC basis, primarily due to growth in our
anti-fraud solutions and property estimating solutions.
Income and Adjusted EBITDA from Continuing
Operations
During third-quarter 2024, income from continuing
operations was $220 million, an
increase of 17.4%. The increase in income from
continuing operations was primarily driven by strong revenue
growth and cost discipline, a litigation reserve expense of $19.2
million in the prior year associated with our former Financial
Services segment, and a lower effective tax rate.
Adjusted EBITDA increased 9.4%, and 7.2% on an OCC basis,
primarily due to strong revenue growth and cost discipline.
Segment EBITDA and Adjusted EBITDA(in
millions)Note: Consolidated EBITDA and Adjusted EBITDA
are non-GAAP measures. Margin is calculated as a percentage of
revenues. See "Non-GAAP Reconciliations" below for a reconciliation
to the nearest GAAP measure. All OCC figures exclude
results from the disposition of the Energy business.
|
|
Three Months Ended September 30, |
|
|
|
EBITDA |
|
|
EBITDA Growth |
|
|
EBITDA Margin |
|
|
Adjusted EBITDA |
|
|
Adjusted EBITDA Growth |
|
|
Adjusted EBITDA Margin |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
Reported |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Reported |
|
|
OCC |
|
|
2024 |
|
|
2023 |
|
Insurance |
|
$ |
394 |
|
|
$ |
347 |
|
|
|
13.5 |
% |
|
|
54.3 |
% |
|
|
51.2 |
% |
|
$ |
401 |
|
|
$ |
366 |
|
|
|
9.4 |
% |
|
|
7.2 |
% |
|
|
55.2 |
% |
|
|
54.0 |
% |
|
|
Nine Months Ended September 30, |
|
|
|
EBITDA |
|
|
EBITDA Growth |
|
|
EBITDA Margin |
|
|
Adjusted EBITDA |
|
|
Adjusted EBITDA Growth |
|
|
Adjusted EBITDA Margin |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
Reported |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Reported |
|
|
OCC |
|
|
2024 |
|
|
2023 |
|
Insurance |
|
$ |
1,273 |
|
|
$ |
1,067 |
|
|
|
19.3 |
% |
|
|
59.3 |
% |
|
|
53.3 |
% |
|
$ |
1,178 |
|
|
$ |
1,072 |
|
|
|
10.0 |
% |
|
|
8.7 |
% |
|
|
54.9 |
% |
|
|
53.5 |
% |
Earnings Per Share and Diluted Adjusted Earnings Per
Share
Diluted EPS attributable to Verisk increased 19.4% to
$1.54 for the third quarter of 2024. The increase in Diluted
EPS was driven by strong operating performance, a litigation
reserve expense of $19.2 million in the prior year and a lower
effective tax rate. Diluted adjusted EPS increased
9.9% to $1.67 for the third quarter of 2024,
reflecting revenue and profit growth, a lower effective tax
rate, and a lower average share count due to our accelerated share
repurchase program.
Cash Flow and Free Cash Flow
Net cash provided by operating activities was
$296.2 million for the third quarter of 2024, up 18.4%,
and free cash flow was $240.7 million, up 22.9%. The increase
in operating cash flow was due to an increase in operating
profit.
Dividend
On September 30, 2024, we paid a cash dividend of
39 cents per share of common stock issued and outstanding to
the holders of record as of September 15, 2024.
On October 23, 2024, our Board of Directors approved a cash
dividend of 39 cents per share of common stock issued and
outstanding. The dividend is payable on December 31, 2024, to
holders of record as of December 13, 2024.
Share Repurchases
During the third quarter of 2024, we initiated a
$400 million Accelerated Share Repurchase program, which was
completed on October 25, 2024 and resulted in a
repurchase of 1,515,616 shares at an average price of
$263.92. As of September 30, 2024, we had
$892 million remaining under our share repurchase
authorization.
2024 Financial Guidance
The Company's financial outlook for 2024 remains unchanged
and is as follows:
|
|
Fiscal 2024 Guidance |
|
|
|
($ in millions, except per share amounts) |
|
|
|
Low |
|
|
High |
|
Revenue |
|
$ |
2,840 |
|
|
$ |
2,900 |
|
Adjusted EBITDA |
|
|
1,540 |
|
|
|
1,600 |
|
Adjusted EBITDA margin |
|
|
54.0 |
% |
|
|
55.0 |
% |
Diluted adjusted EPS |
|
$ |
6.30 |
|
|
$ |
6.60 |
|
|
|
|
|
|
|
|
|
|
Fixed asset depreciation &
amortization |
|
|
210 |
|
|
|
240 |
|
Intangible amortization |
|
|
75 |
|
|
|
75 |
|
Effective tax rate |
|
|
23.0 |
% |
|
|
25.0 |
% |
Capital expenditures |
|
|
240 |
|
|
|
260 |
|
Conference Call
Our management team will host a live audio webcast to discuss
the financial results and business highlights on Wednesday,
October 30, 2024, at 8:30 a.m. EDT (5:30 a.m. PDT,
12:30 p.m. GMT). All interested parties are invited to listen
to the live event via webcast on our investor website
at http://investor.verisk.com. The discussion will also be
available through dial-in number 888-660-6191 for U.S./Canada
participants or 929-203-1913 for international
participants.
