Business
Verisk Reports Second-Quarter 2024 Financial Results
Consolidated revenues were $717 million, up 6.2%, and up 6.0% on an organic constant currency (OCC) basis for the second quarter of 2024.Income from
About this update from Verisk Analytics, Inc.
[{"type":"text","content":"Consolidated revenues were $717 million, up 6.2%, and up 6.0% on an organic constant currency (OCC) basis for the second quarter of 2024.Income from continuing operations was $308 million, up 50.7% for the second quarter of 2024. Adjusted EBITDA, a non-GAAP measure, was $397 million, up 8.8%, and up 8.5% on an OCC basis. Diluted GAAP earnings per share from continuing operations (diluted EPS) were $2.15 for the second quarter of 2024, up 52.5%. Diluted adjusted earnings per share (diluted adjusted EPS), a non-GAAP measure, were $1.74, up 15.2%.Net cash provided by operating activities was $212 million, up 9.7% and free cash flow, a non-GAAP measure, was $154 million, up 14.3% for the second quarter of 2024. We paid a cash dividend of 39 cents per share on June 28, 2024, and repurchased $150 million of our common shares during the second quarter of 2024. Our Board of Directors approved a cash dividend of 39 cents per share payable September 30, 2024, an increase of 15% from 2023. JERSEY CITY, N.J., July 31, 2024 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced results for the second quarter ended June 30, 2024. Lee Shavel, president and CEO, Verisk: \"Our second quarter financial results reflect the strength of our subscription-based model and cost discipline. In an increasingly dynamic environment, our clients have a growing appreciation for Verisk's ability to help them move faster and increase accuracy through intelligent automation. We remain energized about the opportunity ahead, our ability to capitalize on it and drive long-term value for our clients and shareholders alike.\" Elizabeth Mann, CFO, Verisk: \"Verisk delivered 6.0% OCC revenue growth, with 8.3% subscription growth, partially offset by a difficult comparison for the transactional revenues. Our strong operating leverage and cost discipline led to 8.5% OCC adjusted EBITDA growth and 15.2% adjusted EPS growth. We continue to invest our strong free cash flow in future growth opportunities while also returning capital to shareholders through dividends and repurchases.\" 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. Three Months Ended Six Months Ended June 30...