Business
Verisk Reports Second-Quarter 2023 Financial Results
Consolidated revenues were $675.0 million, up 10.1%, and up 9.8% on an organic constant currency (OCC) basis for the second quarter of 2023 reflecting strong
About this update from Verisk Analytics, Inc.
[{"type":"text","content":"Consolidated revenues were $675.0 million, up 10.1%, and up 9.8% on an organic constant currency (OCC) basis for the second quarter of 2023 reflecting strong growth in underwriting and claims.Income from continuing operations was $204.3 million, up 17.7% for the second quarter of 2023. Adjusted EBITDA, a non-GAAP measure, was $365.2 million, up 13.5%, and up 12.6% on an OCC basis. The increase in income from continuing operations was primarily due to growth in the Insurance segment and the loss recognized on the sale of our Financial Services segment in the prior year. Adjusted EBITDA growth reflects the contribution from strong revenue growth combined with cost discipline across our businesses. Diluted GAAP earnings per share from continuing operations (diluted EPS) were $1.35 for the second quarter of 2023, up 8.9%. Diluted adjusted earnings per share (diluted adjusted EPS), a non-GAAP measure, were $1.51, up 18.9%. Diluted adjusted EPS growth reflects strong revenue and profit growth and the benefit from our accelerated share repurchase program.Net cash provided by operating activities was $192.9 million, up 48.2% and free cash flow, a non-GAAP measure, was $134.7 million, up 120.8% for the second quarter of 2023. The increase in operating cash flow was due to an increase in operating profit, and a decrease of $75.2 million in cash taxes paid. The decrease in tax payments was primarily related to the non-recurring gain on the disposition of 3E in the prior year, offset by an increase in taxable income in the second quarter of 2023. The operating cash flows for the prior year has not been adjusted to separately disclose the cash flows related to discontinued operations.We paid a cash dividend of 34 cents per share on June 30, 2023. Our Board of Directors approved a cash dividend of 34 cents per share payable on September 29, 2023.We are increasing our financial guidance for 2023 given the strong performance to date. JERSEY CITY, N.J., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced results for the second quarter ended June 30, 2023. Lee Shavel, president and CEO, Verisk: \"I am pleased to share that Verisk delivered strong second-quarter financial results, which illustrate the power of our integrated organization, focus on the insurance industry,...