A replay of the webcast will be available for 30 days on our
investor website and through the conference call number
800-770-2030 for U.S./Canada participants or
647-362-9199 for international participants using Conference
ID #4026897.
About Verisk
Verisk is a leading strategic data analytics and technology
partner to the global insurance industry. It empowers clients to
strengthen operating efficiency, improve underwriting and claims
outcomes, combat fraud and make informed decisions about global
risks, including climate change, extreme events,
sustainability and political issues. Through advanced data
analytics, software, scientific research and deep industry
knowledge, Verisk helps build global resilience for individuals,
communities and businesses. With teams across more than 20
countries, Verisk consistently earns certification by Great
Place to Work and fosters an inclusive culture where
all team members feel they belong.
Verisk is traded on the Nasdaq exchange and is a part of the
S&P 500 Index and the Nasdaq-100 Index.
For more information, please visit www.verisk.com.
Contact:
Investor RelationsStacey BrodbarHead of
Investor RelationsVerisk 201-469-4327 IR@verisk.com
MediaAlberto CanalVerisk Public
Relations201-469-2618Alberto.Canal@verisk.com
Forward-Looking Statements
This release contains forward-looking statements, including
those related to our financial guidance. These
statements relate to future events or to future financial
performance and involve known and unknown risks, uncertainties, and
other factors that may cause our actual results, levels of
activity, performance, or achievements to be materially different
from any future results, levels of activity, performance, or
achievements expressed or implied by these forward-looking
statements. This includes, but is not limited to,
our expectation and ability to pay a cash dividend on
our common stock in the future, subject to the determination
by our Board of Directors and based on an evaluation of our
earnings, financial condition and requirements, business
conditions, capital allocation determinations, and other factors,
risks, and uncertainties. In some cases, you can identify
forward-looking statements by the use of words such as “may,”
“could,” “expect,” “intend,” “plan,” “target,” “seek,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,” or
“continue” or the negative of these terms or other comparable
terminology. You should not place undue reliance on forward-looking
statements, because they involve known and unknown risks,
uncertainties, and other factors that are, in some cases, beyond
our control and that could materially affect actual results, levels
of activity, performance or achievements.
Other factors that could materially affect actual results,
levels of activity, performance, or achievements can be found in
our quarterly reports on Form 10-Q, annual reports on Form 10-K,
and current reports on Form 8-K filed with the Securities and
Exchange Commission. If any of these risks or uncertainties
materialize or if our underlying assumptions prove to be incorrect,
actual results may vary significantly from what we projected. Any
forward-looking statement in this release reflects our current
views with respect to future events and is subject to these and
other risks, uncertainties, and assumptions relating to our
operations, results of operations, growth strategy, and liquidity.
We assume no obligation to publicly update or revise these
forward-looking statements for any reason, whether as a result of
new information, future events, or otherwise except as required by
law.
Notes Regarding the Use of Non-GAAP Financial
Measures
We have provided certain non-GAAP financial information as
supplemental information regarding our operating results.
These measures are not in accordance with, or an alternative for,
U.S. GAAP and may be different from non-GAAP measures reported by
other companies. We believe that our presentation of
non-GAAP measures provides useful information to management and
investors regarding certain financial and business trends relating
to our financial condition and results of operations. In addition,
our management uses these measures for reviewing our financial
results, for budgeting and planning purposes, and for
evaluating the performance of senior management.
EBITDA, Adjusted EBITDA, and Adjusted EBITDA
Expenses: EBITDA represents GAAP net income adjusted for
(i) depreciation and amortization of fixed assets; (ii)
amortization of intangible assets; (iii) interest expense, net; and
(iv) provision for income taxes. Adjusted EBITDA represents EBITDA
adjusted for acquisition-related adjustments (earn-outs),
gain/loss from dispositions (which includes businesses held for
sale), and nonrecurring gain/loss. Adjusted EBITDA expenses
represent adjusted EBITDA net of revenues. We believe these
measures are useful and meaningful because they help us allocate
resources, make business decisions, allow for greater transparency
regarding our operating performance, and facilitate
period-to-period comparison.
Adjusted Net Income and Diluted Adjusted EPS:
Adjusted net income represents GAAP net income adjusted for (i)
amortization of intangible assets, net of tax; (ii)
acquisition-related adjustments (earn-outs), net of tax; (iii)
gain/loss from dispositions (which includes businesses held for
sale), net of tax; and (iv) nonrecurring gain/loss, net of tax.
Diluted adjusted EPS represents adjusted net income divided by
weighted-average diluted shares. We believe these measures are
useful and meaningful because they allow evaluation of the
after-tax profitability of our results excluding the after-tax
effect of acquisition-related costs and nonrecurring items.
Free Cash Flow: Free cash flow represents net
cash provided by operating activities determined in accordance with
GAAP minus payments for capital expenditures. We believe free
cash flow is an important measure of the recurring cash generated
by our operations that may be available to repay debt obligations,
repurchase our stock, invest in future growth through new business
development activities, or make acquisitions.
