Verisk Reports Fourth-Quarter 2019 Financial Results

Consolidated Adjusted EBITDA Expense Reconciliation
(in millions)
Note: Adjusted EBITDA expenses are a non-GAAP measure.

  Three Months Ended  Twelve Months Ended
  December 31,  December 31,
  2019  2018  2019  2018
Operating expenses$470.2  $397.7  $1,910.2  $1,561.0 
Depreciation and amortization of fixed assets (47.7)  (43.7)  (185.7)  (165.3)
Amortization of intangible assets (37.9)  (32.3)  (138.0)  (130.8)
Investment (loss) income and others, net 1.4   4.0   1.7   (15.3)
Litigation reserve       (125.0)   
Acquisition-related costs (earn-outs) (28.0)  (0.9)  (74.0)  (5.1)
Loss from disposition       (6.2)   
Gain and interest income on subordinated promissory note receivable          20.4 
Adjusted EBITDA expenses$358.0  $324.8  $1,383.0  $1,264.9 

Diluted Adjusted EPS Reconciliation
(in millions, except per share amounts)
Note: Diluted adjusted EPS is a non-GAAP measure.

  Three Months Ended  Twelve Months Ended
  December 31,  December 31,
  2019  2018   2019   2018
Net income $ 132.2     $ 146.2     $ 449.9     $ 598.7  
plus: Amortization of intangibles   37.9       32.3       138.0       130.8  
less: Income tax effect on amortization of intangibles   (8.0 )     (6.7 )     (29.0 )     (27.5 )
plus: Litigation reserve               125.0        
less: Income tax effect on litigation reserve               (29.9 )      
plus: Acquisition-related costs and interest expense (earn-outs)   28.2       2.2       75.1       6.4  
less: Income tax effect on acquisition-related costs and interest expense (earn-outs)   (1.9 )           (4.7 )     (1.2 )
plus: Interest income and gain on subordinated promissory note receivable                     (20.4 )
less: Income tax effect on interest income and gain on subordinated promissory note receivable                     4.8  
plus: Loss from disposition               6.2        
less: Income tax on effect on loss from disposition               (1.5 )      
Adjusted net income $ 188.4     $ 174.0     $ 729.1     $ 691.6  
                       
Diluted EPS $ 0.80     $ 0.87     $ 2.70     $ 3.56  
Diluted adjusted EPS $ 1.13     $ 1.04     $ 4.38     $ 4.11  
                       
Weighted-average diluted shares outstanding   166.2       167.3       166.6       168.3  

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