Business
Verisk Reports Third-Quarter 2020 Financial Results
•Consolidated revenues were $703 million, up 7.6%, and up 3.6% on an organic constant currency (OCC) basis for the third quarter of 2020. •Net income was
About this update from Verisk Analytics, Inc.
[{"type":"text","content":" •Consolidated revenues were $703 million, up 7.6%, and up 3.6% on an organic constant currency (OCC) basis for the third quarter of 2020. •Net income was $186 million, up 466% for the third quarter of 2020. Adjusted EBITDA, a non-GAAP measure, was $366 million, up 18.4%, and up 14.8% on an OCC basis. •Diluted GAAP earnings per share (diluted EPS) were $1.12 for the third quarter of 2020, up 460%. Diluted adjusted earnings per share (diluted adjusted EPS), a non-GAAP measure, were $1.32, up 17.9%. •Net cash provided by operating activities was $207 million, down 3.0% for the third quarter of 2020. Free cash flow, a non-GAAP measure, was $142 million, down 6.9%. •The company paid a cash dividend of 27 cents per share on September 30, 2020. The company's Board of Directors approved a cash dividend of 27 cents per share payable on December 31, 2020. •The company repurchased $50 million of its shares during the third quarter of 2020. Jersey City, NJ, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading data analytics provider, today announced results for the third quarter ended September 30, 2020. Scott Stephenson, chairman, president, and CEO, said, “I am very pleased with our third quarter results, which reflect the strength and resiliency of our business along with the value of, and need for, our solutions. Our long-term strategy remains unchanged as we focus on serving our customers and driving innovation to fuel future growth. I continued to be proud that our over 9,000 Verisk teammates have adapted quickly to challenges and opportunities in this new environment.” Lee Shavel, CFO and executive vice president, said, “Normalizing for the continued impact of the injunction, Verisk delivered organic constant currency revenue growth of 4.9% and organic constant currency adjusted EBITDA growth of 17.7%, reflecting a sequential improvement from the second quarter and continued strong operating leverage. We continue to invest our strong cash flow back into high growth, high return on capital opportunities while also returning excess capital to shareholders through dividends and share repurchases.” Summary of Results (GAAP and Non-GAAP)(in millions, except per share amounts)Note: Adjusted EBITDA, diluted adjusted EPS, and free cash flow are non-GAAP measures. Three Months Ended Nine Months Ended September 30, September 30, ...