Organic: Organic is defined as operating
results excluding the effect of recent acquisitions and
dispositions (which include businesses held for sale), and
nonrecurring gain/loss associated with cost-based and equity-method
investments that have occurred over the past year. An
acquisition is included as organic at the beginning of the calendar
quarter that occurs subsequent to the one-year anniversary of the
acquisition date. Once an acquisition is included in its
current-period organic base, its comparable prior-year-period
operating results are also included to calculate organic growth. A
disposition (which includes a business held for sale) is excluded
from organic at the beginning of the calendar quarter in which the
disposition occurs (or when a business meets the held-for-sale
criteria under U.S. GAAP). Once a disposition is excluded from
its current-period organic base, its comparable prior-year-period
operating results are also excluded to calculate organic growth. We
believe the organic presentation enables investors to assess the
growth of the business without the impact of recent acquisitions
for which there is no prior-year comparison and the impact of
recent dispositions, for which results are removed from all prior
periods presented to allow for comparability.
Organic Constant Currency (OCC) Growth Rate:
Our operating results, such as, but not limited to, revenue and
adjusted EBITDA, reported in U.S. dollars are affected by foreign
currency exchange rate fluctuations because the underlying foreign
currencies in which we transact changes in value over
time compared with the U.S. dollar. Accordingly,
we present certain constant currency financial
information to assess how we performed excluding the impact of
foreign currency exchange rate fluctuations. We
calculate constant currency by translating comparable
prior-year-period results at the currency exchange rates used in
the current period. We believe organic constant currency is a
useful and meaningful measure to enhance investors’ understanding
of the continuing operating performance of our business and to
facilitate the comparison of period-to-period performance because
it excludes the impact of foreign exchange rate movements,
acquisitions, and dispositions.
See page 10 for a reconciliation of
consolidated adjusted EBITDA and a results summary and a
reconciliation of adjusted EBITDA. See page
11 for a reconciliation of adjusted
EBITDA margin, a reconciliation of adjusted EBITDA expenses,
and a reconciliation of diluted adjusted EPS. See page
12 for a reconciliation of net cash
provided by operating activities to free cash flow.
We are not able to provide a reconciliation of projected
Adjusted EBITDA, Adjusted EBITDA margin, and Diluted Adjusted
EPS to the most directly comparable expected GAAP results
because of the unreasonable effort and high unpredictability of
estimating certain items that are excluded from non-GAAP Adjusted
EBITDA, Adjusted EBITDA margin, and Diluted Adjusted
EPS, including, for example, tax consequences,
acquisition-related costs, gain/loss from dispositions and other
non-recurring expenses, the effect of which may be significant.
Attached Financial Statements
Please refer to the full Form 10-Q filing for the complete
financial statements and related notes.
VERISK ANALYTICS,
INC.CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)As of September 30, 2024 and
December 31, 2023
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|
|
(in millions, except for share and per share
data) |
|
ASSETS: |
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
458.0 |
|
|
$ |
302.7 |
|
Accounts receivable, net of allowance for doubtful accounts of
$22.2 and $15.1, respectively |
|
|
446.1 |
|
|
|
334.2 |
|
Prepaid expenses |
|
|
77.0 |
|
|
|
84.5 |
|
Income taxes receivable |
|
|
80.5 |
|
|
|
23.5 |
|
Other current assets |
|
|
31.0 |
|
|
|
65.2 |
|
Total current assets |
|
|
1,092.6 |
|
|
|
810.1 |
|
Noncurrent assets: |
|
|
|
|
|
|
|
|
Fixed assets, net |
|
|
621.8 |
|
|
|
604.9 |
|
Operating lease right-of-use assets, net |
|
|
164.1 |
|
|
|
191.7 |
|
Intangible assets, net |
|
|
422.6 |
|
|
|
471.7 |
|
Goodwill |
|
|
1,792.8 |
|
|
|
1,760.8 |
|
Deferred income tax assets |
|
|
32.3 |
|
|
|
30.8 |
|
Other noncurrent assets |
|
|
437.0 |
|
|
|
496.1 |
|
Total assets |
|
$ |
4,563.2 |
|
|
$ |
4,366.1 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY: |
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
282.4 |
|
|
$ |
340.8 |
|
Short-term debt and current portion of long-term debt |
