Business
Verisk Reports Fourth-Quarter 2022 Financial Results
Revenues from continuing operations were $630.4 million, up marginally, and up 8.1% on an organic constant currency (OCC) basis for the fourth quarter of
About this update from Verisk Analytics, Inc.
[{"type":"text","content":"Revenues from continuing operations were $630.4 million, up marginally, and up 8.1% on an organic constant currency (OCC) basis for the fourth quarter of 2022. Our revenue from continuing operations growth was flat primarily due to the sale of our environmental health and safety business (\"3E\") and Financial Services segment.Income from continuing operations was $215.8 million, up 82.4% for the fourth quarter of 2022. Adjusted EBITDA, a non-GAAP measure, was $332.0 million, up 4.1%, and up 12.9% on an OCC basis. The increase in income from continuing operations is primarily due to an impairment loss incurred in 2021 related to the disposition of our Financial Services segment, offset by a reversal of a litigation reserve. Diluted GAAP earnings per share from continuing operations (diluted EPS) were $1.37 for the fourth quarter of 2022, up 87.7%. Diluted adjusted earnings per share from continuing operations (diluted adjusted EPS), a non-GAAP measure, were $1.43, up 18.2%.Net cash provided by operating activities was $249.0 million, up 32.0%, for the fourth quarter of 2022. Free cash flow, a non-GAAP measure, was $169.3 million, increase 63.9%. The increase is primarily related to the prior year settlement of the EVT litigation, partially offset by the sale of 3E and our Financial Services segment.We paid a cash dividend of 31 cents per share on December 31, 2022. On February 14, 2023, our Board of Directors approved a 9.7% increase in our cash dividend to 34 cents per share payable on March 31, 2023.We repurchased $428.6 million of our shares during the fourth quarter of 2022. We plan to provide 2023 financial guidance on our earnings conference call on March 1, 2023. JERSEY CITY, N.J., Feb. 28, 2023 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading global data analytics provider, today announced results for the fourth quarter and fiscal year ended December 31, 2022. “We completed a significant transformation of Verisk in 2022, returning to a dedicated data analytics and technology partner to the global insurance industry while continuing to deliver value to shareholders through growth and returns,” said Lee Shavel, president and CEO, Verisk. “We’ve started 2023 energized to capitalize on the substantial opportunity to partner with our clients and the industry to support their objectives in a rapidly evolving environment. Wi...