Dun & Bradstreet Q2 2023 Revenue Up 3.8%

Dun & Bradstreet Holdings, Inc. (NYSE: DNB), a leading global provider of business decisioning data and analytics, has announced unaudited financial results for the second quarter ended June 30, 2023.

A reconciliation of U.S. generally accepted accounting principles (“GAAP”) to non- GAAP financial measures has been provided in this press release, including the accompanying tables. An explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.”

Revenue for the second quarter of 2023 was $554.7 million, an increase of 3.2% and 3.8% on a constant currency basis compared to the second quarter of 2022.
Organic revenue increased 3.9% on a constant currency basis compared to the second quarter of 2022.
GAAP net loss for the second quarter of 2023 was $19.4 million, or loss per share of $0.04, compared to net loss of $1.8 million, or loss per share of less than $0.01 for the prior year quarter. Adjusted net income was $95.1 million, or adjusted diluted earnings per share of $0.22, compared to adjusted net income of$99.1 million, or adjusted diluted earnings per share of $0.23 for the prior year quarter.
Adjusted EBITDA for the second quarter of 2023 was $206.2 million, an increase of 3.1% compared to the second quarter of 2022, and adjusted EBITDA margin for the second quarter of 2023 was 37.2%.

“We are pleased to deliver another strong quarter of financial results and strategic progress. Organic revenue growth of 3.9% during the second quarter was ahead of our expectations, driven by increased demand in both our North America and International business segments,” said Anthony Jabbour, Dun & Bradstreet Chief Executive Officer. “Our second quarter results demonstrate the continued progress we are making in nearly every facet of our organization. We continue to build upon our strength and resiliency both in North America and International through enhancing and expanding our world class, proprietary data sets, solving new use cases for our client base with modernized platforms and solutions and rapidly and responsibly beginning to leverage the latest generative AI tools to accelerate our already rapid pace of innovation. I am very pleased with the progress year to date and we will continue to focus on sustainable growth, innovating with urgency and allocating our capital and resources in an efficient and effective manner to continue on our multi-year journey of increased organic growth, enhanced profitability and a strengthened balance sheet.”

Revenue for the six months ended June 30, 2023 was $1,095.1 million, an increase of 2.0% and 3.3% on a constant currency basis compared to the six months ended June 30, 2022.
Organic revenue increased 3.5% on a constant currency basis compared to the six months ended June 30, 2022.
GAAP net loss for the six months ended June 30, 2023 was $53.1 million, or loss per share of $0.12, compared to net loss of $33.1 million, or loss per share of $0.08 for the prior year period. Adjusted net income was $175.6 million, or adjusted diluted earnings per share of $0.41, compared to adjusted net income of $193.2 million, or adjusted diluted earnings per share of $0.45 for the prior year period.
Adjusted EBITDA for the six months ended June 30, 2023 was $396.2 million, an increase of 1.6% compared to the six months ended June 30, 2022, and adjusted EBITDA margin for the six months ended June 30, 2023 was 36.2%.

Balance Sheet

As of June 30, 2023, we had cash and cash equivalents of $260.6 million and total principal amount of debt of $3,699.0 million. We had $731 million available on our $850 million revolving credit facility as of June 30, 2023.

Business Outlook

Revenues after the impact of foreign exchange are expected to be in the range of $2,280 million to $2,320 million, or ~2.5% to 4.3%.
Organic revenue growth is expected to be in the range of 3.0% to 4.5%.
Adjusted EBITDA is expected to be in the range of $875 million to $915 million.
Adjusted EPS is expected to be in the range of $0.92 to $1.01.

The foregoing forward-looking statements reflect Dun & Bradstreet’s expectations as of today’s date and Revenue assumes constant foreign currency rates. Dun & Bradstreet does not present a qualitative reconciliation of its forward-looking non-GAAP financial measures to the most directly comparable GAAP measure due to the inherent difficulty, without unreasonable efforts, in forecasting and quantifying with reasonable accuracy significant items required for this reconciliation. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. Dun & Bradstreet does not intend to update its forward-looking statements until its next quarterly results announcement, other than in publicly available statements.