|
|
516.1 |
|
|
|
14.5 |
|
Deferred revenues |
|
|
499.0 |
|
|
|
375.1 |
|
Operating lease liabilities |
|
|
26.7 |
|
|
|
33.1 |
|
Income taxes payable |
|
|
10.9 |
|
|
|
7.9 |
|
Total current liabilities |
|
|
1,335.1 |
|
|
|
771.4 |
|
Noncurrent liabilities: |
|
|
|
|
|
|
|
|
Long-term debt |
|
|
2,546.9 |
|
|
|
2,852.2 |
|
Deferred income tax liabilities |
|
|
187.5 |
|
|
|
210.1 |
|
Operating lease liabilities |
|
|
168.8 |
|
|
|
195.6 |
|
Other noncurrent liabilities |
|
|
20.2 |
|
|
|
14.6 |
|
Total liabilities |
|
|
4,258.5 |
|
|
|
4,043.9 |
|
Commitments and contingencies
(Note 16) |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, $.001 par value; 2,000,000,000 shares authorized;
544,003,038 shares issued; 141,396,745 and 143,308,729 shares
outstanding, respectively |
|
|
0.1 |
|
|
|
0.1 |
|
Additional paid-in capital |
|
|
2,957.7 |
|
|
|
2,872.3 |
|
Treasury stock, at cost, 402,606,293 and 400,694,309 shares,
respectively |
|
|
(9,747.3 |
) |
|
|
(9,037.5 |
) |
Retained earnings |
|
|
6,998.1 |
|
|
|
6,416.9 |
|
Accumulated other comprehensive income |
|
|
91.0 |
|
|
|
58.2 |
|
Total Verisk stockholders' equity |
|
|
299.6 |
|
|
|
310.0 |
|
Noncontrolling interests |
|
|
5.1 |
|
|
|
12.2 |
|
Total stockholders’ equity |
|
|
304.7 |
|
|
|
322.2 |
|
Total liabilities and stockholders’ equity |
|
$ |
4,563.2 |
|
|
$ |
4,366.1 |
|
VERISK ANALYTICS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)For the Three and
Nine Months Ended September 30, 2024 and
2023
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
(in millions, except for share and per share
data) |
|
Revenues |
|
$ |
725.3 |
|
|
$ |
677.6 |
|
|
$ |
2,146.1 |
|
|
$ |
2,004.2 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues (exclusive of items shown separately below) |
|
|
223.4 |
|
|
|
217.2 |
|
|
|
670.6 |
|
|
|
650.3 |
|
Selling, general and administrative |
|
|
114.0 |
|
|
|
111.6 |
|
|
|
308.4 |
|
|
|
277.4 |
|
Depreciation and amortization of fixed assets |
|
|
58.1 |
|
|
|
48.1 |
|
|
|
174.5 |
|
|
|
139.2 |
|
Amortization of intangible assets |
|
|
18.3 |
|
|
|
19.6 |
|
|
|
55.0 |
|
|
|
56.1 |
|
Total operating expenses, net |
|
|
413.8 |
|
|
|
396.5 |
|
|
|
1,208.5 |
|
|
|
1,123.0 |
|
Operating income |
|
|
311.5 |
|
|
|
281.1 |
|
|
|
937.6 |
|
|
|
881.2 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain on early extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
3.6 |
|
|
|
— |
|
Investment gain (loss) |
|
|
5.9 |
|
|
|
(2.0 |
) |
|
|
102.4 |
|
|
|
(9.3 |
) |
Interest expense, net |
|
|
(32.1 |
) |
|
|
(29.4 |
) |
|
|
(90.1 |
) |
|
|
(87.4 |
) |
Total other (expense) income, net |
|
|
(26.2 |
) |
|
|
(31.4 |
) |
|
|
15.9 |
|
|
|
(96.7 |
) |
Income from continuing operations before income taxes |
|
|
285.3 |
|
|
|
249.7 |
|
|
|
953.5 |
|
|
|
784.5 |
|
Provision for income taxes |
|
|
(65.3 |
) |
|
|
(62.3 |
) |
|
|
(206.3 |
) |
|
|
(198.4 |
) |
Income from continuing operations |
|
|
220.0 |
|
|
|
187.4 |
|
|
|
747.2 |
|
|
|
586.1 |
|
Loss from discontinued operations net of tax expense of $0.0, $0.0,
$0.0, and $(0.2), respectively (Note 7) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(145.5 |
) |
Net income |
|
|
220.0 |
|
|
|
187.4 |
|
|
|
747.2 |
|
|
|
440.6 |
|
Less: Net loss attributable to noncontrolling interests |
|
|
0.1 |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
Net income attributable to Verisk |
|
$ |
220.1 |
|
|
$ |
187.4 |
|
|
$ |
747.8 |
|
|
$ |
440.6 |
|
Basic net income per share
attributable to Verisk: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
1.55 |
|
|
$ |
1.29 |
|
|
$ |
5.24 |
|
|
$ |
3.98 |
|
Loss from discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.99 |
) |
Basic net income per share attributable to Verisk: |
|
$ |
1.55 |
|
|
$ |
1.29 |
|
|
$ |
5.24 |
|
|
$ |
2.99 |
|
Diluted net income per share
attributable to Verisk: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
1.54 |
|
|
$ |
1.29 |
|
|
$ |
5.22 |
|
|
$ |
3.96 |
|
Loss from discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.98 |
) |
Diluted net income per share attributable to Verisk: |
|
$ |
1.54 |
|
|
$ |
1.29 |
|
|
$ |
5.22 |
|
|
$ |
2.98 |
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
141,778,551 |
|
|
|
145,011,020 |
|
|
|
142,594,074 |
|
|
|
147,292,590 |
|
Diluted |
|
|
142,511,476 |
|
|
|
145,742,519 |
|
|
|
143,259,411 |
|
|
|
147,983,986 |
|
VERISK ANALYTICS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (UNAUDITED)For the Three and
Nine Months Ended September 30, 2024 and
