Verisk Reports Fourth-Quarter 2019 Financial Results

  • Consolidated revenues were $677 million for the fourth quarter of 2019, up 10.2%, and up 5.4% on an organic constant currency (OCC) basis.
  • Net income was $132 million for the fourth quarter of 2019, down 9.6%. Adjusted EBITDA, a non-GAAP measure, was $319 million, up 10.3%, and up 9.0% on an OCC basis.
  • Diluted GAAP earnings per share (GAAP EPS) were $0.80 for the fourth quarter of 2019. Diluted adjusted earnings per share (adjusted EPS), a non-GAAP measure, were $1.13.
  • Net cash provided by operating activities was $176 million for the fourth quarter of 2019, up 1.7%. Free cash flow, a non-GAAP measure, was $112 million, up 16.0%.
  • The company paid a cash dividend of 25 cents per share on December 31, 2019. The company’s Board of Directors has approved an increase in our cash dividend to 27 cents per share payable on March 31, 2020.
  • The company repurchased $100 million of its shares for the fourth quarter of 2019.

JERSEY CITY, N.J., Feb. 18, 2020 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading data analytics provider, today announced results for the fourth quarter and fiscal year ended December 31, 2019.

Scott Stephenson, chairman, president, and CEO, said, “The year 2019 was another solid year for Verisk, marked by strong organic constant currency growth in both revenues and adjusted EBITDA. As we move into our second decade as a public company, we’re actively managing our portfolio of businesses to capitalize on our key distinctives and our core competitive advantages. We’re strongly positioned to continue to deliver on our long-term growth model and to drive long-term value creation for all our stakeholders.”

Lee Shavel, CFO and executive vice president, said, “Normalizing for the impact of the injunction, Verisk delivered organic constant currency revenue growth of 6.3% and organic constant currency adjusted EBITDA growth of 11.0% in the fourth quarter. Our dividend increase of 8% underscores our confidence in our long-term growth, the stability of our business, and our capital management discipline.”

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    Twelve Months Ended  
  December 31,    December 31,  
  2019  2018  Change  2019  2018  Change
Revenues$676.8  $613.9  10.2% $2,607.1  $2,395.1  8.9%
Net income$132.2  $146.2  (9.6)% $449.9  $598.7  (24.9)%
Adjusted EBITDA$318.8  $289.1  10.3% $1,224.1  $1,130.2  8.3%
Diluted GAAP EPS$0.80  $0.87  (8.0)% $2.70  $3.56  (24.2)%
Diluted adjusted EPS$1.13   $ 1.04     8.7 %   $ 4.38     $ 4.11     6.6 %
Net cash provided by operating activities $ 176.4     $ 173.4     1.7 %   $ 956.3     $ 934.4     2.3 %
Free cash flow $ 112.4     $ 96.9     16.0 %   $ 739.5     $ 703.4     5.1 %

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