Business
Verisk Reports Third-Quarter 2021 Financial Results
Consolidated revenues were $759.0 million, up 8.0%, and up 5.1% on an organic constant currency (OCC) basis for the third quarter of 2021. Net income
About this update from Verisk Analytics, Inc.
[{"type":"text","content":" Consolidated revenues were $759.0 million, up 8.0%, and up 5.1% on an organic constant currency (OCC) basis for the third quarter of 2021. Net income attributable to Verisk was $201.7 million, up 8.6% for the third quarter of 2021. Adjusted EBITDA, a non-GAAP measure, was $378.8 million, up 3.5%, and up 2.1% on an OCC basis. Diluted GAAP earnings per share (diluted EPS) attributable to Verisk were $1.24 for the third quarter of 2021, up 10.7%. Diluted adjusted earnings per share (diluted adjusted EPS), a non-GAAP measure, were $1.44, up 9.1%. Net cash provided by operating activities was $285.2 million, up 37.7% for the third quarter of 2021. Free cash flow, a non-GAAP measure, was $223.8 million, up 57.3%. We paid a cash dividend of 29 cents per share on September 30, 2021. Our Board of Directors approved a cash dividend of 29 cents per share payable on December 31, 2021. We repurchased $150.0 million of our shares during the third quarter of 2021. JERSEY CITY, N.J., Nov. 02, 2021 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading global data analytics provider, today announced results for the third quarter ended September 30, 2021. Scott Stephenson, chairman, president, and CEO, said, \"Verisk's third quarter results reflect the continued strength of our subscription-based business model and the value we consistently deliver to customers. We remain intently focused on enhancing value for our shareholders and all Verisk stakeholders, and we are actively engaged in reviewing value creation strategies and optimization alternatives for certain businesses. As we've said previously, we believe that portfolio changes are probable within the next two to three quarters, subject to market conditions.\" Lee Shavel, CFO and group president, said, \"Verisk delivered OCC revenue growth of 5.1%, led by continued strength in our insurance business. Our capital allocation process directs investment to the highest growth and return on capital opportunities and returning excess capital to shareholders through dividends and share repurchases. This discipline also encompasses the active management of our business portfolio as we have demonstrated in previous actions.\" 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 En...