2023
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
(in millions) |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
220.0 |
|
|
$ |
187.4 |
|
|
$ |
747.2 |
|
|
$ |
440.6 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization of fixed assets |
|
|
58.1 |
|
|
|
48.1 |
|
|
|
174.5 |
|
|
|
139.2 |
|
Amortization of intangible assets |
|
|
18.3 |
|
|
|
19.6 |
|
|
|
55.0 |
|
|
|
56.1 |
|
Amortization of debt issuance costs and original issue discount,
net of original issue premium |
|
|
0.9 |
|
|
|
0.4 |
|
|
|
2.2 |
|
|
|
1.0 |
|
Provision for doubtful accounts |
|
|
4.3 |
|
|
|
3.4 |
|
|
|
11.2 |
|
|
|
8.9 |
|
Net gain on early extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(3.6 |
) |
|
|
— |
|
Loss on sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
135.3 |
|
Impairment of cost-based investments |
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
|
6.5 |
|
Stock-based compensation expense |
|
|
11.6 |
|
|
|
12.4 |
|
|
|
37.2 |
|
|
|
46.3 |
|
Net gain upon settlement of investment in non-public companies |
|
|
— |
|
|
|
— |
|
|
|
(98.3 |
) |
|
|
— |
|
Deferred income taxes |
|
|
(8.2 |
) |
|
|
(9.2 |
) |
|
|
(26.0 |
) |
|
|
(25.9 |
) |
Loss on disposal of fixed assets |
|
|
7.5 |
|
|
|
2.4 |
|
|
|
7.7 |
|
|
|
2.3 |
|
Gain on lease modification |
|
|
(1.9 |
) |
|
|
— |
|
|
|
(1.9 |
) |
|
|
— |
|
Acquisition related liability adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22.0 |
) |
Changes in assets and liabilities, net of effects from
acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
31.6 |
|
|
|
22.9 |
|
|
|
(120.2 |
) |
|
|
(104.3 |
) |
Prepaid expenses and other assets |
|
|
7.9 |
|
|
|
0.6 |
|
|
|
33.1 |
|
|
|
(36.8 |
) |
Operating lease right-of-use assets, net |
|
|
9.5 |
|
|
|
8.5 |
|
|
|
23.2 |
|
|
|
21.4 |
|
Income taxes |
|
|
(3.5 |
) |
|
|
5.5 |
|
|
|
13.8 |
|
|
|
13.5 |
|
Accounts payable and accrued liabilities |
|
|
32.9 |
|
|
|
38.3 |
|
|
|
(66.1 |
) |
|
|
37.4 |
|
Deferred revenues |
|
|
(75.7 |
) |
|
|
(43.6 |
) |
|
|
122.2 |
|
|
|
131.1 |
|
Operating lease liabilities |
|
|
(14.9 |
) |
|
|
(8.1 |
) |
|
|
(26.7 |
) |
|
|
(21.2 |
) |
Other liabilities |
|
|
(2.2 |
) |
|
|
(38.5 |
) |
|
|
3.1 |
|
|
|
(21.1 |
) |
Net cash provided by operating activities |
|
|
296.2 |
|
|
|
250.1 |
|
|
|
888.6 |
|
|
|
808.3 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions and purchase of additional controlling interest, net
of cash acquired of $0.0, $0.0, $1.8, and $8.0, respectively |
|
|
— |
|
|
|
— |
|
|
|
(23.4 |
) |
|
|
(83.3 |
) |
Proceeds from sale of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,066.4 |
|
Investments in non-public companies |
|
|
(0.9 |
) |
|
|
(0.9 |
) |
|
|
(0.4 |
) |
|
|
(1.7 |
) |
Proceeds received upon settlement of investment in non-public
companies |
|
|
— |
|
|
|
— |
|
|
|
112.1 |
|
|
|
— |
|
Capital expenditures |
|
|
(55.5 |
) |
|
|
(54.3 |
) |
|
|
(168.5 |
) |
|
|
(173.7 |
) |
Escrow release (funding) associated with acquisitions |
|
|
3.8 |
|
|
|
— |
|
|
|
3.8 |
|
|
|
(3.8 |
) |
Other investing activities, net |
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.4 |
) |
Net cash (used in) provided by investing activities |
|
|
(52.6 |
) |
|
|
(55.3 |
) |
|
|
(76.4 |
) |
|
|
2,803.5 |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
(in millions) |
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of long-term debt, net of original issue
discount |
|
|
— |
|
|
|
— |
|
|
|
590.2 |
|
|
|
495.2 |
|
Payment of debt issuance costs |
|
|
— |
|
|
|
0.7 |
|
|
|
(5.6 |
) |
|
|
(6.0 |
) |
Payment on early extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(396.4 |
) |
|
|
— |
|
Repayment of short-term debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,265.0 |
) |
Repayment of short-term debt with original maturities greater than
three months |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(125.0 |
) |
Repurchases of common stock |
|
|
(340.0 |
) |
|
|
(49.8 |
) |
|
|
(690.0 |
) |
|
|
(2,049.8 |
) |
Share repurchases not yet settled |
|
|
(60.0 |
) |
|
|
— |
|
|
|
(60.0 |
) |
|
|
(500.0 |
) |
Payment of contingent liability related to acquisition |
|
|
— |
|
|
|
— |
|
|
|
(8.5 |
) |
|
|
— |
|
Proceeds from stock options exercised |
|
|
47.4 |
|
|
|
19.4 |
|
|
|
110.6 |
|
|
|
134.3 |
|
Net share settlement of taxes from restricted stock and performance
share awards |
|
|
(0.4 |
) |
|
|
(0.3 |
) |
|
|
(13.0 |
) |
|
|
(14.0 |
) |
Dividends paid |
|
|
(55.3 |
) |
|
|
(49.2 |
) |
|
|
(166.6 |
) |
|
|
(147.9 |
) |
Other financing activities, net |
