From GlobeNewswire: 2024-07-31 07:15:00

Verisk reported strong financial results for the second quarter of 2024, with consolidated revenues reaching $717 million, a 6.2% increase. Income from continuing operations was up 50.7% to $308 million. Adjusted EBITDA was $397 million, up 8.8%, and diluted adjusted EPS rose 15.2% to $1.74. Net cash provided by operating activities increased by 9.7% to $212 million, with free cash flow up 14.3% to $154 million.

The revenue growth was largely driven by Insurance, with underwriting revenues increasing by 6.2% and claims revenues up by 6.3% in the second quarter of 2024. The overall Insurance revenues grew by 6.2% and 6.0% on an organic constant currency basis. Subscription growth contributed significantly to the revenue increase.

Verisk’s income from continuing operations saw a substantial increase of 50.7% in the second quarter of 2024. This growth was primarily due to net gains from the settlement of retained interests and early debt extinguishment. Adjusted EBITDA also experienced positive growth, up 8.8%, which was driven by strong revenue growth and cost discipline.

Diluted EPS attributable to Verisk rose by 52.5% to $2.15 in the second quarter of 2024. Concurrently, diluted adjusted EPS increased by 15.2% to $1.74, reflecting revenue and profit growth, a lower effective tax rate, and a reduced average share count. These improvements were supported by Verisk’s accelerated share repurchase program.

For the second quarter of 2024, Verisk paid out a cash dividend of 39 cents per share to shareholders. Additionally, the company initiated a $150 million Accelerated Share Repurchase program, completing it in July 2024. As of June 30, 2024, $1.3 billion remained under Verisk’s share repurchase authorization, demonstrating the company’s commitment to returning capital to shareholders.

Verisk’s financial outlook for 2024 remains steady, with revenue projected to fall between $2,840 million and $2,900 million. Adjusted EBITDA is expected to be in the range of $1,540 million to $1,600 million, with a target margin of 54.0% to 55.0%. Diluted adjusted EPS is forecasted to be between $6.30 and $6.60.

Verisk is a leading global data analytics and technology provider to the insurance industry. Through innovative solutions, Verisk empowers clients to enhance operational efficiency, improve underwriting, combat fraud, and mitigate global risks. The company fosters a culture of inclusivity and consistently ranks as a certified Great Place to Work. Verisk trades on the Nasdaq exchange and is part of the S&P 500 and Nasdaq-100 indices.



Read more at GlobeNewswire:: Verisk Reports Second-Quarter 2024 Financial Results