- Consolidated revenue was $625 million, up 7.5%; organic constant currency (OCC) revenue growth, a non-GAAP measure, was 6.7%.
- Operating income was $202 million, up 4.1%. Adjusted EBITDA, a non-GAAP measure, was $292 million, up 8.2%. OCC adjusted EBITDA growth was 6.8%.
- Net income was $134 million, up 1.0%. Adjusted net income was $171 million, up 7.1%.
- Diluted GAAP earnings per share (GAAP EPS) were $0.81; diluted adjusted earnings per share (adjusted EPS), a non-GAAP measure, were $1.03.
- Net cash provided by operating activities was $366 million for the first quarter of 2019, up 12.0%. Free cash flow, a non-GAAP measure, was $321 million, up 13.1%.
Scott Stephenson, chairman, president, and CEO, said, “This year is off to a solid start for Verisk, driven by continued strength in our Insurance business and ongoing improvements in our Energy and Specialized Markets business. We continue to invest to fuel future innovation, and our pipeline of ideas for both new solutions and fresh ways to engage with our customers remains robust. We are well positioned to continue to execute on our strategies and create shareholder value over the long term.”
- Underwriting & rating revenue increased 8.2% in the quarter and 6.8% on an OCC basis, resulting primarily from increases in industry-standard insurance programs, property-specific underwriting, and catastrophe modeling solutions revenue.
- Claims revenue grew 11.8% in the quarter and 8.2% on an OCC basis. OCC revenue growth was driven by repair cost estimating, claims analytics, and remote imagery solutions.
Energy and Specialized Markets segment revenue increased 4.2% in the quarter and 6.7% on an OCC basis, resulting primarily from increases in market and cost intelligence solutions, environmental health and safety services, and core research revenues.
Financial Services segment revenue declined 0.1% in the quarter and increased 0.7% on an OCC basis. OCC revenue growth was primarily driven by spend-informed analytics solutions offset by weakness in enterprise data management solutions.
Source: Verisk Earnings Release