|
|
(13.0 |
) |
|
|
(10.4 |
) |
|
|
(18.9 |
) |
|
|
(13.2 |
) |
Net cash used in financing activities |
|
|
(421.3 |
) |
|
|
(89.6 |
) |
|
|
(658.2 |
) |
|
|
(3,491.4 |
) |
Effect of exchange rate changes |
|
|
3.6 |
|
|
|
2.9 |
|
|
|
1.3 |
|
|
|
3.7 |
|
Net (decrease) increase in cash and cash equivalents |
|
|
(174.1 |
) |
|
|
108.1 |
|
|
|
155.3 |
|
|
|
124.1 |
|
Cash and cash equivalents, beginning of period |
|
|
632.1 |
|
|
|
308.7 |
|
|
|
302.7 |
|
|
|
292.7 |
|
Cash and cash equivalents, end of period |
|
$ |
458.0 |
|
|
$ |
416.8 |
|
|
$ |
458.0 |
|
|
$ |
416.8 |
|
Supplemental disclosures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid |
|
$ |
77.0 |
|
|
$ |
66.0 |
|
|
$ |
218.4 |
|
|
$ |
210.9 |
|
Interest paid |
|
$ |
7.9 |
|
|
$ |
8.5 |
|
|
$ |
63.0 |
|
|
$ |
60.9 |
|
Noncash investing and
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax (asset) liability established on date of
acquisition |
|
$ |
— |
|
|
$ |
(1.4 |
) |
|
$ |
1.4 |
|
|
$ |
8.9 |
|
Net assets sold as part of disposition |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,211.8 |
|
Finance lease additions |
|
$ |
5.9 |
|
|
$ |
30.6 |
|
|
$ |
28.4 |
|
|
$ |
43.7 |
|
Operating lease (terminations) additions, net |
|
$ |
(9.5 |
) |
|
$ |
3.6 |
|
|
$ |
(5.7 |
) |
|
$ |
29.4 |
|
Fixed assets included in accounts payable and accrued
liabilities |
|
$ |
— |
|
|
$ |
(0.2 |
) |
|
$ |
— |
|
|
$ |
0.1 |
|
Non-GAAP Reconciliations
Consolidated EBITDA, Adjusted EBITDA, Adjusted
EBITDA Margin Reconciliation, and Organic Adjusted
EBITDA Reconciliation from Continuing Operations(in
millions)Note: EBITDA, adjusted EBITDA, adjusted EBITDA margin, and
organic adjusted EBITDA are non-GAAP measures. Margin is
calculated as a percentage of revenues.
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
Total |
|
|
Margin |
|
|
Total |
|
|
Margin |
|
|
Total |
|
|
Margin |
|
|
Total |
|
|
Margin |
|
Net income |
|
$ |
220.0 |
|
|
|
30.3 |
% |
|
$ |
187.4 |
|
|
|
27.7 |
% |
|
$ |
747.2 |
|
|
|
34.8 |
% |
|
$ |
440.6 |
|
|
|
22.0 |
% |
Less: Loss from discontinued
operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
145.5 |
|
|
|
7.3 |
|
Income from continuing operations |
|
|
220.0 |
|
|
|
30.3 |
|
|
|
187.4 |
|
|
|
27.7 |
|
|
|
747.2 |
|
|
|
34.8 |
|
|
|
586.1 |
|
|
|
29.2 |
|
Depreciation and amortization
of fixed assets |
|
|
58.1 |
|
|
|
8.0 |
|
|
|
48.1 |
|
|
|
7.1 |
|
|
|
174.5 |
|
|
|
8.1 |
|
|
|
139.2 |
|
|
|
6.9 |
|
Amortization of intangible
assets |
|
|
18.3 |
|
|
|
2.5 |
|
|
|
19.6 |
|
|
|
2.9 |
|
|
|
55.0 |
|
|
|
2.6 |
|
|
|
56.1 |
|
|
|
2.9 |
|
Interest expense, net |
|
|
32.1 |
|
|
|
4.5 |
|
|
|
29.4 |
|
|
|
4.3 |
|
|
|
90.1 |
|
|
|
4.2 |
|
|
|
87.4 |
|
|
|
4.4 |
|
Provision for income
taxes |
|
|
65.3 |
|
|
|
9.0 |
|
|
|
62.3 |
|
|
|
9.2 |
|
|
|
206.3 |
|
|
|
9.6 |
|
|
|
198.4 |
|
|
|
9.9 |
|
EBITDA |
|
|
393.8 |
|
|
|
54.3 |
|
|
|
346.8 |
|
|
|
51.2 |
|
|
|
1,273.1 |
|
|
|
59.3 |
|
|
|
1,067.2 |
|
|
|
53.3 |
|
Acquisition-related
adjustments (earn-outs) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21.4 |
) |
|
|
(1.1 |
) |
Impairment of cost-based
investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
|
0.1 |
|
|
|
6.5 |
|
|
|
0.3 |
|
Nonoperational foreign
currency loss on internal loan transaction |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4.2 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
Litigation reserve, net of
recovery |
|
|
— |
|
|
|
— |
|
|
|
19.2 |
|
|
|
2.8 |
|
|
|
(4.7 |
) |
|
|
(0.2 |
) |
|
|
19.2 |
|
|
|
1.0 |
|
Net gain upon settlement of
investment in non-public companies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(98.3 |
) |
|
|
(4.6 |
) |
|
|
— |
|
|
|
— |
|
Net gain on early
extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.6 |
) |
|
|
(0.2 |
) |
|
|
— |
|
|
|
— |
|
Leasehold impairment, net of
lease modification gain |
|
|
6.7 |
|
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
6.7 |
|
|
|
0.3 |
|
|
|
— |
|
|
|
— |
|
Adjusted EBITDA |
|
|
400.5 |
|
|
|
55.2 |
|
|
|
366.0 |
|
|
|
54.0 |
|
|
|
1,178.4 |
|
|
|
54.9 |
|
|
|
1,071.5 |
|
|
|
53.5 |
|
Less: Adjusted EBITDA from acquisitions |
|
|
— |
|
|
|
|
|
|
|
0.1 |
|
|
|
|
|
|
|
(2.0 |
) |
|
|
|
|
|
|
0.3 |
|
|
|
|
|
Organic adjusted EBITDA |
|
$ |
400.5 |
|
|
|
55.3 |
|
|
$ |
366.1 |
|
|
|
54.0 |
|
|
$ |
1,176.4 |
|
|
|
55.1 |
|
|
$ |
1,071.8 |
|
|
|
53.6 |
|
Results Summary, EBITDA
and Adjusted EBITDA
Reconciliation(in millions)Note: Organic revenues, EBITDA,
adjusted EBITDA, and organic adjusted EBITDA are non-GAAP
measures.
