Dun & Bradstreet GAAP Revenue for the second quarter of 2021 was $520.9 million, an increase of 24.4% and 23.2% on a constant currency basis compared to the second quarter of 2020, which includes the net impact of lower deferred revenue purchase accounting adjustments of $2.1 million.

North America

For the second quarter of 2021, North America revenue was $357.2 million, an increase of $2.8 million or 0.8% and 0.5% on a constant currency basis compared to the second quarter of 2020. North America revenue was negatively impacted by the acquisition of Bisnode with post acquisition sales treated as intercompany revenue. Excluding the positive impact of foreign exchange of $0.9 million and the negative impact of the Bisnode acquisition of $1.3 million, North America organic revenue increased 1%.

  • Finance and Risk revenue for the second quarter of 2021 was $199.7 million, an increase of $5.9 million or 3.1% and 2.7% on a constant currency basis compared to the second quarter of 2020.
  • Sales and Marketing revenue for the second quarter of 2021 was $157.5 million, a decrease of $3.1 million or 1.9% and 2.1% on a constant currency basis compared to the second quarter of 2020.

North America adjusted EBITDA for the second quarter of 2021 was $167.4 million, a decrease of 1.7%, with adjusted EBITDA margin of 46.9%.

For the six months ended June 30, 2021, North America revenue was $696.6 million, an increase of $0.7 million or less than 1% and a decrease of less than 1% on a constant currency basis compared to the six months ended June 30, 2020. North America revenue was negatively impacted by the acquisition of Bisnode with post acquisition sales treated as intercompany revenue. Excluding the positive impact of foreign exchange of $1.3 million and the negative impact of the Bisnode acquisition of $2.5 million, North America organic revenue increased less than 1%.

  • Finance and Risk revenue for the six months ended June 30, 2021 was $390.2 million, an increase of $3.6 million or 0.9% and 0.7% on a constant currency basis compared to the six months ended June 30, 2020.
  • Sales and Marketing revenue for the six months ended June 30, 2021 was $306.4 million, a decrease of $2.9 million or 0.9% and 1.0% on a constant currency basis compared to the six months ended June 30, 2020.

North America adjusted EBITDA for the six months ended June 30, 2021 was $318.5 million, an increase of 1.1%, with adjusted EBITDA margin of 45.7%, an increase of 50 basis points both compared to the six months ended June 30, 2020.

International

International revenue for the second quarter of 2021 was $163.7 million, an increase of $97.3 million or 146.5% and 137.1% on a constant currency basis compared to the second quarter of 2020. Excluding the net impact of the Bisnode acquisition, organic revenue before the effect of foreign exchange increased 12.5%.

  • Finance and Risk revenue for the second quarter of 2021 was $104.1 million, an increase of $50.0 million or 92.5% and 84.6% on a constant currency basis compared to the second quarter of 2020. Organic revenue before the effect of foreign exchange increased 10.4%.
  • Sales and Marketing revenue for the second quarter of 2021 was $59.6 million, an increase of $47.3 million or 383.5% and 366.1% on a constant currency basis compared to the second quarter of 2020. Organic revenue before the effect of foreign exchange increased 21.5%.

International adjusted EBITDA increased $22.6 million, or 113.4%, for the three months ended June 30, 2021, compared to the three months ended June 30, 2020. Adjusted EBITDA margin decreased 410 basis points for the three months ended June 30, 2021 compared to the three months ended June 30, 2020. Excluding the net impact of the Bisnode acquisition, adjusted EBITDA margin was 28.9% for the three months ended June 30, 2021.

International revenue for the six months ended June 30, 2021 was $333.6 million, an increase of $195.6 million or 141.8% and 133.9% on a constant currency basis compared to the six months ended June 30, 2020. Excluding the net impact of the Bisnode acquisition, organic revenue before the effect of foreign exchange increased 10.8%.

  • Finance and Risk revenue for the six months ended June 30, 2021 was $211.4 million, an increase of $98.7 million or 87.6% and 81.2% on a constant currency basis compared to the six months ended June 30, 2020. Organic revenue before the effect of foreign exchange increased 8.7%.
  • Sales and Marketing revenue for the six months ended June 30, 2021 was $122.2 million, an increase of $96.9 million or 382.6% and 367.6% on a constant currency basis compared to the six months ended June 30, 2020. Organic revenue before the effect of foreign exchange increased 19.9%.

International adjusted EBITDA increased $50.1 million, or 113.9%, for the six months ended June 30, 2021, compared to the six months ended June 30, 2020. Adjusted EBITDA margin decreased 370 basis points for the six months ended June 30, 2021 compared to the six months ended June 30, 2020. Excluding the net impact of the Bisnode acquisition, adjusted EBITDA margin was 33.4% for the six months ended June 30, 2021, an increase of 150 basis points versus the prior year’s margin.

Balance Sheet

As of June 30, 2021, we had cash and cash equivalents of $177.6 million and total principal amount of debt of $3,667.0 million. We had the full capacity available on our $850 million revolving credit facility as of June 30, 2021.

Business Outlook

Dun & Bradstreet is reiterating its previously provided full year 2021 outlook as follows:

  • Adjusted Revenues are expected to be in the range of $2,145 million to $2,175 million.
  • Adjusted EBITDA is expected to be in the range of $840 million to $855 million.
  • Adjusted EPS is expected to be at the high end of the range of $1.02 to $1.06.

Source:  Dun & Bradstreet Earnings Release

Dun & Bradstreet revenue for the second quarter of 2021 increased 24.4% and 23.2% on a constant currency basis compared to the second quarter of 2020, which includes the net impact of lower deferred revenue purchase accounting adjustments of $2.1 million.  On the services segment the picture was quite different.

North American results however were flat:  Finance and risk was up 0.8% and on a constant currency basis 0.5%.  Sales and Marketing decreased by 1.9% and 2.1% on a constant currency basis compared to the second quarter of 2020.

International revenue grew 137.1% on a constant currency basis compared to the second quarter of 2020 mainly due to the acquisition of Bisnode.  Excluding the net impact of the Bisnode acquisition, organic revenue before the effect of foreign exchange increased 12.5%.

Notwithstanding excellent news on product launches D&B’s stock declined following the earnings call.