- Revenue grew 15.6% to $581 million; organic constant currency revenue growth was 7.0%.
- Net income was $133 million; EBITDA, a non-GAAP measure, was $269 million.
- Net income grew 22.2%; organic constant currency EBITDA growth was 7.4%.
- Diluted GAAP earnings per share (GAAP EPS) were $0.79; diluted adjusted earnings per share (adjusted EPS), a non-GAAP measure, were $0.94.
- Net cash provided by operating activities was $327 million year-to-date. Free cash flow, a non-GAAP measure, was $284 million year-to-date.
- The company repurchased $40 million of its shares for the quarter ended March 31, 2018.
Scott Stephenson, chairman, president, and CEO, said, “We’re off to a strong start in 2018 with another solid quarter of organic constant currency revenue growth of over 7 percent, reflecting exceptional performance in our core Insurance business segment. We’re also pleased to have strengthened the performance orientation of our compensation program, as detailed in our recent 2018 Proxy Statement. These changes are in direct response to the investor feedback that we’ve solicited and received.”
Insurance segment revenue grew 12.5% in the first quarter of 2018 and 8.7% in organic constant currency.
- Underwriting & rating revenue increased 10.8% in the quarter and 6.9% on an organic constant currency basis, resulting primarily from increases within our catastrophe modeling services and underwriting solutions.
- Claims revenue grew 16.1% in the quarter and 12.6% on an organic constant currency basis. Growth was driven by our repair cost estimating solutions and claims analytics revenue.
Energy and Specialized Markets segment revenue increased 18.1% in the quarter and 3.1% on an organic constant currency basis, as the energy business’s end market has continued to stabilize.
Financial Services segment revenue increased 46.2% in the quarter and 1.5% on an organic constant currency basis. Analytical products and media effectiveness solutions saw growth in the quarter.
Source: Verisk Press Release