|
|
Three Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
Revenues |
|
$ |
725.3 |
|
|
$ |
677.6 |
|
Less: Revenues from
acquisitions |
|
|
(0.6 |
) |
|
|
— |
|
Organic revenues |
|
$ |
724.7 |
|
|
$ |
677.6 |
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
$ |
393.8 |
|
|
$ |
346.8 |
|
Litigation reserve, net of
recovery |
|
|
— |
|
|
|
19.2 |
|
Leasehold impairment, net of
lease modification gain |
|
|
6.7 |
|
|
|
— |
|
Adjusted EBITDA |
|
|
400.5 |
|
|
|
366.0 |
|
Less: Adjusted EBITDA from
acquisitions |
|
|
— |
|
|
|
0.1 |
|
Organic adjusted EBITDA |
|
$ |
400.5 |
|
|
$ |
366.1 |
|
|
|
Nine Months Ended September 30, |
|
|
2024 |
|
|
2023 |
|
Revenues |
|
$ |
2,146.1 |
|
|
$ |
2,004.2 |
|
Less: Revenues from
acquisitions and dispositions |
|
|
(12.8 |
) |
|
|
(4.7 |
) |
Organic revenues |
|
$ |
2,133.3 |
|
|
$ |
1,999.5 |
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
$ |
1,273.1 |
|
|
$ |
1,067.2 |
|
Acquisition-related
adjustments (earn-outs) |
|
|
— |
|
|
|
(21.4 |
) |
Impairment of cost-based
investments |
|
|
1.0 |
|
|
|
6.5 |
|
Nonoperational foreign
currency loss on internal loan transaction |
|
|
4.2 |
|
|
|
— |
|
Litigation reserve, net of
recovery |
|
|
(4.7 |
) |
|
|
19.2 |
|
Net gain upon settlement of
investment in non-public companies |
|
|
(98.3 |
) |
|
|
— |
|
Net gain on early
extinguishment of debt |
|
|
(3.6 |
) |
|
|
— |
|
Leasehold impairment, net of
lease modification gain |
|
|
6.7 |
|
|
|
— |
|
Adjusted EBITDA |
|
|
1,178.4 |
|
|
|
1,071.5 |
|
Less: Adjusted EBITDA from
acquisitions |
|
|
(2.0 |
) |
|
|
0.3 |
|
Organic adjusted EBITDA |
|
$ |
1,176.4 |
|
|
$ |
1,071.8 |
|
Consolidated Adjusted EBITDA Expense
Reconciliation(in millions)Note: Adjusted EBITDA expenses
are a non-GAAP measure.
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Operating expenses |
|
$ |
413.8 |
|
|
$ |
396.5 |
|
|
$ |
1,208.5 |
|
|
$ |
1,123.0 |
|
Less: Depreciation and
amortization of fixed assets |
|
|
(58.1 |
) |
|
|
(48.1 |
) |
|
|
(174.5 |
) |
|
|
(139.2 |
) |
Less: Amortization of
intangible assets |
|
|
(18.3 |
) |
|
|
(19.6 |
) |
|
|
(55.0 |
) |
|
|
(56.1 |
) |
Less: Net gain on early
extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(3.6 |
) |
|
|
— |
|
Plus: Investment (gain)
loss |
|
|
(5.9 |
) |
|
|
2.0 |
|
|
|
(102.4 |
) |
|
|
9.3 |
|
Plus: Acquisition-related
adjustments (earn-outs) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.4 |
|
Less: Impairment of cost-based
investments |
|
|
— |
|
|
|
— |
|
|
|
(1.0 |
) |
|
|
(6.5 |
) |
Less: Nonoperational foreign
currency loss on internal loan transaction |
|
|
— |
|
|
|
— |
|
|
|
(4.2 |
) |
|
|
— |
|
Plus: Litigation reserve, net
of recovery |
|
|
— |
|
|
|
(19.2 |
) |
|
|
4.7 |
|
|
|
(19.2 |
) |
Plus: Net gain upon settlement
of investment in non-public companies |
|
|
— |
|
|
|
— |
|
|
|
98.3 |
|
|
|
— |
|
Plus: Net gain on early
extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
3.6 |
|
|
|
— |
|
Less: Leasehold impairment,
net of lease modification gain |
|
|
(6.7 |
) |
|
|
— |
|
|
|
(6.7 |
) |
|
|
— |
|
Adjusted EBITDA expenses |
|
$ |
324.8 |
|
|
$ |
311.6 |
|
|
$ |
967.7 |
|
|
$ |
932.7 |
|
Diluted Adjusted EPS Reconciliation(in
millions, except per share amounts)Note: Diluted adjusted EPS is a
non-GAAP measure.
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
220.0 |
|
|
$ |
187.4 |
|
|
$ |
747.2 |
|
|
$ |
440.6 |
|
Less: Loss from discontinued
operations |
|
|
— |
|
|
|
- |
|
|
|
— |
|
|
|
145.5 |
|
Income from continuing operations |
|
|
220.0 |
|
|
|
187.4 |
|
|
|
747.2 |
|
|
|
586.1 |
|
Plus: Amortization of
intangibles |
|
|
18.3 |
|
|
|
19.6 |
|
|
|
55.0 |
|
|
|
56.1 |
|
Less: Income tax effect on
amortization of intangibles |
|
|
(4.8 |
) |
|
|
(5.0 |
) |
|
|
(14.3 |
) |
|
|
(14.1 |
) |
Less: Acquisition-related
adjustment (earn-outs) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21.4 |
) |
Plus: Income tax effect on
acquisition-related adjustment (earn-outs) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5.5 |
|
Plus: Nonoperational foreign
currency loss on internal loan transaction |
|
|
— |
|
|
|
— |
|
|
|
4.2 |
|
|
|
— |
|
Less: Income tax effect on
nonoperational foreign currency loss on internal loan
transaction |
|
|
— |
|
|
|
— |
|
|
|
(1.0 |
) |
|
|
— |
|
Plus: Impairment of cost-based
investments |
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
|
6.5 |
|
Less: Income tax effect on
impairment of cost-based investments |
|
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
(0.4 |
) |
Less: Litigation reserve, net
of recovery |
|
|
— |
|
|
|
19.2 |
|
|
|
(4.7 |
) |
|
|
19.2 |
|
Plus: Income tax effect on
litigation reserve, net of recovery |
|
|
— |
|
|
|
— |
|
|
|
1.7 |
|
|
|
— |
|
Less: Net gain upon settlement
of investment in non-public companies |
|
|
— |
|
|
|
— |
|
|
|
(98.3 |
) |
|
|
— |
|
Plus: Income tax effect on net
gain upon settlement of investment in non-public companies |
|
|
— |
|
|
|
— |
|
|
|
28.5 |
|
|
|
— |
|
Less: Net gain on early
extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(3.6 |
) |
|
|
— |
|
Plus: Income tax effect on net
gain on early extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
0.9 |
|
|
|
— |
|
Plus: Leasehold impairment,
net of lease modification gain |
|
|
6.7 |
|
|
|
— |
|
|
|
6.7 |
|
|
|
— |
|
Less: Income tax effect on
leasehold impairment, net of lease modification gain |
|
|
(1.7 |
) |
|
|
— |
|
|
|
(1.7 |
) |
|
|
— |
|
Adjusted net income |
|
$ |
238.5 |
|
|
$ |
221.2 |
|
|
$ |
721.4 |
|
|
$ |
637.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS attributable to
Verisk |
|
$ |
1.54 |
|
|
$ |
1.29 |
|
|
$ |
5.22 |
|
|
$ |
3.96 |
|
Diluted adjusted EPS |
|
$ |
1.67 |
|
|
$ |
1.52 |
|
|
$ |
5.04 |
|
|
$ |
4.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average diluted
shares outstanding |
|
|
142.5 |
|
|
|
145.7 |
|
|
|
143.3 |
|
|
|
148.0 |
|
Free Cash Flow Reconciliation(in millions)Note:
Free cash flow is a non-GAAP measure.
|
|
Three Months Ended |
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
September 30, |
|
|
|
|
|
|
September 30, |
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
2023 |
|
|
Change |
|
Net cash provided by operating
activities |
|
$ |
296.2 |
|
|
$ |
250.1 |
|
|
|
18.4 |
% |
|
$ |
888.6 |
|
|
$ |
808.3 |
|
|
|
9.9 |
% |
Capital expenditures |
|
|
(55.5 |
) |
|
|
(54.3 |
) |
|
|
2.2 |
% |
|
|
(168.5 |
) |
|
|
(173.7 |
) |
|
|
(3.0 |
)% |
Free cash flow |
|
$ |
240.7 |
|
|
$ |
195.8 |
|
|
|
22.9 |
% |
|
$ |
720.1 |
|
|
$ |
634.6 |
|
|
|
13.5 |
% |
Investor Relations
Stacey Brodbar
Head of Investor Relations
Verisk
201-469-4327
IR@verisk.com
Media
Alberto Canal
Verisk Public Relations
201-469-2618
Alberto.Canal@verisk.com
Verisk Analytics (NASDAQ:VRSK)
過去 株価チャート
から 10 2024 まで 11 2024
Verisk Analytics (NASDAQ:VRSK)
過去 株価チャート
から 11 2023 まで 11 2024